Ethereum usage skyrocketed in 2020
The latest post from News BTC, On-Chain Data Shows Ethereum Usage Has Rocketed.
Down by over 80% from being the highest that it’s ever been, it did not
stop cryptocurrency users from progressively acquiring Ethereum as their asset.
A recent Twitter post from a data scientist, Rafael Schultze-Kraft, the Co-founder and CTO of Glassnode, a blockchain analytics firm, recently shared a tweet showing an illustration of how a number of new daily Ethereum addresses with more than one transaction has skyrocketed since the start of the year, reaching levels not seen since 2018.
“Ethereum has seen a surge in usage in 2020. The number of new addresses involved in more than one ETH transfer has grown significantly this year,” Rafael Schultze-Kraft on his twitter post.
In U.Today’s latest post, Ethereum (ETH) is trading similarly to Bitcoin (BTC). The price of the coin has gone up 0.59% since yesterday. Over the last week, the hike has added up to an increase of 4.55%. And as of the moment, Ethereum was trading at $244.05.
Becoming Bitcoin’s Top Off-Chain Destination
On a recent post from Coindesk, Ethereum has evidently become Bitcoin’s top off-chain destination.
Software engineers have been working to extend the massive usage of cryptocurrency using different companion protocols, such as Lightning Network for payments or even the Liquid Network for trading.
It said that Ethereum projects, WBTC and imBTC for example, held 70 percent more bitcoins than Lightning or Liquid.
“Ironic” but not surprised, a thought from Camila Russo, a financial journalist and cryptocurrency expert and the author of “The Infinite Machine”, a book about Ethereum.
Ethereum being designed to be “more flexible”, it then allows these tokenized protocols to “thrive.” While Bitcoin was built “to do one thing well, which is to transfer value trustlessly and in a censorless way.”
Tokenized bitcoins supply growth spiked to 330% year to date. This project allows users to use bitcoin when transacting within the Ethereum network’s ecosystem of decentralized financial products. Such as making loans or earning interests, transactions are made with bitcoin instead of Ethereum’s native currency, ETH.