Coin Metrics data shows that tether transaction volume (USDT) on Tron blockchain has surpassed the amount on Ethereum for three consecutive weeks due to high transaction fees.
The weekly tether transaction rate at Ethereum has remained at 1.5 million over the past four weeks. Unlike Tron, weekly transactions are seen to have increased from around 900,000 from mid-December to almost 2 million in the second week of January 2021.
Coin Metrics analyst Nate Maddrey explained this trend was driven by high fees, causing tether transactions to shift to Tron.
In general, the transaction fee on Ethereum in dollars recorded a value of over $ 19 a week ago, but is currently slightly down to less than $ 8.
While the price in ether units is still considered below all-time high (ATH), but still considered high, exceeding 0.015 ETH several times during the month.
Undoubtedly the total number of tether value transactions in Ethereum is still higher than Tron, indicating that only a handful of transactors are changing direction. While those who do large transactions are more comfortable using Ethereum although the fees are more expensive.
Tether CTO Paolo Ardoino said, apart from Tron, there are many new blockchains that are much cheaper than Ethereum.
At the same time, the individual also still expects Ethereum to play an important role for Tether with the assurance of more revenue through Ethereum 2.0.
