The prominent network is dominating the digital currency market more than one way as Ethereum is entering its brightest of stages. In recent times, Ethereum has recorded a substantial dip in transaction fees.
According to a follower of cryptocurrencies, the world witnessed this sort of gas price last year in 2020. After such low gas prices were recorded for the network, Ethereum went on to break many milestones in the process outpacing Bitcoin occasionally.
The everyday transaction volume of Ethereum crosses Bitcoin’s
Following the recent reports, Ethereum’s everyday transaction volume has outperformed the BTC network with a substantial margin. The total transaction volume has gone on surging from 19th December and setting a new record on June 11th, ultimately leading total everyday volume approximately to $45b. Whereas BTC everyday transaction equates $12 billion.
Even with all its promising features, Ethereum 2.0 faces a lot of criticism for its lack of scalability and not being able to solve the problem for the network. There was also an uproar against the delays for the upgrade, with many crypto advocates branding the update as a failed venture. Regardless, the analyst has said Ethereum is betting $14b on the release of Ethereum 2.0.
The increase of BTC on the ETH network is alarming but also commendable
The ETH network has witnessed an increase in Bitcoin supply. Last time in 2020, around 1000 BTC were on the ETH network. However, currently, the supply of Bitcoin is more than 230k on the ETH network. That number equates to 1% of the overall supply of Bitcoin.
Nick, an analyst, notes that last year we exclusively saw Decentralized Finance primarily concentrated on a single aspect of borrowing via MakerDAO. However, currently, the role of DeFi expanded across many industries such as resource management, synthetics, trading, etc.
One should not forget the importance of the influx of BSC, Solana, and Polygon. Who might have swayed the ETH’s gas price to drop down substantially? Nevertheless, Nick asserts that Decentralized Finance is maintaining the network for its recent success. Coming to an end, the analyst concluded that until there is a substantial amount of money locked under smart contracts, the prospect of Ethereum is very promising since it ever has been.