Ethereum on Path to Become the First Blockchain to Settle $1 Trillion in a Year
Messari projects Ethereum to be the first public blockchain to settle over $1 trillion in a year. Currently, the smart contracting platform processes twice the amount of value in Bitcoin and at this rate, the network could cumulatively process over $1 trillion in value in 2020 alone.
Partly because of DeFi, the network is now dominant, even surpassing Bitcoin transaction count. Most of Ethereum’s volumes are generated from stablecoins where USDT is the most dominant. Statistics show that USDT volumes even exceed Bitcoin’s. Besides, the rise of DEXes where Uniswap and Curve lead the pack. In 2020, DEXes became popular. Presently, 13.5 percent of all exchange trading volumes originate from leading Ethereum-based trustless ramps including Uniswap and Curve.
Impact on the ETH Price:
Bullish. The price of ETH directly depends on its on-chain activity. Whenever there is demand, more people settle in ETH which in turn helps pump prices higher. The rise of DeFi is a prime example as experts pinned the steady rise of ETH prices from March pits to the exponential demand for DeFi dApps through from Q1 to Q3 2020.