Ethereum Transaction Volume Rivals Visa As Blockchain Transactions Soar
Ethereum may be far younger than the traditional payments giants, such as Visa, but it has shown (yet again) that blockchain, in a single decade, developed into a force to be reckoned with.
As a payment technology, blockchain has grown as much as to rival established players. Recent data from Coingraph has shown that Ethereum, for example, processed $3.01 trillion in transactions, as opposed to Visa, which processed $3.08 trillion.It is a testament to the growth in mainstream adoption of the nascent technology, which is often perceived - sometimes nearly exclusively - as a vessel for scammers, drug dealers, and cybercriminals.
Ethereum is the second-largest network: its current market capitalization, according to CoinGecko, is $227.8 billion, compared to the 1st-placed Bitcoin's $538.96 billion and the 3rd-placed Tether's $82.8 billion.
Notably, as the world's second-biggest blockchain, Ethereum powers numerous financial technology solutions that are looking to disrupt the global, traditional finance market. These solutions include decentralized finance (DeFI), staking, lending, and flash loans, among many others.
It has grown to become a rich and versatile environment, with plenty of room for further development - which is another advantage it has over traditional financial layers.
Last year, it was reported that Ethereum processed 4.5 times more transactions than Visa in 2021.
Also, a report by Ethereum Foundation's Josh Stark claimed that Ethereum surpassed Visa in trading volume in 2021. "Ethereum moved approximately $11.6 trillion USD. That is more than Visa [$10.4 trillion], and more than double Bitcoin," the report said.
Looking at the latest Ethereum daily transactions, etherscan shows 968,996 on May 28, with the
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