Ethereum Metrics Surge: Perp Volume Tops $2T in August
Ethereum metrics reached record highs in August as perpetual volume soared to nearly $2 trillion, a 30% increase from July’s $1.5 trillion. Daily on-chain activity also strengthened. Daily active addresses (DAAs) and transaction counts climbed to all-time highs, while Ethereum’s blob market share rose from 53% to 63%. The average blob target remains below six (4.17 vs. 4.13), keeping blob costs near one wei; a floor price will be added in the upcoming Fusaka upgrade.
Monthly active addresses hit 16.8 million (up 12.7% month-on-month) and transaction count reached 51.7 million (up 11%). Stablecoin supply on Ethereum peaked at $163 billion, the highest among all chains, and stablecoin transfer volume rose 17% to $1.43 trillion, marking the second straight month above $1 trillion.
The surge in Ethereum metrics reflects robust on-chain demand and sets a positive backdrop for the Fusaka upgrade. Traders should watch perpetual volume and stablecoin flows for signs of sustained momentum.
Bullish
Record highs in perpetual volume, daily active addresses, transaction counts, and stablecoin metrics indicate a surge in on-chain demand for Ethereum. Historical patterns show that spikes in perpetual volume and active addresses often precede price rallies as trader participation and liquidity improve. The upcoming Fusaka upgrade, which will introduce a floor price mechanism for blobs, is expected to enhance network fee stability and further boost user engagement. In the short term, sustained high perpetual volume and stablecoin flows can drive momentum. Over the long term, improving fundamentals and higher network usage strengthen the bullish outlook for Ethereum.