Ethereum New Milestone: ETH Executes 3 Million Contract Calls

Ethereum recently made headlines when it’s been revealed that Ethereum 2.0 is on its way to people and will be here by the end of 2020.

Ethereum’s Vitalik Buterin said that Ethereum 2.0 would definitely be launched this year.

He said that he does not believe that the rollout of Ethereum 2.0’s initial stage that’s called phase 0 should be delayed.

ETH also surged in price recently, and the popularity of DeFi is also growing.

Data from DeFi Pulse shows that the decentralized finance sector has grown enormously in 2020 as the value locked at the start of the year was slightly below $1 billion. The price of ETH is expected to go up significantly.

At the moment of writing this article, ETH is trading in the red, and the coin is priced at $315.94.

ETH is down by almost 1% in the past 24 hours.

ETH executes 3 million contract calls

It’s been just revealed that Ethereum just marked another important achievement.

Ethereum’s number of contract calls – which is a measure of network activity – just hit an all-time high as the DeFi segment continues to see a surge in popularity.

The online publication the Daily Hodl notes that in the State of the Network report, the crypto data aggregator Coin Metrics says “Ethereum executed a record high of 3.11 million daily contract calls on July 25th.”

Just in case you don’t know, contract calls is a “measure that refers to requests for a specific smart contract function and are a sign of how much the network is being utilized. In contrast to transactions, contract calls are not published on the Ethereum blockchain.”

This massive achievement comes as the DeFi movement is also booming – it’s been already revealed that the total value that’s locked in DeFi protocols increase to $4 billion from under $1 billion back in April and $3 billion on July 22.

Obviously, ETH was able to benefit from the booming sector because it’s the underlying blockchain that is powering the DeFi ecosystem.


People Mentioned

Vitalik Buterin
Vitalik Buterin

Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.

Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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