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Token Swapping And Stablecoins Make Up A Majority Of Transactions On Ethereum
Summary: Since the start of July Ethereum has been averaging over one million transactions per day, data from Glassnode shows. That number of transactions was first experienced three years ago during the 2017-2018 crypto market bubble. Token swapping and stablecoins make up the majority of these transactions 35% of them occurring on Uniswap and involving dollar-backed ...
Since the start of July Ethereum has been averaging over one million transactions per day, data from Glassnode shows.
That number of transactions was first experienced three years ago during the 2017-2018 crypto market bubble. Token swapping and stablecoins make up the majority of these transactions 35% of them occurring on Uniswap and involving dollar-backed Tether, ETH gas station data shows.
The dominance of Uniswap in these transactions is a bullish sign for DeFi vice president of engineering for oracle provider ChainLink, Ben Chan, told Coindesk.
“Unlike tether, which can move to other chains, DeFi is more sticky because assets and components of the ecosystem in themselves perpetuate a network effect," Chan said.
By Emily Mason
Tags: DeFi,ETH,Ethereum,Tether,Uniswap,USDT
Link: Token Swapping And Stablecoins Make Up A Majority Of Transactions On Ethereum [Copy]
