Home - Ethereum - Ethereum Transaction Volume Rivals Visa As Blockchain Transactions Soar

James Carter

May 29, 2023

Ethereum Transaction Volume Rivals Visa As Blockchain Transactions Soar

Even though Ethereum Transaction is a lot younger than traditional payment giants like Visa, it has demonstrated (once again) that blockchain technology has become a formidable competitor in just a single decade. Also this is something that must be taken into consideration.

Ethereum Transaction Volume Rivals Visa

Also As a form of payment technology, blockchain has matured to the point where it can compete with more established competitors. According to statistics that were just released by Coingraph, Ethereum, as an example, processed $3.01 trillion in transactions. This is in comparison to also Visa, which processed $3.08 trillion in transactions.

Ethereum Transaction

It is a monument to the development in popular acceptance of the emerging technology, which is frequently seen – sometimes virtually entirely – as a vehicle for scammers, drug traffickers, and cyber criminals. This finding is a testament to the growth in mainstream adoption of emerging technology.

According to CoinGecko, the current market capitalization of Ethereum is $227.8 billion. This is contrasted to $538.96 billion market capitalization of Bitcoin. The largest network, and the $82.8 billion market capitalization of Tether, which is the third largest network.

Notably, Ethereum, which is the world’s second-largest blockchain, serves as the driving force behind a wide variety of financial technology. Ethereum aim to disrupt the existing financial sector on a global scale. Decentralized finance (DeFI), staking, lending, and flash loans are only some of the potential answers to this problem. There are many others.

Decentralized finance (DeFI)

It has progressed to become dynamic ecosystem, with plenty of room for additional development. DeFI is another benefit it possesses over traditional financial layers.

Also Read:  Google Adds A Countdown For Ethereum Merge

Additionally, the research authored by Josh of the Ethereum Foundation, Ethereum surpassed Visa in trade volume in the year 2021. “Approximately $11.6 trillion USD was transferred using Ethereum. According to “that is more than double the value of Bitcoin and more than double the value of Visa.”

Also when looking at the most recent Ethereum daily transactions, etherscan shows 968,996 on May 28. Additionally the all-time high for transactions occurred on December 9, 2022, when there were 1,932,711 of them.

Ethereum Already Entered TradFi

Also Visa is one of the many established players that are looking to leverage the new technology. Popular blockchain has already become the network of choice for these players.

In addition to writing about economics of Ethereum, as was reported May, Visa used Ethereum’s testnet to experiment with transaction. This was done using the platform.

Did this by utilizing smart contract known as Paymaster, which gave the organization the ability to benefit from account abstraction. Carrying out complex tasks on behalf of accounts and controlling transaction costs.

“Visa deploy first paymaster smart contract on testnet as continue to research with account abstraction and ERC-4337,” Cuy Sheffield. “Excited to see Visa deploy our first paymaster smart contract on testnet.”

Blockchain Transactions

Users are able to bundle and automate transactions on Ethereum thanks to a standard called ERC-4337 . Ethereum was developed to accomplish account abstraction without requiring a modification to the consensus layer.

According to Visa, “ERC-4337 lays down interesting future possibilities for improving on-chain user payments experience through a self-custodial smart contract wallet.” This, in turn, has the potential to alter how users interact with digital currencies and digital assets.

Also Read:  Polygon Beats Ethereum on Daily Active Users 2023

In December of the previous year, Visa also was the first company to publicize a plan that would enable users of Ethereum to carry out automatic programmable payments without the participation of any third party.

In March of this year, the corporation issued a statement reiterating its dedication to cryptocurrencies, debunking rumours that it intended to halt its cryptocurrency push owing to unstable market conditions.

“We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way,” Sheffield said. “Our goal is to build new products that can do this.”

He also went on to say that their perspective on digital assets had not been altered by the recent collapse of the cryptocurrency market and that “[now] is the time to build!”