- In a study, Bocknative found that the 24 largest blockchain networks, such as Bitcoin, Ethereum, XRP, have processed over 3.1 billion transactions since 2009.
- In the period from 2017 to 2019, 96 percent of all transactions were processed.
Bocknative, a San Francisco-based start-up, examined the transaction volume of the 24 largest public blockchain networks based on transaction volume. The company concluded that in the period from 2009, with the launch of Bitcoin blockchain, to 2019, over 3.1 billion transactions were transferred through the largest networks.
Data aggregator Coin Metrics was used as the basis for data collection. The blockchain networks examined were those with the highest annual number of transfer transactions: Ethereum, Ethereum Classic, Bitcoin, Bitcoin SV, Bitcoin Cash, Bitcoin Gold, Tether, Ripple, Litecoin, Binance Coin, Dash, Decred, DigiByte, Dogecoin, EOS, GAS, NEO, TRON, Waves, Stellar, Monero, Tezos, Verge, and Zcash.
As the Bocknative team writes, this may be the first census of its kind:
Bitcoin and Ethereum dominate the transaction volume
The company also found that a total value of $4.6 trillion was sent over 10 years, with the years 2017 to 2019 accounting for approximately 96 percent of the total value. In 2019, the threshold of one billion aggregated transactions was exceeded. In fact, more than 37 percent (>1.1 billion) of all blockchain transactions in history were executed in 2019. The growth trend is encouraging, as Bocknative noted.
As the chart shows, in 2019 Bitcoin (259.2 million transactions) and Ethereum (242.8 million transactions) accounted for 44 percent of the total blockchain transaction volume. With regard to the future transaction volume, Bocknative states:
In addition, the team expects Bitcoin and Ethereum to exceed the threshold of one billion transactions per year in 2023, although this forecast is by no means necessarily true:
However, it must also be noted that these figures fall far short of those of the traditional banking system. The payment giant VISA recorded a payment volume of 8.8 trillion US dollars for the last 12 months alone (until 30 September 2019).