{"id":188497,"date":"2021-02-25T06:40:04","date_gmt":"2021-02-25T03:40:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-on-track-to-settle-1-6-trillion-this-quarter\/"},"modified":"2021-02-25T06:40:04","modified_gmt":"2021-02-25T03:40:04","slug":"ethereum-on-track-to-settle-1-6-trillion-this-quarter","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-on-track-to-settle-1-6-trillion-this-quarter\/","title":{"rendered":"# Ethereum on track to settle $1.6 trillion this quarter"},"content":{"rendered":"<p>&#8220;<strong># Ethereum on track to settle $1.6 trillion this quarter <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMjNkZTA0OGItYmE4Ny00MjQ1LTg5MzgtMDc4NDUzMWY1MjZjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.<\/p>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RyanWatkins_\/status\/1364572530560925698\">research<\/a> from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far \u2014 700% more than it processed during Q1 2020.\u00a0<\/p>\n<p>The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.<\/p>\n<p>If Messari\u2019s $1.6 trillion forecast is accurate, Ethereum\u2019s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019.\u00a0<\/p>\n<p>Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:<\/p>\n<blockquote><p>\u201cIncredible scale for a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> that critics claimed couldn\u2019t scale.\u201d<\/p><\/blockquote>\n<p>Ethereum&#8217;s recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector \u2014 most of which is based upon Ethereum.<\/p>\n<p>The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.<\/p>\n<p>Average Ethereum transaction fees spiked to record highs of $40 on Feb. 23, with Ethereum generating $50 million worth of transaction fees in a single day.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Revenues to miners on the ethereum ecosystems are going crazy.<\/p>\n<p>Everybody wants to use it.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ETHEREUM?src=hash&amp;ref_src=twsrc%5Etfw\">#ETHEREUM<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/iapXN312Xx\">pic.twitter.com\/iapXN312Xx<\/a><\/p>\n<p>\u2014 odin free  (@aarvantOFRE) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/aarvantOFRE\/status\/1364450675267153921?ref_src=twsrc%5Etfw\">February 24, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptofees.info\/\">Cryptofees.info<\/a> is currently reporting an average daily fee generation of $32 million for ETH over the past seven days. Comparatively, Bitcoin has generated just $8 million daily on average over the past week.<\/p>\n<p>According to Bitinfocharts.com, average transaction fees surged to a record high of almost $40 on Feb. 23. At the time of writing, Ethereum&#8217;s fees have retreated to $21 on average.<\/p>\n<p>On Feb. 24, Cointelegraph reported that a fat-fingered DeFi user mistakenly paid more than 25 Ether worth $36,000 for a transaction this week. <\/p>\n<p>Amid the high fees, Crypto influencers are urging an accelerated launch of ETH 2.0 to alleviate pressure on the congested proof-of-work blockchain.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ethereum-on-track-to-settle-1-6-trillion-this-quarter\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Ethereum on track to settle $1.6 trillion this quarter &#8221; Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021. According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far \u2014 700% more than it processed during Q1 2020.\u00a0&#8230;<\/p>\n","protected":false},"author":1,"featured_media":188498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMjNkZTA0OGItYmE4Ny00MjQ1LTg5MzgtMDc4NDUzMWY1MjZjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74891,74880,72927],"class_list":["post-188497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ethereum","tag-transactions","tag-fees"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/188497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=188497"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/188497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/188498"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=188497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=188497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=188497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}