{"id":95720,"date":"2020-10-23T06:28:44","date_gmt":"2020-10-23T03:28:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-set-to-become-first-blockchain-to-settle-1-trillion-in-one-year\/"},"modified":"2020-10-23T06:28:44","modified_gmt":"2020-10-23T03:28:44","slug":"ethereum-set-to-become-first-blockchain-to-settle-1-trillion-in-one-year","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-set-to-become-first-blockchain-to-settle-1-trillion-in-one-year\/","title":{"rendered":"# Ethereum set to become first blockchain to settle $1 trillion in one year"},"content":{"rendered":"

“# Ethereum set to become first blockchain to settle $1 trillion in one year <\/strong>”<\/p>\n

The third-quarter decentralized finance (DeFi) boom has resulted in the Ethereum (ETH) network processing more than twice the daily transaction volume of Bitcoin (BTC).<\/p>\n

According to crypto market data aggregator Messari, the 30-day rolling daily average for Ethereum transaction volume is currently $7 billion<\/a>, with Bitcoin processing less than $3 billion. <\/p>\n

If the current trend continues, Messari predicts<\/a> Ethereum will become the first public blockchain to settle $1 trillion in transfers over a calendar year. <\/p>\n

Ethereum\u2019s previous strongest calendar year relative to Bitcoin was 2018, when it processed half a billion in volume, which was 59% as much as Bitcoin\u2019s $849 million that year.<\/p>\n

Bitcoin is on-pace for its second-strongest year behind 2018, projected to process $800 million.<\/p>\n

Yearly transaction value for Bitcoin and Ethereum: Messari<\/a><\/figcaption><\/figure>\n

It’s not a straightforward comparison between the two blockchains however. With the DeFi bubble largely taking place on top of Ethereum-powered smart contracts, the Ethereum network now processes the volume of an entire sector, while Bitcoin largely represents transfers of value denominated in BTC.<\/p>\n

Messari\u2019s Ryan Watkins attributes much of Ethereum\u2019s volume spike to increased ERC-20 stablecoin volumes, with the majority<\/a> of Tether (USDT) transactions now taking place on Ethereum and yield farming-driven demand pushing supply growth of more than 600% for MakerDAO\u2019s DAI stablecoin.<\/p>\n

Watkins also notes booming on-chain liquidity from decentralized exchanges (DEXs), with Uniswap and Curve generating more than $20 billion in volume combined during September. DEXs now represent more than 13.6% of total exchange volumes.<\/p>\n

However, Messari predicts \u201cthe next twelve months could come to define the platform wars\u201d in crypto, noting Ethereum\u2019s ongoing high fees as a problem that rival blockchains will seek to solve, alongside \u201cthe rise of parallel DeFi ecosystems.\u201d<\/p>\n

\u201cLook for all would-be ETH Killers to continue to empty out their treasuries to build a parallel DeFi sector throughout the end of 2020 and beyond.\u201d<\/p><\/blockquote>\n

In August, Chris Burniske, a partner at PlaceHolder Capital, asserted that Ethereum and Bitcoin are racing each other to reach the first $1 trillion<\/a> market cap in crypto.<\/p>\n<\/div>\n