The Ethereum network hit a record high of 1.87 million transactions on December 31, 2022, surpassing the peak during the NFT and DeFi boom of 2021. At the same time, the number of active addresses and new addresses also reached a phased high. The main reasons for the surge in on-chain activity are the reduced transaction fees and improved scalability brought about by network upgrades.
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The Ethereum network hit a record high of 1.87 million transactions on December 31, 2022, surpassing the peak during the NFT and DeFi boom of 2021. At the same time, the number of active addresses and new addresses also reached a phased high. The main reasons for the surge in on-chain activity are the reduced transaction fees and improved scalability brought about by network upgrades.