Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum, the second largest cryptocurrency by market cap, is preparing to break the $1 trillion mark in yearly processing.

Ethererum, the largest cryptocurrency behind Bitcoin, is on track to be the first blockchain to process over $1 trillion in transactions in a single year. Currently, the Ethereum network is processing more than double the amount of transactions than the Bitcoin network and is preparing to break this massive milestone.

A lot of experts chalk up this massive increase in Ethereum transaction processing to the decentralized finance (DeFi) boom that has taken place on the Etheruem network. Messari, a world renowned cryptocurrency market data analytical firm, sees Ethereum processing over $7 billion per day in Ethereum transactions. When comparing this to Bitcoin’s less than $3 billion in daily transaction volume processed, it is clear to see which platform will break the $1 trillion mark first. Bitcoin is still on track to come close, with an estimated $800 billion in yearly transactions processed, but this is lower than its strongest year, where the Bitcoin network processed $849 billion in 2018. In 2018, Ethereum processed less than a half a billion dollars in transactions, pointing to the massive increase in use of the network thanks to decentralized applications.

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