In the expanding blockchain field, ethereum network remains a dominant force, frequently utilized, and consistently chosen by cryptocurrency players to perform on-chain operations. Recent reports indicate that Ethereum is moving from blockchain to the big leagues, with the network overtaking dollar-denominated transactions across digital payments.
leader in dollar trading
Due to the rapid increase in the amount of stablecoin remittances, Ethereum is no longer a competitor only in the cryptocurrency field. Leon Waidmann, market expert and head of research at the On-Chain Foundation, said in a post on the X Platform: reported ETH currently exceeds some of the world’s largest traditional payment networks in terms of raw transaction volume.
Data from the Post reveals sharp rise in dollar denomination Trading with Ethereumit has sparked a new debate about its growing importance as a global payments layer. This surge shows that it is becoming increasingly difficult for financial institutions to ignore blockchain’s changing role in finance as transaction volumes soar beyond expectations.
With only one month left in this year, the amount of ETH stablecoin transfers in the fourth quarter has already exceeded the amount transferred in the third quarter. According to the data, the major networks record approximately $6 trillion in revenue. Amount of stablecoin It increased in the fourth quarter of this year alone, reflecting growing demand for payments.
In terms of dollar-based transaction volume, blockchain has already surpassed both Visa and Mastercard in volume this quarter. Considering the rapid increase in stablecoin transfer volumes, Ethereum is gradually becoming the primary payment layer for digital dollars.
Weidman said the size is fast. Decentralized finance (DeFi) Activities seem unimportant in comparison. Meanwhile, traditional financial infrastructure is being overtaken by the on-chain economy.
Ethereum network throughput showing steady growth
As the demand for Ethereum as a primary payment layer increases, the network is quietly entering a new phase of evolution. This change is characterized by accessibility, efficiency and speed, rather than traffic congestion and rising costs.
wideman highlighted that ETH scaling It is increasing as throughput increases and transaction costs decrease. As transaction prices continue to fall and network throughput soars, blockchain is showing concrete evidence that its long-promised vision of scaling is becoming a reality.
As a result, Ethereum will be able to handle issues such as: Activity increases over time. However, the cost of using the network continues to decline and is approaching zero. Currently, Layer 2 handles the bulk of the execution while the mainnet settles valuable transactions. If these two lines continue to move in opposite directions, ETH will expand as planned.
At the time of writing, ETH price was still above the $3,100 level despite recording a decline of more than 1% in the past 24 hours. Trading volumes have also shown bearish activity, declining by more than 4% in the past day.
Featured image from Freepik, chart from Tradingview.com
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