The number of transactions on the Ethereum chain hit a new high since July last year

According to Coindesk reports, Coin Metrics data shows that on April 30, the 7-day moving average of the total number of confirmed transactions on the Ethereum blockchain rose to 845400, a new high on July 1, 2019. It is worth noting that the number of transactions in February fell to a 12-month low, but since then, the value has increased by about 72%. In addition, in the past two months, the market value of the main stablecoins on the Ethereum chain has increased from 3.5 billion U.S. dollars to more than 7 billion U.S. dollars. In addition, Ryan Sean Adam, the founder of Mythos Capital, said that as of April 21, the market value of all stablecoins on the Ethereum blockchain has exceeded 9 billion U.S. dollars. However, the surge in the number of transactions may not be entirely due to increased demand for stablecoins. Digital Assets Data encryption research analyst Connor Abendeschien pointed out that Ethereum is about to transition from Proof of Work (PoW) to Proof of Stake (PoS) mechanism, which is one of the possible reasons for the large increase in transactions on the Ethereum chain.