Daily ETH transactions exceed 1 million for first time in over a year

Transaction volumes on the Ethereum network are reaching new highs for the year. The total exceeded 1 million in the past 24 hours, for the first time since May 2018.
Daily ETH transactions exceed 1 million for first time in over a year
Data from Etherscan.io shows that the Ethereum blockchain has carried out a total of 1,004,170 transactions in the past 24 hours, breaking the previous high of 985,000 on June 20. The volume has been steadily rising throughout the year, with the total number of daily transactions rising by over 40 percent between February and May. The last month has seen an increase of another 20 percent.
Image from Gyazo
The last time that daily ETH transactions broke the 1 million mark was 13 months ago, and this was a temporary blip in an otherwise downwards trend. 24-hour transaction volume peaked at 1.35 million, on January 4, 2018. 
This resurgence in traffic on the Ethereum network is an issue that could lead to some problems for developers and users. Scalability has been a major talking point for the ETH community for the past year or so, and the frequently-delayed Ethereum 2.0 upgrade is intended to allow the network to handle higher volumes without an effect on transaction times and user experience. The most recent announcement suggests that the hardfork won't be ready for implementation until the start of 2020, which may not be soon enough if the daily ETH transaction volumes continue to rise at the same rate.


Daily ETH transactions exceed 1 million for first time in over a year Daily ETH transactions exceed 1 million for first time in over a year Reviewed by Chaudhry on June 30, 2019 Rating: 5