Over $6 trillion in transactions were settled on the Ethereum (CRYPTO: ETH) blockchain over the last year.
What Happened: According to a report from crypto research platform Messari, Ethereum has settled $6.2 trillion in transactions over the last 12 months.
“This figure is up 369% compared to 2020, and was powered by a strong Q3 where Ethereum settled $1.5 trillion,” commented Messari analyst Ryan Sean Watkins.
Ethereum is the second-largest cryptocurrency by market cap and the smart contract platform that facilitates most NFT and decentralized finance (DeFi) activity today.
More than half the value of the network’s settled transactions, worth $3.3 billion, can be attributed to the growth of stablecoins on Ethereum.
During the same period last year, there were $888 million in stablecoins on the network.
“This is the kind of 4.7x that I really want to see. Prices are one thing, protocol adoption is another,” commented crypto YouTuber Coin Bureau.
ETH Price Action: Ethereum was trading at $3,426 Tuesday morning.
The cryptocurrency has rallied by 16% over the last week and gained 43% over the last three months.
Image by Zoltan Tasi on Unsplash.
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