Ethereum is now becoming the de-facto crypto settlement network, because of the value transfers through ETH, WETH, and stablecoins.
Ethereum trailed Bitcoin as the top blockchain network for transferring value, however, those days could be in the past for ETH and WETH transactions have both surpassed Bitcoin and begun to pull away in the next few weeks.
The average daily transaction value of ETH and Wrapped ETH (WETH) in the last 30 days has grown to over $13 billion compared to over $9 billion for Bitcoin.
Ethereum value transfers began surpassing Bitcoin last January 24, and have been extending that lead since then, now settling over 40% more value per day on average. It is another indication that Ethereum will have a leg up on Bitcoin as a functional digital currency suited to the everyday needs of casual users and hardcore traders.
Wrapped Ethereum allows the value of native ETH tokens that are to be traded alongside other ERC-20 tokens that are built on the Ethereum protocol. Ether tokens came before the introduction of the ERC-20 standard, that is why WETH was developed as a straightforward way to use the value of transactions made in WETH or native ETH are effectively the same, as both are methods of using Ethereum to send the value from one place to another.
Adding the value of transactions through a dollar-pegged stablecoins USDC and DAI to the Ethereum network increases the gap even further, with approximately 80% more dollar-denominated value being transferred compared to Bitcoin in the last 30 days.
It is a testament to the growing promise of a Turing-complete blockchain like Ethereum to process large transactions without intermediaries such as banks. The network can clout the strength of dollar-pegged stablecoins and a suite of innovative ERC-20 tokens that offer new financial primitives like the governance tokens or liquidity provider pools.
Even without WETH, stablecoins, or any of the thousands of ERC-20 tokens being traded daily, value transfer from native ETH transactions is nearly equivalent to Bitcoin (about 90%) over the last 30 days. Compare that to a year ago, when native ETH was experiencing just 13% of the value traffic of Bitcoin, and it is easy to see how much things have changed. Maybe a year from now, we could be looking at a new king in the crypto economy.
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