Ethereum Traditional payouts can be very small compared to giants, such as VisaBut it has shown (again) that blockchain, in a decade, has grown into a force to be reckoned with.
As a payment technology, blockchain has evolved as much as it has to rival established players. recent statistics Coingraph showed that Ethereum, for example, processed $3.01 trillion in transactions, in contrast to Visa, which processed $3.08 trillion.
It’s a testament to the rise in mainstream adoption of the nascent technology, which is often – sometimes almost exclusively – treated as a vessel for scammers, drug dealers and cybercriminals.
Ethereum is the second largest network: its current market capitalization, According For Coinageco, compared to first place at $227.8 billion of bitcoin $538.96 billion and ranked third Tether’s $82.8 billion.
Notably, as the world’s second largest blockchain, Ethereum powers a number of fintech solutions that seek to disrupt the global, traditional finance market. These solutions include decentralized finance (DFI), staking, lending and flash loans, and many more.
It has turned out to be a rich and versatile environment, with plenty of room for further growth – which is another advantage it has over traditional financial layers.
last year, it was informed of Ethereum processed 4.5 times more transactions than Visa in 2021.
Also, a report from Ethereum Foundationjosh stark Claimed Ethereum to surpass Visa in trading volume in 2021. [$10.4 trillion]And bitcoin more than doubled,” the report said.
Etherscan, looking at the latest Ethereum daily transactions shows 968,996 on May 28, with an all-time high of 1,932,711 transactions on December 9, 2022.
Ethereum 1-year daily transaction chart:
Ethereum has already entered TradeFi
The popular blockchain is already the network of choice for many established players looking to make use of the novel technology – and among them, Visa.
besides just Write Regarding the economics of Ethereum, as informed of In mid-May, Visa used Ethereum’s Goerli testnet to try transaction-free payments using account abstraction.
It used a smart contract called Paymaster, allowing the company to take advantage of account abstraction to perform complex tasks on behalf of accounts and manage transaction costs.
“Visa is excited to deploy our first Paymaster smart contract on the testnet as we continue to research and experiment with account abstraction and ERC-4337,” Ky Sheffield, head of crypto at Visa, said at the time.
ERC-4337 is an Ethereum standard that achieves account abstraction without consensus-layer changes, allowing users to bundle and automate transactions on the network.
Visa said, “ERC-4337 sets up interesting future possibilities for improving the on-chain user payment experience through self-governing smart contract wallets, which in turn allow users to engage with digital currencies and digital assets.” can change the way.”
visa first Free A proposal that would allow Ethereum users to make automatic programmable payments without the involvement of any third parties surfaced in December last year.
company too reiterated Refuting its commitment to crypto, reports in March this year said it planned to halt its crypto push due to uncertain market conditions.
“We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate that. stablecoin Pay in a secure, compliant and convenient way,” Sheffield said.
He added that the previous crypto downturn did not change his view of digital assets and that “1685363770 Time to make!”
At the time of writing (Monday afternoon UTC), ETH was trading at $1,898, up 3% in a day and 4.5% in a week.
ETH 7-day price chart:
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learn more:
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