Daily activity on the Ethereum network has climbed to 1.87 million transactions, according to Etherscan data for 6 August. The figure is within 5 percent of the record 1.96 million registered in January 2024 and represents almost a doubling of throughput since the start of this year. Analysts attribute the revival to a confluence of drivers. Stablecoin transfers led by Tether and USD Coin have accelerated since the U.S. passage of the GENIUS Act, which codifies a legal framework for dollar-pegged tokens. At the same time, the first wave of spot Ethereum exchange-traded funds has begun trading, bringing fresh liquidity from traditional markets. Higher use of decentralised exchange Uniswap and a flurry of meme-coin launches on layer-2 networks have added further demand for block-space. Despite the on-chain surge, Ether has traded in a narrow range around $3,658, holding above the $3,600 level. Market observers are watching whether the expanded activity can be sustained, noting that transaction counts, gas fees and fee revenue will be key indicators for the broader decentralised-finance sector, which holds $137 billion in total value locked, 59 percent of it on Ethereum.