According to analyst Ryan Watkins, the total value transferred to Ethereum is that of Bitcoin.
Transactions in USDT have increased the value of transfers to Ethereum.
The use of the Ethereum network for value transfer has reached record levels. A tweet published on April 15 by Ryan Watkins, Research Analyst at Messari, revealed information that the total value broadcast on the Ethereum network, including ether (ETH) and Stable coins ERC-20 now matches that of the Bitcoin network.
The numbers show that “Ethereum will become the dominant layer in cryptocurrency information transfer,” said Watkins. But The value of transfers to Ethereum is slightly different. Note that, like its own cryptocurrency, Ethereum supports third-party ether (ETH) assets that can be sent and received over its network.
In the following table, the value of transfers in Ethereum refers to the value of ETH and in US dollars Stable coins based on Ethereum broadcast on a given day.
Another Messari chart shows that the growth in tether (USDT) has fueled Ethereum numbers in recent months.
Citing concerns about the validity of Watkins’ results, independent developer Udi Wertheimer, expressed his thoughts on excluding omni-information, a software layer in the Bitcoin network that supports the issuance of the Stablecoin Most commonly used worldwide, USDT.
The Ethereum chart contains information about USDT issued as an ERC-20 token. “USDT on Omni is bigger than everyone else Stable coins based on an Ethereum other than USDT. If you want to include USDC and the smaller ones, you must also include Omni-USDT, “said Wertheimer.
But Watkins gave a quick answer, arguing that the conclusion remained the same.
“The USDT amount transferred by Omni has decreased significantly since the USDT to Ethereum migration,” said Watkins. He added: “In addition, the value transferred to Ethereum is slightly underestimated because it only contains the main value Stable coins for which Coin Metrics provides information and not for all Ethereum-based tokens. “
According to its “transparent” site, Tether claims to have nearly $ 4.9 billion on Ethereum, while Omni has $ 1.5 billion.
New record in Ethereum transfer value
Watkins noticed this in this tweet thread Stable coins They had just had their best quarter so far. “The issue in the first three months of this year has” increased to around $ 8 billion, “he said, contributing almost as much to the category’s market cap in the first quarter as it did throughout 2019.
In the past two years, many issuers of Stable coins They created them on Ethereum based on their flexible token standards, which, according to Watkins, enable easy issuance and interoperability.
“You are Stable coins Their amount has grown so much that they are now used as money for the Ethereum blockchain. Instead of sending and receiving values in ETH that are volatile, users can send values in Stable coinsthat maintained a stable price against the US dollar, “said the researcher.
Translated version of Sebastian Sinclair’s article published on CoinDesk