Analysis platform Glassnode has recently reported that the value of transactions conducted on the Ethereum network has hit $3.6T in 6 years.
According to the data provided by the firm, since July 30, 2015, when the alpha version of the protocol started to operate, users have carried out transactions worth $3.6 trillion.
The figure has increased more than 3.5 times over the past year, as it amounted to $986 billion in 2020. However, as we all know, the price of the cryptocurrency has skyrocketed since then, jumping above $4,000 in May, which has also contributed to the astonishing rise in the value of transactions carried out on its network. At the moment, the price of the asset is slightly above $2,000.
The battle between Bitcoin and Ether continues. While there is no doubt Bitcoin is still the largest cryptocurrency by market cap, it has recently become known the number of active addresses on the Ethereum blockchain has recently hit 534,000, exceeding this year that of the Bitcoin network.
It seems that the impressive growth in the use of the ETH network is partly the result of the frenetic activity in the DeFi sector. In May this year, the volume of blocked funds (TVL) in Ethereum apps hit an all-time high, exceeding $82 billion.