In Q3 of 2021, Ethereum officially settled over $500 billion worth of transactions. This is the highest amount ever recorded in a 3-month period for any blockchain platform. In that same timeframe, Bitcoin was around $175 billion and Ripple settled just under $100 billion worth of transactions.

The “ethereum news” is a cryptocurrency that was created in 2014. The currency has been used for over $500 billion worth of transactions in Q3 2021.

Ethereum (ETH) settled over $500 billion worth of transactions in Q3 2021

In an indication of the crypto industry’s continuous expansion, Ethereum, the second-largest crypto asset by market value, settled over $500 billion in transactions in the third quarter of this year, up 389 percent from the same quarter last year.

This year’s Ethereum statistics are on the increase.

According to a survey published by Bankless Dao, Ethereum miners witnessed a 511 percent increase in earnings, earning $1.96 billion in total. To put this into perspective, miners on the network only made $321 million in the third quarter of 2020.

With the deployment of the EIP – 1559 update this year, 68 percent of the generated fees were burned by the mechanism, implying that the amount that really reached the miners was in the neighborhood of $620 million.

Aside from the increase in miner income, Ethereum’s ecosystem has seen an increase in the number of daily addresses. In 2020, ETH had 368,467 daily active addresses; this year, that figure has risen to 457,402.

Growth was also seen in NFT and DeFi.

The total value locked (TVL) in decentralized finance (DeFi) increased by 1,242 percent in a year, according to the research. Last year, Ethereum-based DeFi protocols had a TVL of about $10 billion; now, that value is approximately $124 billion.

On NFTs, the trade volume of the biggest NFT platform, OpenSea, has increased by 141,847 percent to $6.57 billion in Q3 2021, from a meager $4.76 million in Q3 2020.

According to the research, the expansion of the NFT space aided in driving Ethereum gas fees to new heights. “The eruption of NFT mints was a primary source of high gas costs, with spikes reaching as high as 7,300 gwei during the introduction of The Sevens collection,” says the report.

According to the research, the upcoming switch of Ether’s consensus mechanism from Proof Of Work (PoW) to a Proof Of Stake (PoS) network would assist to substantially lower the amount of energy needed by the asset while also causing a “substantial reduction in future ETH issuance.”

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Posted in: Analysis, Ethereum

Ethereum (ETH) settled over $500 billion worth of transactions in Q3 2021

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The “ftt burn history” is a blog post that discusses the amount of transactions that were settled using Ethereum (ETH) in Q3 2021. The article also includes a graph with the number of transactions and their value.

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