Ethereum moved more money than Visa in 2021
A new wave of Ethereum (ETH) bullishness has begun. This can be deduced from the number of funds transferred in 2021. According to statistics, this crypto-currency has made a larger volume of transactions than Visa and is far ahead of Bitcoin (BTC).
The fast growth of Ethereum
It is worth noting that Ethereum began to confirm its success in mid-2020 when it began to exceed the Bitcoin coin only in terms of processing. According to a report by Ethereum CEO Josh Stark, in 2021 Ethereum represented worth 11,6 trillion in transactions, while the Visa network recorded only $ 10,4 trillion..
The report also indicates that the actual volume of Ethereum transactions is actually even higher than indicated. This is despite the fact that only the main ERC-20 tokens with a transaction volume above $ 500 million are taken into account. It is now twice as high as Bitcoin, which processed $4.6 trillion in 2021.
The main growth factors
Regarding the main reasons for this growth of Ethereum, we can point to the increase in the use of NFT and fixed tokens. In addition, the report states that in 2021, the total value locked (TVL) on Ethereum was $ 153 billion, which is more than the assets of the investment fund Bridgewater Associates and the financial service Robinhood. This trend is confirmed by information from the TVL aggregator DeFiLlama, but there is data on the use of other blockchains in the DeFi sector.
Despite the high commissions, the trend towards the use of Ethereum is not diminishing. Thus, in 2021, users paid $ 9.9 billion in transaction fees. While the amount of commission for Bitcoin transactions is only $ 1 billion.
Data comparisons of values such as TVL show how much the network has grown over the past months. Ethereum’s growth is also indicated by the capitalization of the Ether (ETH) coin. Ethereum’s next competitor is Visa Mastercard, which according to Infinite Marketcap is worth $ 319 billion, while Ethereum is worth $ 303 billion.
So far, another significant change for investors is the transition of Ethereum to a confirmed rate. Currently, only $ 23.9 billion is fixed on the contract’s stacking network, which is only 8% of the offer.
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Marta Krysan, Team bit4you.