- New Messari research found that stablecoins in conjunction with DeFi pushed Ethereum transaction volumes to more than double that of Bitcoin in Q3.
- Tether was the most traded crypto asset in the third quarter.
- DAI was the fastest growing stablecoin, adding more than 600% to its supply in three months.
A new report from crypto research firm Messari on Q3 activity in DeFi and stablecoins has revealed that the current rolling 30-day average for Ethereum is around $7 billion; Bitcoin’s is under $3 billion.
If current rates hold, Ethereum is on track to see more than $1 trillion in annual transaction volume, a major reversal from 2019, when Bitcoin transaction volume was more than double that of Ethereum.
Though Bitcoin’s price has climbed over the last three months from the mid-$9,000s to above $13,000, Bitcoin volume has remained mostly steady since October 2019, indicating that attention has shifted toward Ethereum’s “unstoppable” decentralized application platform, and away from the more straightforward store of value utility offered by Bitcoin as “digital gold.”
The Messari report pegs the impressive growth in Ethereum’s transaction volume on the accelerated use of stablecoins, most commonly used in interactions with DeFi