Bobos & Wojaks

Get rich or die tryin

In 2021, Ethereum, The Smart Contract Blockchain Par Excellence, Processed 4.5 Times More Transactions Than Visa

In 2021, Ethereum, the smart contract blockchain par excellence, processed 4.5 times more transactions than Visa. In digital payments, the second-largest crypto by market capitalization has surpassed the global leader.

The smart contract blockchain handled approximately $12 trillion in transactions, compared to $10.4 trillion for Visa. When you consider that Ethereum’s L1 could process over 1.2 million transactions per day, this is a fantastic achievement. That’s 15 transactions per second.

Despite the fact that Ethereum eclipsed Visa in terms of transaction volume last year, 2021 was not without its challenges. In truth, the platform has experienced a slew of obstacles, including scalability issues, the entry of competitors into the smart contract market, and so on. 

In August 2021, the London hard-fork EIP-1559 upgrade was conducted, resulting in 4500 ETH burning in 24 hours at 2 ETH per minute. As a result, petrol prices have decreased. Ethereum has alleviated network congestion and boosted the number of transactions per second by deploying Layer 2 scaling options. One of the key causes of Ethereum’s large transaction volume is because of the innovations.

ethereum-crypto-blockchain

Furthermore, 2021 was the year of the Non-Fungible Token (NFT) surge, making Ethereum the undisputed leader in such a scenario.

The number of Ethereum addresses with positive ETH balances was just estimated, with a rise of 18.36 million. This corresponds to a monthly average of 1.53 million people.