As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. But the recent surge in Ethereum (ETH) stablecoin transfer volume has left me utterly astounded, even amidst a choppy Q3 market.
Over the past 45 days, I’ve noticed that Ethereum, the leading smart contract platform, has handled nearly $1.5 trillion worth of stablecoin transactions. Even in a tumultuous Q3 of 2024, this figure seems to suggest heightened enthusiasm towards the DeFi sector as a whole, according to analyst Leon Waidmann at Onchain Foundation.
Ethereum (ETH) stablecoin transfer volume exceeded 2022 highs
In the past few weeks, the trading volume of Ethereum’s stablecoin nearly touched $1.5 trillion. This figure surpasses its previous record set in 2020, a fact highlighted by cryptocurrency analyst Leon Waidmann on his research platform.
The trading volume of Ethereum stablecoins has skyrocketed to an astounding $1.46 trillion, driven by the increasing demand for Decentralized Finance (DeFi), despite the relatively uneventful market conditions! 🤯
Over the past 45 days, volume has almost reached $1.5T, showcasing its resilience even in a somewhat dull market environment!💪
It’s amazing to witness Ethereum‘s phenomenal growth trajectory!🚀
— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) September 12, 2024
In March 2023, the metric resumed an upward trajectory, revisiting its peak levels last seen in 2022 prior to the downfalls of the Terra/Luna and FTX/Alameda systems.
According to CoinGecko, the total value of all stablecoins combined currently stands at approximately $171 billion. Notably, more than 90% of this sum is accounted for by U.S. Dollar Tether (USDT), USD Coin (USDC) and Dai (DAI).
As a crypto investor, I find that when it comes to Tether (USDT), Ethereum (ETH) holds the second significant position in importance next to Tron (TRX). In fact, an impressive $53 billion out of a whopping $118 billion in USDT is issued as ERC-20 tokens on Ethereum (ETH).
Waidmann pointed out that despite a lackluster market in recent months, Ethereum (ETH) managed to achieve this significant milestone.
Ethereum’s L2 TVL is recovering
The secondary network infrastructure associated with Ethereum (ETH) appears to be rebounding following a period of downturn. As early as September, the combined value locked in Ethereum’s layer-two solutions reached levels not observed since mid-February 2024.
In the last week only, it added 5.5% and reached $33.4 billion in equivalent, per L2Beat’s data.
In the past day, Ethereum, the second-largest digital currency, experienced a 1.63% increase in its worth. Currently, it’s being traded at approximately $2,367 on significant cryptocurrency exchanges.
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2024-09-13 20:16