Thanks to decentralised finance, Ethereum has been at the forefront of crypto transfers in 2020, bolstered by unflagging interest in DeFi solutions.
Daily, Ethereum is processing around $7 billion which is more than double the $3 billion that Bitcoin transfers, and definitely more than any other ecosystem.
If the current stays intact, Messari, a market data aggregator, believes that Ethereum will hit $1 trillion in total transactions for 2020, scoring it all within a single calendar year.
Bitcoin is still close, though, with estimated $800 million this year.
Of course, Bitcoin has not been empowered by the DeFi boom which many now describe as a bubble, and bubbles tend to burst.
ERC-20 stablecoin volumes have also had their say and USDT transactions are also taking place on Ethereum.
In other words, Ethereum is tapping into many verticals that may prove short-lived, although there are no immediate indications.
Ethereum will have to address issues itself, believes Messari’s Ryan Watkins with more DeFi killers trying to claw a market share and Ethereum struggling with speed as it is because of the unprecedented spike.
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