Analytics account on the popular X social media platform @lookonchain has published data which shows a significant increase noticed about Tron over the second largest blockchain Ethereum.
Tron beats Ethereum in transaction count
This large rise of Tron shows that its utility continues to expand fast. Meanwhile, Ethereum has been finally accepted by Wall Street as spot Ethereum ETFs have finally been approved and begun trading on stock exchanges.
Tron has surpassed Ethereum by the total transaction number – 8.1 billion on Tron versus 2.45 billion on Ethereum. This is an impressive increase of more than 230.6%.
The total number of transactions on #TronNetwork has exceeded 8.1B and the total number of transactions on #Ethereum has exceeded 2.45B. pic.twitter.com/DKY3AXbeTZ
— Lookonchain (@lookonchain) July 24, 2024
This data was taken by @lookonchain from Etherscan. Tron’s total transaction count has shown a massive rise of 6,418,432 transfers over the last 24 hours. The overall transfer volume on this network currently stands at the $13,037,631,786,884 mark, having risen by $16,232,152,495 within the past 24 hours. @lookonchain did not provide similar data for comparison for Ethereum.
It is likely that Tron has exceeded Ethereum in the transaction count largely thanks to the USDT stablecoin that runs on a number of blockchains, including Ethereum and Tron. Transfer fees charged for transferring USDT-Tron are much lower than for USDT on Ethereum, hence users prefer the former to the latter frequently. Recently, USDT-Tron surpassed Visa by daily trading volume – $53 billion versus $42 billion.
Ethereum ETFs start see first big inflows
Bloomberg analyst James Seyffart has published data about inflows seen by spot Ethereum ETF on Tuesday, which was the first day of their trading. The first full-day inflows were high enough – $1.112 billion in total. BlackRock’s ETHA ETF got the biggest inflow, taking in $266.5 million.
The Bitwise ETF ETHW scooped up $204 million. According to a report by Santiment on-chain data aggregator, the social sentiment for everything to do with the launch of this new asset – ETH, ETF, Ethereum, spot – has seen a massive surge. Besides, the report continues, the exchange rate of Ethereum against Bitcoin has increased by 3.4%.
📈 The social volume toward any keywords related to ‘Ethereum’, ‘Spot’, or ‘ETF’ are off the charts on a historic day. In the past 24 hours, the ETH/BTC is +3.4%, and traders are anticipating the bullish momentum for crypto’s #2 market cap asset is just getting started. pic.twitter.com/ORWQBHCdBD
— Santiment (@santimentfeed) July 23, 2024
Bitcoiner and venture investor Anthony Pompliano recently said in a CNBC interview that he does not expect Ethereum ETFs to reach as high levels of inflows that spot Bitcoin ETFs seen after their launch in January. He said that the “Ethereum ETF story is not clear.”
