Ethereum (ETH) Outpaces 2022 Stablecoin Volume Highs as DeFi Demand Ramps Up
Ethereum (ETH) has witnessed a remarkable surge in stablecoin transaction volumes, reaching an unprecedented $1.5 trillion within just the last 45 days.
Ethereum (ETH) has seen a massive surge in stablecoin transaction volumes, reaching an impressive $1.46 trillion in just the last 45 days. Despite the lackluster market performance in Q3 of 2024, DeFi demand has surged, leading to a record-breaking 45 days.
This incredible demand has outpaced the previous highs in stablecoin volume, including those observed during 2022, the year marked by the collapses of the Terra/Luna and FTX/Alameda ecosystems.
The metric, which began trending upward again in March 2023, has now far exceeded its previous peak, recorded before the aforementioned market disruptions. This renewed surge reflects Ethereum's resilience and continued dominance in the cryptocurrency market.
For Tether (USDT), Ethereum remains the second most significant blockchain platform, trailing only Tron (TRX). Out of the $118 billion USDT supply, over $53 billion is deployed on Ethereum as ERC-20 tokens, further cementing its position in the stablecoin market.
According to Leon Waidmann, an analyst at Onchain Foundation, Ethereum achieved this milestone despite the market's lackluster performance in recent months, indicating a strong underlying demand for DeFi services.
In addition to the surge in stablecoin transactions, Ethereum's second-layer (L2) ecosystem is also showing signs of recovery. After experiencing a prolonged decline, the total value locked (TVL) in Ethereum’s L2 networks dropped to its lowest point since mid-February 2024.
However, recent data from L2Beat indicates a 5.5% increase in TVL over the past week, bringing the total to $33.4 billion. This recovery suggests a renewed interest in L2 solutions, which are essential for scaling Ethereum and reducing transaction costs.
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