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This fifth, Ethereum is expected to settle $1.6 trillion.
The size of Ethereum’s quarterly settlement is expected to rise by 1,280 percent year over year.
This year, Ethereum use is on the rise, with the value of transactions settled on the network expected to skyrocket in 2021.
According to Messari research, Ethereum has resolved $926 trillion in transactions this year, 700 percent more than it did in the first quarter of 2020.
For the first quarter of this year, the network is on track to settle $1.6 trillion in transactions. Ethereum has now paid $2.1 trillion in transactions in the last year.
If Messari’s $1.6 trillion predictions are correct, Ethereum’s quarterly settlement value will have risen by 1,280 percent from the first quarter of 2020 and by more than 5,000 percent from the first quarter of 2019.
The details, according to Messari researcher Ryan Watkins, refutes the popular narrative that Ethereum is seeing a user exodus due to its high gas fees, exclaiming:
“Amazing size for a technology that opponents said couldn’t scale.”
The exponential growth in the decentralized finance and nonfungible token market, most of which is focused on Ethereum, can be attributed to Ethereum’s recent surge in settlement value.
Gas prices have risen to all-time highs due to the network’s enormous demand, and many retail traders are rapidly being priced out of using the Ethereum main net for smaller transactions.
According to BitInfoCharts, average Ethereum transaction fees hit a new high of $40 on Tuesday, with Ethereum producing $50 million in transaction fees in a single day. Ethereum’s prices have dropped to an average of $21 at the time of publishing.
Over the last seven days, CryptoFees.info has recorded an average daily fee production of $32 million for Ethereum. On the other hand, Bitcoin has only raised $8 million per day on average over the last week.
Cointelegraph posted on Wednesday that a fat-fingered DeFi user charged more than 25 Ether (ETH) for a transaction this week, totaling $36,000.
Crypto influencers advocate an accelerated introduction of Ethereum 2.0 to relieve pressure on the overburdened proof-of-work blockchain in the face of high fees.