In the expanding blockchain field, Ethereum Network It remains the dominant force that cryptocurrency players continue to select and utilize to conduct on-chain operations. Ethereum is moving into the big leagues in blockchain as the network overtakes dollar-denominated transactions across digital payments, according to a recent report.
Leader in dollar trading
As stablecoin remittance volume increases, Ethereum It is no longer just a competitor in the cryptocurrency space. Leon Waidmann, market expert and head of research at the On-Chain Foundation, said in a post about the X platform: reported ETH is currently surpassing some of the world's largest traditional payment networks in terms of raw transaction volume.
Data in the post showed that the dollar-denominated exchange rate had surged. Ethereum tradingThis has sparked a new conversation about its increasing prominence as a global settlement. The surge shows that blockchain's changing role in finance is becoming increasingly difficult for institutions to ignore as transaction volumes surge more than expected.
With one month left in the year, the amount of ETH stablecoin transfers in the fourth quarter has already surpassed that of the third quarter. According to the data, the leading networks accounted for nearly $6 trillion. Stablecoin trading volume It reflects the increasing demand for payments only in the fourth quarter of this year.
In dollar-led transaction volume, blockchain has already surpassed Visa and Mastercard transaction volume this quarter. As stablecoin transfers surge, Ethereum is increasingly becoming the primary payment layer for digital dollars.
Waidmann said size makes it early. Decentralized Finance (DeFi) In comparison, activity seems minimal. Meanwhile, existing financial infrastructure is outperforming the on-chain economy.
Ethereum network throughput showing robust growth
As demand for Ethereum, the primary payment layer, grows, the network is also quietly entering a new phase of evolution. This change is characterized by accessibility, efficiency, and speed rather than traffic congestion and skyrocketing costs.
Bytes only 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 expansion is coming to fruition.
As a result, Ethereum can handle: Increased activity over time. However, the cost of network usage continues to decrease and is approaching zero. Currently, Layer 2 handles excessive execution while the mainnet processes important transactions. If these two lines continue to move in opposite directions, ETH will expand as planned.
At the time of writing, the price of ETH was still hovering above the $3,100 level, despite losing more than 1% in the past 24 hours. Trading volume also showed weakness, falling by more than 4% the previous day.
Featured image from Freepik, chart from Tradingview.com
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