- In the month of August, Transaction volume on the Ethereum network exceeded $24B
- The high network activity was driven by DeFi and DEXs on the Ethereum Network
- Ethereum transaction volume exceeded other smart contract platforms such as EOS and Tron
The team at DAppRadar has released their August 2020 Dapp ecosystem report. In the very elaborate report, one metric stood out in the form of Ethereum’s transaction volume for the month of August. According to the team at DAppRadar, it exceeded $24 Billion and was almost double that of the previous month.
DeFi and DEXs Helped Increase Ethereum’s Transaction Volume
Key to this increment in transaction volume on the Ethereum network was DeFi and Decentralized exchanges. The team at DappRaddar explained it as follows:
Record-high figures could be spotted in transaction volumes too. Transaction volumes almost doubled in August and surpassed the $24 billion line. Of course, DeFi and DEX dapps played a vital role there. Both grew by $9 billion in August.