Ethereum managed to record a total transaction value of $ 6.2 trillion for a period of one year.
When compared to the observation in 2020, the number of these transactions has increased by 369% during the period and at the same time has driven the price increase of Ethereum (ETH).
In the third quarter (Q3), the network accounted for the highest total transaction value of $ 1.5 trillion. Clearly, the surge stemmed from stablecoins which also played a role in the network.
Major support for non-fungible tokens (NFT) and decentralized finance (DeFi) has also been the reason for the surge in transaction volumes at Ethereum.
Again NFT has garnered attention from big firms and brands, including celebrities.
At the time of writing, ETH is trading at $ 3,389 with an increase of over 1% in 24 hours. This asset shows no sign of declining with strong support above $ 3,000.
The second largest network after Bitcoin is still in transition to ETH 2.0 which focuses on Proof-of-Stake (PoS) consensus mechanisms and scalability improvements.
While the launch of ETH 2.0 is still a long way off, Ethereum has already highlighted its potential with the introduction of DeFi and NFT products.
