Ethereum has completed 4.5 times as many transactions as Visa. This may be due to the upgrades that are being done to the Ethereum blockchain and the NFT trend. Ethereum transactions reached $11.6 trillion in 2021. In comparison, Visa transactions reached $10.4 trillion. According to research and the amount of transactions they both have made, we see Ethereum has outperformed VISA.
The second-largest cryptocurrency has surpassed the world’s top digital payment company Visa, in the total amount of transactions it performed. Despite the challenging year, Ethereum experienced with scalability and the fear of smart contracts taking over, it still managed to reach a milestone of surpassing Visa. Due to the networks, strong protocols, and stability Ethereum was able to surpass all obstacles.
In August 2021, the London hard fork EIP-1559 provided Ethereum with a technological upgrade. This upgrade resulted in the loss of 4500 ETH in less than 24 hours at a rate of 2 ETH per minute. As a result, gas costs were significantly lower. In addition to this update, Ethereum implemented Layer 2 scalability solutions. All of this resulted in improving Ethereum’s transaction capability.Therefore, leading it to reach $11.6 trillion in transactions, 4.5 times more than Visa.
Ethereum L1 was capable of performing 1.2 million transactions daily. If appropriately calculated, this comes out to 15 transactions per second. Layer 2 improved the system even more. Due to these improvements, Ethereum has been on a high and has been performing properly. The fact that Ethereum has performed better than Visa says a lot about the success of the platform over the past year.
For more news updates, visit our homepage now and see our latest news article. Want to learn more about trading? Visit our education page now and learn for FREE!