The second largest cryptocurrency, Ethereum (ETH) became the trending talk of the town processing 4.5 times more transactions than Visa in 2021. As the entire crypto market is in an excited state to know that, ETH overtakes the prominent digital payment leader by its market capitalization.
Moreover, it is interesting to calculate the number of transactions per day, if Ethereum is marking over 4.5x transactions than the Visa payments. Besides many challenges, people are adopting crypto space. And as a result ETH surpasses Visa in 2021 even though it was not an easy year.
Notably, the popular blockchain network Ethereum, has processed nearly $12 trillion in transactions in 2021. On the other hand, Visa marked around $10.4 trillion in transactions last year. Hence, it clearly resembles ETH as a crypto-friendly currency as users are highly opting for it.
ETH transactions beats Visa
To be more specific, this massive performance by Ethereum made it process more than 1.2 million transactions per day. In that case, the overall calculation is equivalent to 15 TPS, one of the remarkable achievements in the crypto market.
Additionally, the Ethereum community cheers the achievement as a huge success as the platform went through various challenges last year. More so, the platform faced scalability issues, new entrants in the smart contracts industry and rise in competitors in the markets and more.
Besides the downfalls, Ethereum also entitled developments and upgrades which are the major reasons for ETH high volume transactions. It includes, The London hard-fork EIP-1559 upgrade and implementation of Layer 2 scaling solutions etc. These two are very prominent upgrades of Ethereum which reduced the gas fess and spiked the number of transactions in 2021.
Furthermore, as an unexpected scenario, 2021 became a lucky year for the Non-Fungible Tokens (NFTs) rise which adds an advantage for Ethereum to be the leading player in the market.
Thus, all these positive cases are increasing the number of ETH addresses in a very drastic way. Last week, as per the record, a total of over 70 million of ETH addresses increased with a 35% growth in just one year.