Ethereum processed 4.5 times as many transactions as Visa in 2021. Ethereum’s advancements may be responsible for this increase. NFTs also play a role in it. In 2021, Ethereum, an open-source blockchain with smart contract capabilities, processed 4.5 times as many transactions as VISA.
Ethereum handled the equivalent of $11.6 trillion in transactions in 2021, according to in-depth research published on Medium. Visa processed $10.4 trillion in transactions. As a result, the cryptocurrency with the second-largest market capitalization outperformed VISA, one of the world’s top digital payment companies.
Ethereum, the open-source blockchain with smart contract functionality, processed 4.5x more transactions than VISA in 2021
In 2021, Ethereum processed 4.5 times the number of transactions as Visa. This rise could be attributed to Ethereum’s achievements. NFTs play a part as well. A blockchain with smart contracts, Ethereum, handled 4.5 times as many transactions in 2021 as Visa.
Ethereum handled the equivalent of $11.6 trillion in transactions in 2021, according to an in-depth study published on Medium. Visa handled $10.4 trillion worth of transactions. Therefore, Bitcoin, the second-largest cryptocurrency by market capitalization, outperformed VISA, one of the world’s largest digital payment companies.
Nonetheless, Ethereum had a difficult year in 2021. The platform had to deal with a slew of issues. Aside from scalability difficulties, Ethereum’s dominance was threatened by the arrival of competing for smart contract platforms.
Ethereum, on the other hand, was able to defeat all of them. Because of its unique protocols, the network was able to keep its position. The London hard fork EIP-1559 provided Ethereum with a technological upgrade in August of 2021.
This upgrade resulted in the burning of 4500 ETH at a rate of 2 ETH per minute in less than 24 hours. As a result, gas prices have been cut. In combination with this upgrade, Ethereum incorporated Layer 2 scaling solutions. All of this increased the transaction capacity of Ethereum.
In 2021, Ethereum’s L1 was able to perform over 1.2 million transactions per day. This translates to 15 transactions per second. When Layer 2 became available, this grew even further. One of the key causes of Ethereum’s record-breaking transaction volume is due to these advancements.
Another major factor for Ethereum’s massive growth is the mainstreaming of the creator economy. Ethereum’s creator economy flourished after the introduction of NFTs. As a result, Ethereum has become one of the most widely used platforms for content creators all over the world.
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