Messari has revealed that Ethereum network could process as much as $8 trillion transaction before the end of the year in its recently released report.
According to the analytics firm, the network of the second largest crypto asset has already handled $2.5 trillion worth of transactions between April and June 2021 and this figure is expected to rise by over three times before the year ends.
The firm noted that the figure in the second quarter of the year represents a gain of over 65 percent quarter on quarter and almost 1,500 percent year on year.
Ryan Watkins, a crypto researcher and analyst, opined that what drove this increase majorly is the growth of decentralized finance (Defi) and the growing use of stablecoins among crypto traders. This is in line with our previous report which stated that “DeFi protocols saw activity decrease in the second half of the quarter as speculation in markets died down. Decentralized Exchanges volume jumped from $221 billion to $404 billion between April and June.”
The report went on to reveal that ETH whales have continued stockpiling the leading asset as the top 10 wallets control over 20 percent of the supply of the crypto asset.