The total hashing power of the Ethereum network reached a fresh all-time high, topping 250 TH/s. Data from Glassnode.
As the chart below shows, levels close to the current ones were last reached in August 2018. Back then, the price of ETH was well above $400.
Data: Glassnode.
The rise in hash rate comes amid a steady growth in on-chain activity — since the start of the year the value transferred on the Ethereum blockchain has risen more than tenfold. For Bitcoin, this metric has increased by 44% over the same period.
The on-chain activity growth is largely driven by the rising popularity of decentralised applications built on Ethereum. The value locked in the DeFi segment currently stands at $10.4 billion. In September alone, the figure rose by 15%.
There is also significant activity in the decentralised exchange (DEX) space. Trading volume on non-custodial platforms rose 8% over the last 24 hours, and 15% over 30 days, according to Dune Analytics.
Decentralised platforms are becoming serious rivals to centralised exchanges — DEX volume over the last 24 hours stood at $466 million.
Another factor driving Ethereum on-chain activity is strong demand for Bitcoin-backed Ethereum tokens. The most popular of them, WBTC, neared the $1 billion mark.
In September, miners’ revenues from fees exceeded the block rewards.
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