. In the very elaborate report, one metric stood out in the form of Ethereum’s transaction volume for the month of August. According to the team at DAppRadar, it exceeded $24 Billion and was almost double that of the previous month.
DeFi and DEXs Helped Increase Ethereum’s Transaction Volume
Key to this increment in transaction volume on the Ethereum network was DeFi and Decentralized exchanges. The team at DappRaddar explained it as follows:
Record-high figures could be spotted in transaction volumes too. Transaction volumes almost doubled in August and surpassed the $24 billion line. Of course, DeFi and DEX dapps played a vital role there. Both grew by $9 billion in August.
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John P. Njui
John is a journalist and writer with a vast crypto and blockchain industry background. He has been passionately writing and creating crypto content since 2017. When not immersed in the complex world of decentralized finance, John is often seen playing a chess game or running a marathon. He is a man of many talents.