Over the past 12 months, Ethereum has carried out transactions worth more than $ 6 trillion, which is 369% more than in 2020.
Ethereum updates records every week. By data from Messari, over the past 12 months, the second largest blockchain processed $ 6.2 trillion in transactions. Compared to 2020, the volume of transactions increased by 369%. The ETH rate for the same period increased by 864%, from $ 353 to $ 3,400.
The sharpest growth was recorded in the third quarter. During the period from July to August, transactions worth $ 1.5 trillion went through the blockchain. It can be safely called the strongest period for the Ethereum network. Stablecoins also accounted for a significant portion of the transaction volume. Experts attribute this dynamic to the multifunctionality of their use.
Ethereum has consolidated above the psychologically significant level of $ 3,000 and is now trading near $ 3,400. It is 43 times larger than Bitcoin in terms of commission income.
The Ethereum network is currently in the process of upgrading to ETH 2.0 and moving to the PoW consensus. The new version will significantly increase the scalability of the network and make it more user-friendly.
The development team is releasing updates and improvements gradually, so ETH 2.0 is still far from the final version. However, the benefits are already visible, especially with the emergence of new DeFi products and NFTs.
NFT and DeFi further improve Ethereum
Ethereum is improving and many companies, as well as independent development teams, are switching to its smart contracts. The advent of scalability solutions like those offered by Polygon has also made blockchain much easier to use.
Two niches are considered to be the main elements of the Ethereum network: non-fungible tokens (NFT) and decentralized finance (DeFi). The NFT industry is now actively growing and attracting the attention of companies, big brands and celebrities. The versatility of Ethereum smart contracts is most evident in these two industries.
Huge gas prices and network bottlenecks prevented the market from developing normally for a long time. Despite the fact that these problems have not yet been fully resolved, Ethereum has indeed taken a big step forward. As the number of transactions on the Ethereum network continues to increase and more and more use cases emerge, the need for scalability will only increase.
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