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The Daily Hodl
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Ethereum Powering Twice As Many Transactions As Bitcoin, Approaching $1 Trillion Settled in 2020

by Daily Hodl Staff
October 26, 2020
in Altcoins, Bitcoin, Blockchain
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
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Messari senior research analyst Ryan Watkins says Ethereum is on track to power $1 trillion in transactions in the span of one year.

Watkins is highlighting an extensive look into the research he recently published on behalf of market data aggregator Messari. According to Watkins’ data, Bitcoin is now processing twice as many payments and on-chain transactions as Bitcoin per day. 

“Ethereum now transacts two times more value than Bitcoin daily. This is what a cryptoeconomy looks like when it starts to find product-market fit.”

Image
Source: Messari/Twitter

According to Watkins’ chart, the transaction volume being processed on the Ethereum network daily is fast approaching $7 billion. Meanwhile, Bitcoin is processing less than $3 billion per day, which is lower than its previous high of about $4 billion in July. 

The surge in Ethereum’s volume can be attributed to the significant increase in ERC-20 stablecoin volumes such as Tether (USDT) and to the recent boom in decentralized finance (DeFi), says Watkins. 

Tether alone processes more transactions than Bitcoin, Watkins points out.

“Much of this activity is attributable to Etherum’s stablecoin volumes. Tether alone now transacts more daily than Bitcoin. Most of this volume is ERC-20 Tether.”

Source: Messari/Twitter

In terms of the DeFi boom’s part in catalyzing this rapid growth in on-chain Ethereum transactions, Watkins specifically highlights the huge volume on decentralized exchanges (DEXs).

“The second leading reason for this is Ethereum’s boom in on-chain liquidity. Uniswap and Curve did more than $20 billion in combined volume for September. DEXs now comprise 13.6% of total volumes from all exchanges both centralized and decentralized.”

Source: Messari/Twitter

If the current rate of growth is sustained, Watkins believes Ethereum will likely breach the unseen annual $1 trillion transaction volume level.

“Ethereum’s progress has been so incredible that it will likely become the first public blockchain ever to settle $1 trillion in a year.”

Image
Source: Messari/Twitter
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/kkssr

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