- Ethereum’s adjusted transfer of value (7-day average) has exceeded that of Bitcoin
- ETH accomplished this feat on the 6th of September and has continued to increase its lead
- The Ethereum network continues to process over 1 Million transactions per day setting an all-time high of 1.4 Million on September 17th when UniSwap was launched
Ethereum has eclipsed Bitcoin in terms of adjusted transfer of value which is calculated using a 7-day average. According to the team at Coinmetrics, ETH accomplished this feat on the 6th of September and continued to do so following the launch and distribution of the UniSwap (UNI) token on the 17th of September. The team at Coinmetrics shared this observation via the following tweet.
ETH’s adjusted transfer value (7-day average) passed BTC’s on September 6th and has increased its lead following the launch of the UNI token.
Read more: pic.twitter.com/uvtOqIQJ0L
— CoinMetrics.io (@coinmetrics) September 22, 2020
Ethereum Still Processing over 1 Million Transactions on a Daily Basis
Further expanding on the effects of the UniSwap (UNI) airdrop on the Ethereum network, the event on the 17th of September propelled the number of daily ETH transactions to a new all-time high value of 1,406,016.
A quick glance at Etherscan.io reveals that the daily ETH transactions on the Ethereum network have continued to total over 1 Million since the UniSwap event. Such a high number of transactions on the Ethereum network have been a regular occurrence since July 13th and coinciding with the popularity of the DeFi in the Crypto verse.
Below is a chart of the daily Ethereum transactions since late May, courtesy of Etherscan.io. From the chart, it can be observed that July 12th was the last time Ethereum daily transactions were below 1 Million.
Ethereum Fees Have Also Dropped Since UNI Distribution
A quick glance at Ethereum gas prices reveals that the average cost of sending ETH is now approximately 110 Gwei ($0.78). This is a drastic drop from the average transaction fee of $3 – $5 witnessed on the 17th of September as users of Uniswap rushed to claim their 400 UNI per eligible Ethereum address.
Author: John P. Njui