Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
Ethereum mainnet monthly transaction volume hits a record high of 72.8 million transactions, seemingly a strong signal of network activity, but the actual market impact shows a complex divergence pattern.
From a fundamental perspective, the growth in transaction volume mainly comes from token transfers (accounting for 62%), indicating that the demand for Ethereum as a value settlement layer continues to strengthen. But DeFi-related transactions only account for 8%, reflecting that on-chain risk appetite remains cautious and a comprehensive ecosystem prosperity has not yet formed.
At the same time, after the Dencun upgrade, Layer 2 solutions diverted a large number of transactions, and the mainnet gas fees have remained low for a long time, weakening ETH’s fee-burning mechanism— the busier the network, the less ETH is deflationary than during the last bull market.
In terms of price, ETH is currently around $2,300, nearly halving from the 2025 high. The record-high transaction volume and weak prices form a stark divergence, indicating the market does not see this as a bullish catalyst.
The main reason is that: the rise of L2 makes it difficult for ETH to capture the value of network growth; macro liquidity tightening also suppresses risk asset valuations.
In the short term, this data is more of a technical support and unlikely to independently drive a market reversal. In the medium to long term, it depends on whether upgrades like Pectra can improve value capture mechanisms; otherwise, the divergence of “high usage, low price” may continue. #Gate广场五月交易分享
From a fundamental perspective, the growth in trading volume mainly comes from token transfers (accounting for 62%), indicating that demand for Ethereum as a value settlement layer continues to strengthen. However, DeFi transactions only account for 8%, reflecting that on-chain risk appetite remains cautious and a comprehensive ecosystem prosperity has not yet formed. Meanwhile, after the Dencun upgrade, Layer 2 solutions diverted a large number of transactions, and the mainnet gas fees have remained low for a long time, weakening ETH's fee burn mechanism— the busier the network, the less ETH is deflationary, unlike the previous bull market.
In terms of price, ETH is currently around $2,300, nearly halving from the 2025 high. The record-breaking trading volume contrasts sharply with weak prices, indicating the market does not see this as a bullish catalyst. The main reasons are: the rise of Layer 2 makes it difficult for ETH to capture the value of network growth; macro liquidity tightening also suppresses risk asset valuations.
In the short term, this data is more of a technical support and unlikely to independently trigger a market reversal. In the medium to long term, it depends on whether upgrades like Pectra can improve value capture mechanisms; otherwise, the divergence of "high usage, low price" may continue. #Gate广场五月交易分享