According to a report issued by blockchain data analytics company “Messari” for the second quarter of 2021, the Ethereum network processed $2.5 trillion between April and June of this year.
The “Messari” report added that this represents a growth of more than 65% on a quarterly basis and about 1500% on an annual basis.
The report also indicated that if the Ethereum network continues at the current pace, it may stabilize at the end of the year with a processing and settlement of $8 trillion.
Ryan Watkins, a researcher in the cryptocurrency market, stated that the biggest driver of this huge growth of Ethereum is due to the growth and activity of DeFi projects.
Compared to the same quarter of 2020, when the DeFi sector started to emerge, $159 billion was settled on Ethereum alone.
Back in 2019 when the markets were still largely bearish, only $73 billion was settled on Ethereum.
Stable cryptocurrency activity on the rise:
Stable cryptocurrencies still make up about half of all processors and settlements for the second quarter of 2021 despite the decline in Ethereum’s ERC-20 benchmark-based settlements.
The “Messari” report indicated that in the second quarter of 2021, the stablecoin monetary base reached more than 107 billion dollars, up 70% since the first quarter and over 800% year-on-year.
The biggest growing cryptocurrencies in the second quarter were USDC, BUSD, and DAI, whose market shares grew to 23%, 9%, and 5%, respectively.
USDT is still the leading digital stablecoin in the market but its dominance is gradually fading out as competitors are gradually eating away at its share.
Of this total, less than half, or $30.9 billion, is on the ERC-20 standard for Ethereum.
The slightly larger number is on Tron, which has $32 billion.
Double the price of Ethereum:
Despite the positive numbers mentioned above, the price of Ethereum is still below the psychological level of $2000, as the Ethereum currency is trading at $1917.