Ethereum caught up with Bitcoin in daily
transaction volume of $ 1.5 billion
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| Ethereum caught up with Bitcoin in daily transaction volume of $ 1.5 billion |
According to calculations by Messari analyst Ryan Watkins, the daily volume of assets transferred on the Ethereum blockchain “caught up” with a similar indicator of Bitcoin.
“Ethereum is becoming the dominant level of value transfer in the cryptocurrency industry,” Ryan Watkins tweeted. The total value of assets transferred to Ethereum, taking into account stablecoins of the ERC-20 standard, reached $ 1.5 billion. The value of assets transferred to Ethereum is estimated in US dollars and takes into account stablecoins transferred on the blockchain per day. For Bitcoin, the metric includes the cost of BTC in US dollars transferred per day, excluding “second-level” transactions, although the USDT token is also present there. On the other hand, for the Ethereum blockchain, all other tokens are not taken into account.
For the above chart, the total value of assets transferred to Ethereum includes both the cost of ETH in US dollars and blockchain-based stablecoins.
Another chart from Messari shows how the increase in value traded through USDT has affected Ethereum's performance over the past few months. Controversial findings
Independent developer Udi Wertheimer, citing concerns about the validity of Watkins's findings, expressed his thoughts on the exclusion of data from the Omni Bitcoin protocol, which produces the USDT stablecoin. At the same time, the data for Ethereum included indicators for the USDT standard ERC-20.
“The volume of USDT on Omni is greater than all the stablecoins on Ethereum, if USDT is excluded. If USDC and others are taken into account in the calculation, Omni-USDT must also be included, ”Wertheimer wrote.
However, Watkins replied that the conclusion would remain the same:
“In my opinion, this does not change the final conclusion. The cost of transferring USDT to Omni averaged ~ $ 90 million per day over the past 3 months. Just like USDC. ”
According to Watkins, "The value converted to Ethereum is less than its value, because it includes only the main stablecoins for which CoinMetrics provides data, and not all tokens based on Ethereum."
According to Tether, the volume of USDT issued on Ethereum reaches $ 4.9 billion, while on Omni - only $ 1.55 billion, with a downward trend.
In his Twitter account, Watkins noted that the previous quarter was the best for stablecoins to date. The issue of stablecoins in the first quarter increased to $ 8 billion, adding almost as much as for the whole of 2019.
Over the past two years, exporters have created stable currencies on Ethereum due to their flexible codethat make it easy to issue and ensure compatibility,” says Watkins. “The number of these stablecoins has grown so much that now they are widely used as money on the Ethereum blockchain. Instead of sending and receiving funds in unstable ETH, users can send money in stablecoins secured by the US dollar. ”
Recall that in January Messari reported that the volumes of stablecoin transactions on Ethereum exceeded the same indicator of ETH itself.
“Ethereum is becoming the dominant level of value transfer in the cryptocurrency industry,” Ryan Watkins tweeted. The total value of assets transferred to Ethereum, taking into account stablecoins of the ERC-20 standard, reached $ 1.5 billion. The value of assets transferred to Ethereum is estimated in US dollars and takes into account stablecoins transferred on the blockchain per day. For Bitcoin, the metric includes the cost of BTC in US dollars transferred per day, excluding “second-level” transactions, although the USDT token is also present there. On the other hand, for the Ethereum blockchain, all other tokens are not taken into account.
For the above chart, the total value of assets transferred to Ethereum includes both the cost of ETH in US dollars and blockchain-based stablecoins.
Another chart from Messari shows how the increase in value traded through USDT has affected Ethereum's performance over the past few months. Controversial findings
Independent developer Udi Wertheimer, citing concerns about the validity of Watkins's findings, expressed his thoughts on the exclusion of data from the Omni Bitcoin protocol, which produces the USDT stablecoin. At the same time, the data for Ethereum included indicators for the USDT standard ERC-20.
“The volume of USDT on Omni is greater than all the stablecoins on Ethereum, if USDT is excluded. If USDC and others are taken into account in the calculation, Omni-USDT must also be included, ”Wertheimer wrote.
However, Watkins replied that the conclusion would remain the same:
“In my opinion, this does not change the final conclusion. The cost of transferring USDT to Omni averaged ~ $ 90 million per day over the past 3 months. Just like USDC. ”
According to Watkins, "The value converted to Ethereum is less than its value, because it includes only the main stablecoins for which CoinMetrics provides data, and not all tokens based on Ethereum."
According to Tether, the volume of USDT issued on Ethereum reaches $ 4.9 billion, while on Omni - only $ 1.55 billion, with a downward trend.
In his Twitter account, Watkins noted that the previous quarter was the best for stablecoins to date. The issue of stablecoins in the first quarter increased to $ 8 billion, adding almost as much as for the whole of 2019.
Over the past two years, exporters have created stable currencies on Ethereum due to their flexible codethat make it easy to issue and ensure compatibility,” says Watkins. “The number of these stablecoins has grown so much that now they are widely used as money on the Ethereum blockchain. Instead of sending and receiving funds in unstable ETH, users can send money in stablecoins secured by the US dollar. ”
Recall that in January Messari reported that the volumes of stablecoin transactions on Ethereum exceeded the same indicator of ETH itself.