The value of quarterly settlement by Ethereum is right on track to surge by a whopping 1,280% on an annualized basis. This has been possible owing to the bull run that ETH has been experiencing since the last quarter of 2020 and the start of 2021.
ETH usage is now increasing this year and the transaction value is settled for their network because of the reason that it has been growing at an exponential speed since the beginning of the year 2021.
A Dream Run By Ethereum
According to the reports of the Messari research, Ethereum has successfully managed to settle its transactions for this ongoing quarter as of now with a massive worth of $926 trillion. This indicates a 700% more transaction value than what was registered in the 1st quarter of 2020.
The ETH network is presently on the right track to settle their transactions worth $1.6 trillion for the 1st quarter of 2021. During the past 12 months, ETH has successfully settled their transactions valued at $2.1 trillion.
In case Messari’s forecast of $1.6 trillion proves to be right, the value of quarterly settlement of Ethereum needs to spike by 1,280% as compared to Q1 of 2020. In addition, it is over 5,000% more than Q1 of 2019.
Ryan Watkins, the researcher at Messari, has noticed that the data battles the existing narrative that ETH is witnessing an exit by users due to the reason for their much surged gas fees. He has stated that the astounding scale for the technology which critics claimed could not scale.
The recent spike of Ethereum in the settlement value is due to the reason for their explosive growth according to decentralized finance as well as the sector of non-fungible tokens and most of them are based on ETH.
