Ethereum activity in Q2 have been similar to the condition before the price surged up in 2018. This comes after the price of Bitcoin raked up to $10,200 on Sunday.
Xangle Research in a report released in July on on Decentralized Finance (DeFi) said that research analyst Jehn Kim determined that on-chain transaction volume on the Ethereum blockchain increased roughly 62%, around a 52-week high on June 23. The report also added that transaction fees also rose approximately 688%.
According to analyst Jehn Kim, the on-chain stats “resemble the spike seen during the bull run in 2017-2018”
Kim also mentioned that “Ethereum’s on-chain indicator activity needs to be reconsidered”.
Meanwhile the conditions of Q2 2020 are markedly different to those before the 2017-2018 bull run. Earlier the price of Ether had dropped significantly before it returned in May.
DeFi tokens and stablecoins are changing the landscape of the blockchain by driving transaction fees to two-year highs, which were more than those of Bitcoin (BTC) for the first time.
The Ethereum blockchain overtook Bitcoin’s for the first time in history to become the most used, having settled $508 billion in transactions for 2020 as of July 21.