@BOMBERuss 22 February 2022 more from that month

The open source blockchain with the functionality of #Ethereum smart contracts processed 4.5 times more transactions than #VISA in 2021. Last year, Ethereum processed transactions worth the equivalent of $11.6 trillion, while Visa conducted transactions worth about $10.4 trillion. Accordingly, the cryptocurrency with the second largest #market capitalization has surpassed one of the world leaders in digital payments VISA. It should be noted here that 2021 was not an easy year for Ethereum, as the network faced numerous problems, including scalability and competition from other smart contract platforms. However, despite this, Ethereum was able to succeed and stay on top thanks to its innovative protocols. Ethereum underwent a technical update in August 2021, activating the hard fork "London" #EIP-1559. This update resulted in 4,500 ETH being burned within 24 hours (2 #ETH per minute), in addition, the gas fee was reduced. Along with this update, Ethereum has also deployed Tier 2 scaling solutions. All this has increased the transactional capacity of Ethereum. In #2021, Ethereum Tier 1 could process more than 1.2 million transactions per day or 15 transactions per second. When level 2 started working, the numbers got even bigger. These measures allowed Ethereum to achieve a record high transaction volume.