The daily average values transactions on the Ethereum platform are now equal to the Bitcoin network (BTC). The use of the Ethereum network to move value around has shot to record levels.
16 April, 2020 | AtoZ Markets – According to the blockchain analysis company Messari, the total value transferred over the Ethereum network, including Ether (ETH) and ERC-20 stablecoins, now matches of the Bitcoin network. The daily value transfer of the Ethereum network began to compete with the Bitcoin network from April 12, around $ 1.5 billion. The value transferred to Ethereum includes ether (ETH) as well as other stable coins supported by the blockchain, including Tether (USDT).
Ryan Watkins, research analyst at Messari, said the figures show that “Ethereum is becoming the dominant layer of value transfer in crypto”. The parity is mostly the result of the performance of the Bitcoin network. It peaked at over $ 3 billion in daily transactions in July 2019, but has failed to maintain this level even though the value of Ethereum increased.
The second-largest cryptocurrency reached $ 115 million in daily transactions in December 2018, which has grown steadily to around $ 1.5 billion today. The Bitcoin network has also seen growth in its daily value transfer from January, but has been less used since the crypto bloodbath in March.
Value Transferred via USDT Has Boosted Ethereum
Another Messari chart shows how the amount of value transferred via USDT has boosted Ethereum’s numbers. Independent developer Udi Wertheimer expressed his thoughts on the exclusion of Omni data. It is a software layer from the Bitcoin network that includes the release of Tether (USDT). The Ethereum chart had included data for the USDT issued as an ERC-20 token.
“Besides, the value transferred on Ethereum is slightly underestimated. It only includes the main stablecoins for which CoinMetrics provides data, and not all Ethereum-based tokens,” he said. According to its “transparency” page, Tether claims to have up to nearly $ 4.9 billion on Ethereum. It has up to $ 1.55 billion on Omni.
Ethererum Beats Bitcoin in Transactions per Second
This is not the first measure on which Ethereum has beaten Bitcoin. Bitcoin network (TPS) transactions per second peaked at 4.7 in the record year of 2017. This year, it has been declining since the March 12 crisis. The network is currently processing just under three transactions per second.
Ethereum reached a peak of 15 TPS in 2018. It is currently processing around nine transactions per second on its network.
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