The prince dethrones the king
Alert in crypto! Ethereum (ETH) is currently seeing many more values pass through its predecessor Bitcoin every day. Although the 2 networks have very different roles, the importance of transaction fees on Ethereum does not prevent a massive use, which exceeds Bitcoin.
Bitcoin lags $3 billion behind Ethereum
If you’ve been following the cryptosphere since at least 2020, the madness of decentralized finance (DeFi) will not have escaped you. This should also be the case for the high volumes of ether and ERC20 token exchanges it has generated on the network, as well as exorbitant transaction fees.
Even if DeFi has calmed down a bit since then, the recent stratospheric rise in ether prices has once again boosted the overall value of daily exchanges on Ethereum. Ethereum now has a record $12.3 billion of crypto-assets traded daily.
According to a report presented by Messari analyst Ryan Watkins, Ethereum has widened its gap with Bitcoin, which also has a record of $9.3 billion in daily traded value:
„Ethereum’s daily trading volume is becoming parabolic. Ethereum’s daily trading volume is becoming parabolic. The network now sees $12 billion in transactions per day, $3 billion more than Bitcoin’s (…)“.
Ethereum’s daily transaction volume is going parabolic.
It now settles $12 billion in transactions daily – $3 billion more than Bitcoin.
Transaction fees always under high pressure
As briefly mentioned in the introduction, Bitcoin and Ethereum do not have the same positioning in the cryptosphere. While the former has for the moment a role as a safe haven against the risks of devaluation of fiduciary currencies (dollar in the lead), the latter is promoted as a supercomputer, packed with applications and smart contracts of all kinds.
It therefore seems quite logical that the daily transfers of values are mathematically more important on the second one.
The Blockchain Center site allows us to evaluate the progress of the famous „flippening“, the moment when the Ethereum network would theoretically become „superior“ to Bitcoin’s network. According to its Flippening Index based on 8 criteria, the site estimates that Ethereum would have accomplished 63.5% of its supposed path to glory.
More interesting and relevant data: we can note a real craze in the ETH network, because of the number of transactions and especially the total of its fees, which are now higher than those of the king of cryptos. Gas costs, although very high, do not seem to discourage exchanges on Ethereum.
With the upcoming arrival of Ethereum version 2.0 (not before 2022 anyway), will Vitalik Buterin’s network eventually dethrone Satoshi Nakamoto’s one? It is obviously far too early to say. After all, the king (however) is entering his 13th year in power.