Ethereum transactions 338% higher 2022; co-founder Vitalik Buterin shares what he’s bullish on this year

Ethereum recorded 338% more transactions in 2022; co-founder Vitalik Buterin shares what he’s bullish about this year

Photo : BCCL

New Delhi: Even as Bitcoin maintains the top spot in terms of online search interest, Ethereum surpassed the token in terms of total transaction volumes. The world’s second-largest cryptocurrency recorded 338 per cent more transactions in 2022 as compared to Bitcoin, as per the data from Nasdaq and Ycharts.

On the Ethereum network, there were 408.5 million transactions, more than the 93.1 million on the Bitcoin network. This translates to the average daily number of transactions on Ethereum at 1.1 million while they were 2,55,000 on the Bitcoin network.

Even though Ethereum emerged as the winner in transaction volumes, the Bitcoin network saw more consistent and regular transaction volumes as compared to the former. This was attributed to times of increased demand, such as during the launch of non-fungible tokens (NFTs) and other activities.

The success rate in Ethereum’s transaction volumes continued in 2023 too as the number of transactions on its network on January 2 touched 924,614, a 300 per cent jump compared to the Bitcoin network on the same day (229,191), according to Cointelegraph.

Vitalik Buterin on what he’s bullish on

Co-founder of the crypto token recently shared some bullishness for the year ahead while confirming the launch of the Ethereum Improvement Protocol (EIP) 4884 sometime in 2023.

On New Year’s Eve, December 31, Buterin replied to a post by former chief technology officer of Coinbase, Balaji Srinivasan, in which he asked users what they were bullish on for 2023? In the comment section, the Ethereum co-founder shared that he was looking forward to reaching the “basic rollup scaling” milestone as outlined in the Ethereum roadmap.

@balajis Reaching the “basic rollup scaling” milestone in my roadmap diagram.That means:* EIP-4844 rolled out*… t.co/2DJ9bjCDpN

— ANI (@ANI) Dec 31, 2022

This means the rollout of The Surge-related Ethereum Improvement Proposal (EIP)-4884 and rollups partially taking off training wheels at least to stage 1 referring to a November 22 post on the “Ethereum Magicians forum”, which details three stages of the “trust model” based on how mature a project’s tech was.

Meanwhile, the 28-year-old had on December 30 tweeted on what he believes a “Good Crypto Future” might look like. In his post, the Ethereum boss highlighted several areas of crypto that would need to be fixed, including scaling, privacy, user experience and making user accounts more secure for average users than centralized services.

Further, Buterin is of the view that payments and decentralized finance (DeFi) will be a part of this future.