Ethereum Hits $41 Billion Transaction Volumes

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As per the latest monthly data report by DappRadar, Ethereum’s transaction volumes have now surpassed $41 billion. This is all thanks to this year’s elevated global interest towards decentralized finance (DeFi) protocols, as the surging sector brought 99% of said volumes.

Breaking down DappRadar’s report even further, it states that the network’s transaction volume this 2020 skyrocketed by an absurd 1,784% compared to last year’s recorded figures. On top of that, Ethereum dapps’ total value locked also notably increased by $13 billion as Ether (ETH) hits its new all-time high price value of about $600 by the end of last month.

Grayscale, the world’s largest crypto asset manager, has also reinforced this monumental year for Ethereum by stating that Ethereum-exclusive investors are on the rise as well. According to the firm, the network’s appeal is growing massively amidst the fervent anticipation towards the Ethereum 2.0 upgrade. Michael Sonnenshein, Grayscale’s managing director, told Bloomberg recently that the network is now seeing a wave of new investors interested in Ethereum and none else. He then noted that this year has proven that Ethereum is indeed growing rapidly as an asset class alongside Bitcoin (BTC).

That being said, it’s not all good news within the network – it also had its set of downturns this past month. For one, the total number of active wallets used daily plummeted by more than 19% compared to October. Furthermore, following the network’s unprecedented spike last September, its overall figures have now been on a noticeable decline – albeit nothing to be majorly worried about.

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