Ethereum settled $6.2T in transactions, up 369% since 2020

TL;DR Breakdown

• Ethereum settled over $6 trillion worth of transactions within the last 12 months.
• In Q3 of 2021, it settled up to $1.5 trillion in transactions.
• Most of the transactions were done on stablecoins than in Ether. 

Ethereum recorded more value transfers within the past 12 months than in 2020, according to recent data from Messari, a crypto analytics platform. 

Ethereum settles $6T transactions

About $6.2 trillion transactions were settled on the blockchain from October last year to the present, and $1.5 was recorded in just quarter three alone – i.e., from July to September 2021. The whole record for the last 12 months represents a 369% increase from the value of transactions settled on the network in the previous year – from October 2019 to October 2020. 

The data also shows that Ethereum-based stablecoins accounts for about $3.39 trillion of all the transactions settled on the network this 12 months, while Ether (ETH) represents only $2.78 trillion. Overall, the increase in the network transactions attests to the growing traction on the Ethereum-based non-fungible token (NFT) and decentralized finance (DeFi) market.

Ethereum is the root blockchain for most DeFi applications and NFTs. Thus, the transaction counts on the network are only bound to increase as both markets continue to gain traction. This is unlike the Bitcoin blockchain, which primarily facilitates payment transfers. 

Monthly transaction

The monthly transaction count on Ethereum is also up by over 6% in the last 12 months. Last month, about 35.6 million transactions were recorded on the blockchain, and 1.14 million on October 4 – daily 7D moving average. 

Meanwhile, the active addresses on the network have been on the decline. Since reaching 734.5k in May, active users on the network have dropped by 36% to the present point of 465.5k. Plausibly, this is a result of more HODLers on the network or users who deserted the blockchain due to slow and expensive transaction fees.