Ethereum usage skyrocketed when the number of contract calls - a metric for network activity - reached an all-time record high.
Contract calls are where users request certain functions of smart contracts that, unlike transactions, don't publish anything on the blockchain - a kind of dry run.
Coin Metrics said Ethereum's recording activities - now five years old - came largely from financial decentralization (DeFi), which has more than quadrupled in size with a total value of $ 4 billion locked up, year after year.