Ethereum transactions have been increasing at a rapid pace. The number of transactions per day is now around 1.153 million, which is way more than the volume of Visa.
Last year, Ethereum processed transactions worth $11.6 trillion, while Visa processed transactions worth approximately $10.4 trillion. As a result, the cryptocurrency with the second-largest market capitalization outscored one of the world’s largest payment systems providers, VISA.
It is worth noting that Ethereum had a challenging year in 2021, as the network faced several issues, including scalability and competition from other smart contract platforms.
Despite this, Ethereum succeeded and maintained its leadership position due to its innovative protocols. In August 2021, Ethereum received a technical update that enabled the London hard fork, EIP-1559. In addition to lowering gas fees, this update resulted in the burning of 4500 ETH in less than 24 hours (2 ETH per minute).
Ethereum has also deployed Layer 2 scaling solutions in conjunction with this update. All of this has increased Ethereum’s transactional capacity.
With Level 1 in 2021, Ethereum could process over 1.2 million transactions per day, or 15 transactions per second. When I earned Level 2, the numbers were even higher, which allowed Ethereum to achieve an all-time high transaction volume.