Ethereum’s network will begin paying $ 8 trillion in 2021

Ethereum’s network will hit $ 8 trillion in 2021 despite the drop in prices. However, the attributes as a financial settlement layer have never been as strong as we can see in today’s Ethereum news.

According to Messari’s Q2 Defi rating, Ethereum’s network will hit $ 8 trillion by 2021. If the pace continues, the Ethereum network could hit $ 8 trillion by the end of the year, Messari noted. Ryan Watkins claims that DeFi as well as stablecoin activity continues to be the biggest growth driver. In the same quarter of 2020, the defi sector began to grow when $ 159 billion was paid out to Ethereum. Looking back at 2019 when the markets were mostly bearish, only $ 73 billion was paid out online.

Ethereum whales are also increasing their stocks, with the top ten ETH wallets currently controlling over 20% of the supply. The stablecoin made up about half of all payments in the quarter, despite the decline in ERC-20-based payments on Etheruem. Messari found that the stablecoin currency base hit $ 107 billion in the first quarter of 2021, up 70% from the first quarter and more than 800% year over year. The three-month period has allowed $ 1.7 trillion in trading volume in stablecoins, up 1.090% year over year and 59% since the first quarter, the report adds.

The fastest growing stablecoins in the second quarter were BUSD, USDC and DAI, which increased their market share to 9%, 23% and 5%, respectively. USDT leads the market, but its dominance is slowly waning as competitors eat up its market share. Total supply is $ 62.5 billion, up 197% since the start of the year, according to Tether’s transparency report. Overall, less than half of the USDT 30.9 billion is in the ERC20 token standard, more than in the Tron network. USDC outperforms Tether in terms of growth this year, with supply up 577% year-to-date to a record USDC 26.4 billion in circulation.

Despite ETH’s bullish trading metrics, the underlying continues to weaken, but prices remain below the psychological level of USD 2,000. According to CoinGecko, Ethereum is down 15% over the past week and is now 54.7% below its ATH.

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