Beyond Price Surges: ETH’s Other Key Metrics Are Soaring Too

Ethereum isn't just breaking price records—it's rewriting the entire performance playbook.

Network activity explodes

Daily transactions hit unprecedented levels as DeFi and NFT volumes surge. Gas fees remain surprisingly stable despite soaring demand—a testament to ongoing network optimizations.

Staking milestones smashed

ETH 2.0 staking participation reaches new heights, locking record amounts of supply. Validator queues lengthen as institutional players finally wake up to yield opportunities traditional finance can't match.

Developer momentum accelerates

GitHub commits across Layer 2 solutions and core protocol updates show no signs of slowing. The merge continues paying dividends beyond energy efficiency—though Wall Street still thinks Proof-of-Stake involves cattle ranching.

Ethereum's multi-dimensional growth signals something bigger than speculative interest: actual utility adoption. The numbers don't lie—even if traditional portfolio managers still pretend not to understand them.

August also marked Ethereum’s highest DA usage ever, and its market share increased from ~53% in July to 63% in August. However, since the blob target of six still hasn’t been hit (average of 4.17 in August vs. 4.13 in July), the cost of blobs remains extremely low (near one wei). In the upcoming Fusaka upgrade, a “floor price” will be implemented to help address this issue.

Thanks to a 50% increase in the gas limit YTD, monthly active addresses (MAAs) also hit an all-time high of 16.8 million (a 12.7% increase from July’s 14.9 million) while transaction count followed suit with ~51.7 million (an 11% increase MoM). 

And just in case you were wondering why ethereum has the stablecoin narrative — the stablecoin supply on Ethereum reached $163 billion, a new all-time high and the highest among any chain. Stablecoin transfer volume on Ethereum also hit an all-time high in August, rising 17% MoM to $1.43 trillion (vs. $1.23 trillion in July). This marked the second month on record with (filtered) transfer volumes over $1 trillion.

Maybe flows alone aren’t telling the full story?

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