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In the last 45 days only, Ethereum (ETH), the largest smart contract platform, processed almost $1.5 trillion in stablecoin transfers. Amid a choppy Q3, 2024, market, this looks like an indicator of increased interest in the DeFi segment as a whole, analyst Leon Waidmann of Onchain Foundation says.
Ethereum (ETH) stablecoin transfer volume exceeded 2022 highs
Ethereum (ETH) stablecoin volume almost reached $1.5 trillion in recent weeks. As such, the metric has already left its 2020 record in the dust, as demonstrated by crypto researcher Leon Waidmann on X.
#Ethereum stablecoin volume has soared to an incredible $1.46 trillion as DeFi demand ramps up!đź‘€
— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) September 12, 2024
In just the past 45 days, volume reached nearly $1.5T, even with the market being boring as hell!đź’Ş
It’s mind-blowing how far #ETH has come!🚀 pic.twitter.com/d8iWMYiH1A
The metric got back to a surging trend in March 2023. The previous highest levels were registered in 2022 before the collapses of the Terra/Luna and FTX/Alameda ecosystems.
As per CoinGecko's data, the aggregated market capitalization of the stablecoin segment is around $171 billion. U.S. Dollar Tether (USDT), USDC and Dai (DAI) are responsible for over 90% of this market.
For USDT, Ethereum (ETH) remains the second most important blockchain besides Tron (TRX). Out of a massive $118 billion in USDT, over $53 billion is issued on Ethereum (ETH) as ERC-20 tokens.
Waidmann highlighted that Ethereum (ETH) accomplished this milestone amid very boring market performance in recent months.
Ethereum's L2 TVL is recovering
Ethereum (ETH) second-layer ecosystem is also recovering after a prolonged decline. In early September, the net TVL of Ethereum's L2s dropped to levels unseen since mid-February 2024.
In the last week only, it added 5.5% and reached $33.4 billion in equivalent, per L2Beat's data.
Ethereum (ETH), the second largest cryptocurrency, added 1.63% of its value in last 24 hours. As of press time, it is changing hands at $2,367 on major spot exchanges.