- The 24 networks have facilitated over $4.6 trillion in aggregate transfer value from 2009 to 2019, 96% of which occurred between 2017 and 2019.
- The research team expects the networks to account for approximately 20 billion transactions in the next five years.
According to research by Blocknative, over 3.1 billion transactions took place across 24 cryptocurrency networks in the past decade. The study reveals that the two dozen blockchains have facilitated more than $4.6 trillion in aggregate transfer value from 2009 to 2019, 96% of which occurred from 2017 to 2019.
The networks taken into account include Bitcoin, Ethereum, Ripple, Litecoin, EOS, Tron, Stellar, Tether, Ethereum Classic, Bitcoin Cash, Monero, Bitcoin SV, Binance Coin, Dogecoin, Zcash, Verge, Tezos, Decred, Dash, Neo, Waves, DigiByte, Bitcoin Gold and GAS. These blockchain networks were considered because they have the highest transfer transaction counts. [CoinMetrics]
In 2019, 259.2 million BTC and 242.8 million Ethereum transactions took place, as per the published data. In the same year, there were a total of 1.1 billion transactions across all the surveyed networks. While Blocknative predicts that Bitcoin and Ethereum alone will manage >1 billion transactions per year
The research team predicts Bitcoin and Ethereum will do more than a billion transactions in 2023, while the aforementioned 24 networks combined will do approximately 20 billion transactions in the next five years.
Blocknative CEO Matt Cutler noted:
I recommend taking this forecast with a big grain of salt, as our future probably will not follow any linear growth projection.
However, there is a massive gap in numbers when compared to traditional finance. For instance, Visa reported $8.8 trillion in payments volume for the twelve months ending September 30, 2019. Cutler further added:
If we compare it to traditional payment rails, for instance, that there’s a huge amount of upside in terms of things that we could do right. I think it begs the question of where do future transactions come from? So there’s all this work happening to increase throughput, but where is that going to come from?
The CEO proposed the “net new transactions,” or transactions that couldn’t have happened without blockchains, as one of the major driving forces of the next billion blockchain transactions.
Cutler added:
The more transactions that are happening, the more opportunity there is for our infrastructure to track those transactions and add value to them. So we have the question, well, so how many transactions have happened and how many transactions are going to happen.
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