Ethereum's onchain revival on full display last month as transaction volume nears $240 billion

Ethereum's monthly onchain transaction volume stood at over $238 billion in July, representing a 70% month-over-month increase. It also represents a near four-year high as it is the highest monthly figure since December 2021.

Ethereum also saw 46.67 million transactions on the network, its highest ever monthly figure, which is up 3.6% compared to its previous record high in May 2021.

The 7-day moving average (7DMA) of the number of transactions on the Ethereum network has also nearly reached an all-time high of 1.64 million, just under its previous record of 1.66 million in May 2021. The same goes for the  number of active addresses  on the network, as July saw 17.55 million active addresses, its highest since May 2021.

And yes, with all the positive updates in the Ethereum network’s metrics, the price of ETH itself also stands at multi-year highs, worth $3,700 by the end of July.

This is an excerpt from  The Block's Data & Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.