2021 was a memorable year in the Ethereum ecosystem. Many heights were attained by the largest smart contracts platform. Solutions to the exorbitant fees would have made everything perfect, but Ethereum 2.0 is coming to settle the dust and make the platform a perfect place for all and sundry.
As the community awaits the major upgrade to boost the scalability of the Ethereum network, the platform continues to prove itself as an indispensable means of moving values.
Ethereum Moved More Values than Visa and Bitcoin in 2021
One of the simplest and major use cases of a blockchain is the ability to transfer assets, and Ethereum (ETH) has continued to top the list since surpassing Bitcoin (BTC) in mid-2020.
As shared by Josh Stark of the Ethereum Foundation on 17th January 2022, Ethereum moved approximately $11.6 trillion, beating the payment giant Visa that managed to move $10.4 trillion within the same period. While Bitcoin moved just $4.6 trillion.
Joey Krug of Pantera Capital Sees Ethereum Dominating Financial Transaction in 10 Years
Considering the values above, one could say Joey Krug of Pantera Capital is right. During an interview with Bloomberg, he stated that Ethereum has the potential to dominate the global financial system.
The co-chief investment officer (CIO) of Pantera Capital said within the next 10 to 20 years, he expects 50% of the world’s financial transactions to involve Ethereum (ETH).
He said although the leading smart contracts platform has stern competitors within the crypto ecosystem, he believes the blockchain will continue as the number one.
Joey Krug noted:
If you roll the clock forward 10 to 20 years, a very sizable percent, maybe even north of 50%, of the world’s financial transactions in some way, shape or form will touch Ethereum.”
Many expect solutions to the major problem with the blockchain once Ethereum 2.0 is officially rolled out. Would that play out this year? The question is for Vitalik Buterin and his team of developers to answer.
The upgrade is expected to validate transactions that are more efficient and environmentally friendly than its current system of validating transactions.