Crypto networks saw more than 3.1bn transactions in the past decade
09:46, 25 February 2020
According to a research conducted by Blocknative, the 24 existing crypto networks have processed more than 3.1 billion transactions in the past 10 years.
Blocknative, the San Francisco-based start-up that tracks Ethereum mempool, discovered that the aggregate transfer value of crypto transferred from 2009 to 2019 comprised $4.6trn (£3.6bn, €4.2trn).
More than 96 per cent of those transactions were made between 2017 and 2019, which means the popularity of the cryptocurrencies started at the beginning of the crypto boom in December 2019, when Bitcoin reached its peak at $19,783.
The public crypto networks mentioned in the report included the blockchain infrastructures behind the major coins, such as Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash and others. They were chosen as the ones that had the highest transfer transaction counts.
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According to Blocknative, in 2019 there were 259.2 million BTC transactions and 242.8 million transactions on Ethereum. As for all 24 networks, there were 1.1 billion transactions during the reported period.
The company expects the annual amount of BTC and ETH transactions to surpass 1 billion by 2023. In total, the mentioned blockchains could account for nearly 20 billion transactions in the coming five years.
However, Blocknative CEO Matt Cutler believes that the forecast is very rough, as the crypto future probably will not follow any linear growth projection.
The number of crypto transactions is still very small in comparison to traditional finance. For instance, in late 2019 Visa reported $8.8bn in transfers for the past 12 months.
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