Things have really started to rev up for the Ethereum ecosystem this year, and it’s not hard to see why: the rising project’s momentum is turning into traction.
Indeed, the reigning smart contract platform’s developers are making great headway on the coming rollout of the major “Ethereum 2.0” upgrade, multiple talented teams are on the verge of breakout Layer 2 scaling solutions, and users are increasingly rushing to use Ethereum dApps for a wide variety of promising, and even unprecedented, activities.
Between DeFi, DEXs, DAOs, and NFTs, 2020 thus far has easily been a de facto “Year of Ethereum” in the cryptoeconomy. That said, let’s explore some key dynamics already pointing the way to a possible “Decade of Ethereum” in the years ahead.
Ethereum Settling More Value Than Bitcoin
At the beginning of June 2020, daily transaction fees on Ethereum overtook daily transaction fees on Bitcoin. Ethereum’s held the lead on that metric ever since.
That reality clearly indicates that demand to use Ethereum is on the rise. But there’s another metric that’s even more telling regarding how Ethereum is gaining on Bitcoin, and it’s daily settlement value.
Indeed, earlier in July cryptoeconomy data firm Messari noted how Ethereum has recently overtaken Bitcoin when it comes to daily settlement value, i.e. the total daily USD value of facilitated transactions atop a given blockchain. Simply put, Ethereum is now handling significantly more value than Bitcoin is, and that could be a self-reinforcing dynamic going forward. Ethereum has the most action so that’s where the most action is poised to go, so to speak.
Daily Active Users Boom
With so many things going on around the Ethereum ecosystem this year, there’s been no shortage of interesting activities to participate in. The variety of promising possibilities has accordingly led to a surge in active Ethereum users lately.
For example, active Ethereum addresses — addresses that send or receive ETH or…