Ethereum just set a new all-time high, reaching 1.74 million daily transactions, breaking its 2021 peak. The increased popularity is due to the widespread adoption of decentralized finance (DeFi) and smart contracts. Perhaps most surprising of all, the non-fungible token (NFT) market has enjoyed a vibrant resurgence. Ethereum’s market capitalization has surpassed that of Netflix, putting it close to financial juggernauts like Mastercard.
The network’s on-chain volume in July 2025 hit $238 billion, a 70% jump compared with June. Total value locked (TVL) across Ethereum-based DeFi protocols is a testament to this change. It was at an all-time high of $270 billion!
The most impressive dynamic of this market revolution came last month as Ethereum-based NFTs have broken past DeFi in daily active wallets. At the height of this boom, NFTs logged 3.85 million daily active wallets—just beating DeFi’s 3.84 million. This change reflects a renewed interest in digital collectibles and artwork, with one collection driving a total trading volume of $112 million.
Ethereum’s NFT market had a substantial rebound in July, with $530 million in trades. Throughout this time, the network accounted for ~80% of all daily NFT trading volume. This success helped to entrench its position as the dominant platform for other digital assets. This boom in NFT activity has been a driving force of Ethereum’s growth and transaction activity as a whole.
We’re excited that the Ethereum network is thriving and bustling with activity! This unprecedented increase demonstrates its enormous adaptability and the breadth of applications it enables. From DeFi protocols managing billions of dollars in assets to the booming NFT market attracting millions of users, Ethereum continues to be a central hub for blockchain innovation. Its impact on the digital economy is further amplified by the record-breaking transaction volume and market capitalization.
Ethereum’s market capitalization has been making headlines recently as it rivals the likes of corporate behemoths Netflix and Mastercard. Such a comparison further exemplifies how Ethereum’s potential and value has become widely recognized. We know the network is changing and growing at a very fast pace. From decentralized finance to ownership of digital assets, its potential is staggering, but it isn’t well understood.
