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Coinmatrics: the number of daily requests to Ethereum smart contracts exceeded 3.1 million

Coinmatrics: the number of daily requests to Ethereum smart contracts exceeded 3.1 million

The activity of Ethereum users is growing rapidly – on July 25, the number of daily requests to smart contracts reached a record high and exceeded 3.1 million.

According to CoinMetrics, more than 3.1 million requests to Ethereum smart contracts were made on July 25, which was a new record for this indicator of network activity. Accessing a smart contract is an action when a user requests a specific function from a smart contract, which, unlike a transaction, does not result in a record in the blockchain.

According to CoinMetrics, the record activity of Ethereum users is associated with the decentralized Finance industry (DeFi), which has grown more than four times in a year. A week ago, the volume of crypto assets blocked in DeFi applications reached $3 billion, and a few days later exceeded $4 billion.

The number of daily requests to Ethereum smart contracts over the past year. Source: CoinMetrics.

Coinmetrics analysts excluded abnormal network activity caused by a DDoS attack in 2016, when the daily number of requests to smart contracts increased from 30,000 to 40 million.

The last time the number of requests to smart contracts exceeded 3 million during the fall of the markets in March this year. The latest surge in the number of requests to smart contracts coincides with the growth of the ETH rate by 27% over the week – from $236 to $323.