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May was a brutal month for cryptocurrencies as their prices lost the momentum. This happened as some investors embraced the “sell in May and go away”mentality. It also happened as concerns about the debt ceiling issue continued. As a result, the volume of crypto traded in centralized and decentralized exchanges dropped to the lowest level in months.
Despite all this, transactions in Ethereum jumped in May, which is a positive thing for the network. Data by The Block shows that the cumulative total transactions in the ecosystem jumped to 33.52 million in May from the previous month’s 30.17 million. This was the highest the transactions have been since October last year when the network handled over 34.12 million transactions.
The jump in transactions was notable since it happened in a period when the number of active addresses in the ecosystem remained below the highest level this year. Ethereum now has over 406k active addresses, lower than the year-to-date high of 631.1k. Active addresses on Ethereum in June came in at over 12.3 million.
Ethereum also had some more notable metrics in March. For example, the total value locked (TVL) of its DeFi ecosystem hovered at about $62 billion, higher than this year’s low of less than $50 billion. In ETH terms, however, the TVL dropped to 32.62 million ETH, the lowest level in months.
Ethereum is still the most profitable network in the blockchain industry. According to TokenTerminal, the total revenue in Ethereum in the past 30 days totalled $422 million, This was a bigger increase than Bitcoin, which brought in $1222 million, and Tron, which made $88 million. In the past 365 days, Ethereum has made over $1.9 billion in revenue.
The post Transactions on Ethereum Network soared to 33.5 in May appeared first on Invezz.