Unarguably, the number of transactions settled on the Ethereum network keeps increasing with every proceeding quarter of the year. This is clearly evident following a chart shared on Wednesday by Ryan Watkins, a researcher at Messari. The value of transactions settled on the network in the first quarter of 2021 is already greater than the value recorded in the last quarter of 2020.
Messari predicts that Ethereum might top as high as $1.6 trillion in quarterly settlement value.
According to Messari, The ETH network already settled $926 billion worth of transactions in the quarter of 2021, which indicates a massive increase in network adoption. The record today represents a 698 percent increase when compared to the $116 billion settled in the first quarter of 2020 and a 60 percent increase when compared to the $577 billion settled in the last quarter of the year.
A total of $2.1 trillion in transactions were settled on the Ethereum network throughout last year. Following the increase in the ETH blockchain adoption, one can easily predict the network will gain a massive record in 2021. Already, the cryptocurrency analysis firm, Messari, predicts that the value of transactions settled on Ethereum is on pace to reach $1.6 trillion in this quarter alone.
Ethereum is on pace to settle $1.6 trillion in transactions for Q1 2021.
In the last 12 months it has settled $2.1 trillion in transactions.
Incredible scale for a technology that critics claimed couldn’t scale. pic.twitter.com/dAvZBRJgRX
— Ryan Watkins (@RyanWatkins_) February 24, 2021
The data today shows why the transaction fees have been hitting the roof lately. Congestion on the network usually causes a rise in the fee, making the network more expensive to use. Recently, many users had to desert the ETH network for other blockchain networks, especially the Binance Smart Chain. As of February 24, 1.28 million transactions were recorded on Ethereum, while Binance Smart Chain had 2.67 million transactions.
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