In the past two months, tether transactions have increased significantly. More recently, however, USDT transactions on the Tron network have exceeded the number of tether transfers on the Ethereum blockchain. Despite many more ERC20-based tethers in the wild, the minted stablecoin according to the TRC20 standard has seen a much larger number of transactions year round.
Tether (USDT) is a dominant stable coin and is used on a large number of exchanges as the token is paired with almost any digital asset that has a market value. USDT has the third largest market capitalization today with a valuation of $ 24.9 billion.
Over the past 24 hours, market data has shown Tether (USDT) had a global trading volume of $ 17 billion. In the early days, tether was coined on the omni layer network, but in the last four years USDT tokens have migrated to other blockchains.
TRC20-based tethers (USDT) recorded a higher number of transactions than ERC20-based tether tokens (USDT) every day in 2021.
In 2021, USDT will be issued on a variety of chains including Ethereum, Tron, Bitcoin Cash, EOS, Liquid, Solana, and Algorand. The vast majority of Tethers are minted by Ethereum according to the ERC20 standard, and these tokens have seen significant numbers of transactions in recent years.
This year was a different story, however, as the number of tethered transactions (USDT) originating from the Tron network has surpassed that of its ERC20 competitor. Every day in 2021, the number of Tron-based tether transactions (USDT) (TX count) was higher.
Tron records more transactions than ETH and BTC combined.
For example, data from Coin Metrics shows the last count three days ago, TRC20 tethers recorded 247,000 transactions, while ERC20 tethers recorded 179,000 that day. Although TRC20-Tethers have a larger number of shipments, the total volume of ERC20-USDTs is still twice as valuable in terms of handling.
Medium network transaction fee for the Ethereum blockchain on January 25, 2021.
TRC20-based tethers have surpassed the number of Ethereum-based tether broadcasts week after week all year round. Proponents of cryptocurrencies naturally suspect that the Ethereum to Tron migration to accelerated transactions is likely due to rising ETH network fees.
The fees on the Tron network are next to none, and data from Coin Metrics shows the chain processes 3.1 million transactions per day, compared to BTC’s 254,000+ transactions as of January 24, 2021.
There are currently more than a million Ethereum transactions per 24 hours every day, but the fees for transactions using Ether are much higher than the negligible transfer costs of the Tron network.
At the time of writing, the median transaction fee on the Ethereum network is currently around $ 4.80 per transaction, according to bitinfocharts.com. There were a number of days in 2021 when ETH’s transaction fees rose above the $ 5 range.
What do you think of the number of transactions that came from Tether on the Tron network that exceeded Ethereum’s Tether transactions? Let us know what you think in the comments section below.
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Algorand, Bitcoin, Bitcoin Cash, ERC20, ETH Fees, Ethereum, Ethereum Transactions, Fees, Network Fees, Omni Layer, Tether, Tether (USDT), Tether USDT Transactions, TRC20, Tron, Tron Transactions, USDT
Photo credit: Shutterstock, Pixabay, Wiki Commons, Coin Metrics, Bitinfocharts.com,
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