The number of transactions on the Ethereum network has surpassed the Bitcoin network in terms of daily settlement value, Ryan Watkins, an analyst at crypto-focused research firm Messari, wrote on Twitter.
The analyst also says the increasing activity on the Ethereum network will likely keep the trend in the foreseeable future.
"With the increasing amount of economic activity on Ethereum, this trend is unlikely to reverse anytime soon," Watkins wrote.
The Co-founder of Coin Metrics Nic Carter told Bloomberg the stablecoin issuer called Tether can alone catch the Bitcoin network within the upcoming months.
"At this pace it looks like Tether alone will catch Bitcoin within a month or two," Carter said.
DeFi protocols based on Ethereum are getting popular and are becoming the most mainstream thing in the crypto space. It has also helped other altcoins to become more popular than ever before.
If there’s any alt season this year, it would be triggered by the rise of DeFi. The ever-growing demand for DeFi also means the ever-growing need for DeFi use cases expansion. The need for privacy, insurance and multiprotocol management will become more mainstream in the near future.
Meanwhile, the Ethereum Foundation launched two networks for hackers to test their security in exchange for a reward.
The foundation launched two public Ethereum 2.0 networks based on existing clients so that hackers can find security problems on the network in exchange for a reward.
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