Ethereum settled over $6 trillion in transactions in the past year, a 369% increase over 2020. $1.5 trillion value of transactions had been settled in Q3 alone.
Ethereum is hitting new milestones by the week, it seems, as data from Messari shows that a staggering $6.2 trillion in transactions had been recorded in the past 12 months. In comparison with 2020, that represents a 369% increase in transaction volume. Unsurprisingly, the value of Ethereum has elevated considerably alongside this jump in usage.
Q3, in particular, was a really robust interval for the Ethereum network, where it recorded $1.5 trillion in transactions. Stablecoins have also been a significant part of the transaction quantity, which isn’t shocking given the versatility of their use
Ethereum is currently valued at over $3,400 and shows strong indicators of staying above $3,000. As for its efficiency and presence, it’s outperforming bitcoin by 43x in terms of price revenue.
The Ethereum network is at the moment in the midst of upgrading to ETH 2.0, which is able to deliver a shift to proof-of-stake consensus and scalability improvements, amongst different options. It will greatly increase the usability of the network, even as many competitors like Cardano introduce smart contract upgrades.
ETH 2.0 remains to be methods off from releasing all of its options, as the event team is releasing the upgrades in a phased manner. However, the benefits are already starting to indicate, particularly with the appearance of recent DeFi products and NFTs.
NFTs and DeFi boosting Ethereum
Ethereum is really coming of age as each enterprise companies, and unbiased growth teams take to its smart contracts. The arrival of scalability solutions, like that provided by Polygon, has also helped tremendously in facilitating usage.
Two niches which are pillars of the Ethereum network are non-fungible tokens (NFTs) and decentralized finance (DeFi), each of which have been having an amazing 12 months. NFTs, particularly, are showing great signs of progress, pulling in firms, main brands, and celebrities. The flexibility of its smart contracts has actually begun to indicate within these two sectors.
For the longest time, gas fees and network bottlenecks have suffocated the market. Although that is removed from absolutely fixed, it has certainly taken a big leap forward. As Ethereum transactions continue to rise and more use cases arrive, the necessity for scalability will only increase.
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Source: Beingcrypto
