Soaring DeFi Usage Drives Ethereum Contract Calls to New Record

Coin Metrics reported the daily number of smart contract calls on Ethereum jumped to 3.11 million – a new record.

AccessTimeIconJul 28, 2020 at 5:48 p.m. UTC
Updated Sep 14, 2021 at 9:37 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ethereum usage is rocketing as the number of contract calls – a metric for network activity – hits an all-time high.

  • Coin Metrics reported Tuesday more than 3.1 million daily contract calls had gone through on July 25, an all-time high.
  • A contract call is where a user requests a specific function from a smart contract that, unlike a transaction, doesn't publish anything on the blockchain – sort of like a dry run.
  • Coin Metrics said record activity on Ethereum – now five years old – came primarily from the decentralized finance (DeFi), which has more than quadrupled in size to $4 billion total value locked, year-to-date.
Ethereum daily contract calls over the past year
Ethereum daily contract calls over the past year
  • Coin Metrics analysts excluded from the figures abnormal network activity from a distributed denial-of-service (DDOS) attack in October 2016, which saw daily contract calls spike from around 30,000 daily to 40 million.
  • A spokesperson told CoinDesk the July 25 all-time high was much more "organic."
  • The last time contract calls breached the three million milestone was during the "Black Thursday" sell-off on March 12.
  • This surge in daily contract calls coincides with a resurging ether (ETH), the price of which has increased 26% in a week, from $236 to $320 by press time.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.