New numbers from cryptocurrency data firm Messari show the Ethereum network settled $2.5 trillion in transactions in the second quarter of 2021.
Messari senior research analyst Ryan Watkin says the number suggests that the blockchain is now on track to hit $8 trillion in transactions by the end of the year.
“In Q2 2021 Ethereum settled $2.5 trillion in transactions. This represents +65% QoQ and +1,490% YoY, and puts Ethereum on pace to settle $8 trillion in 2021.”
Watkins says the surge is primarily due to a boom in decentralized finance (DeFi) and stablecoins.
Between April and June, decentralized exchange (DEX) volumes reached $405 billion, marking an increase of 117x year-over-year and an 83% increase from the first-quarter numbers. Outstanding loans in lending platforms also increased by 44% over the quarter, according to Messari’s Q2 2021 DeFi Review.
Messari adds that the rollout of layer-2 scaling solutions on Ethereum will immensely scale DeFi sectors.
“The most anticipated launches of these solutions are optimistic rollups which allow thousands of transactions to be bundled into a single rollup block.”
Meanwhile, stablecoin market capitalization reached $107 billion in Q2, up by 803% year-over-year and 70% since Q1. The digital assets facilitated $1.7 trillion in transactions throughout the quarter, representing an increase of 1,090% year-over-year and 59% since Q1.
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