The Ethereum network saw a total of 18.36 new addresses join back in 2021, even though the number of day to day transactions declined. This means that there was an addition of about 1.53 million addresses on a monthly basis. This kind of growth is considered quite impressive for the cryptocurrency world. Nonetheless, this doesn’t mean that competition is not tough in this space. As a matter of fact, staying on top is a pretty big challenge, but Ethereum has managed to maintain its spot at the second position in the cryptocurrency market in terms of market capitalization, after Bitcoin. Currently, one Ether (ETH) costs somewhere around $3,000.
Even though ether’s market price had begun climbing in 2021 like the rest of the cryptocurrency market, it had started experiencing a decline since October last year. However, the number of users had certainly increased by a whopping 10 million. After all, Ethereum is a multipurpose blockchainthat comprises of altcoins, NFTs, big dApps, stablecoins and a number of other ingenious products. Like with everything else, there is a price to be paid for popularity and same is the case with Ethereum because its fees have gone through the roof.
However, it seems that things have begun to change this year because the average transaction fee of the Ethereum network has now reached $15.31. This number was last seen back in October, when the average transaction fee on the Ethereum network had reached its lowest of $13. One Ethereum token is known as QuickSwap (QUICK) and it ensures cheaper and faster transactions on the network. The purpose of the token is to come up with and then vote on proposals related to QuickSwap. As a matter of fact, people also have the option of staking it in order to get some trading fees.
SameepSinghaniafounded the QuickSwap platform and it helped in doubling the transaction volume of the Ethereum network. These days, its total daily transactions have gone past the three million mark. A layer-two blockchain that had been known as the MaticNetwork is Polygon. The blockchain may have been renamed, but its ticker continues to be Matic. As it is layer-two, it means that it is built on top of an already existent chain. Polygo is created on the Ethereum network in the same way as Lighting is a layer-two blockchain built on the Bitcoin network.
There are pros and cons of using Ethereumand the purpose of Polygon is to help scale the blockchain. Singhania is of the opinion that of all the cryptocurrencies that exist in the market, the most secure option is Ethereum. The only problem is that Ethereum comes with a cost, as the slow transaction times and high gas fees can be a turn off for many users. People can conduct smaller transactions with the help of QuickSwapand the cost of transactions is also very low. Many users believe that using QuickSwap can be the solution to the high fees associated with the Ethereum network.
