In the shadow of DeFi and stablecoins, interest in privacy-focused blockchains is among the most impressive trends of 2020.
Monero (XMR) daily transactions number prints new high
According to BitInfoCharts multi-platform explorer, the number of Monero (XMR) transactions surpassed 25,000 per day for the first time in its history. To provide some context, one year ago it barely surpassed 6,000 transactions per day.
Image via BitinfochartsSustained increase in the transaction number on Monero (XMR) blockchain has not gone unnoticed by the passionate Monero (XMR) community. Its representative, Seth Simmons, suggested one more metric to reflect the spike in transactional activity.
LocalMonero web portal displays that more than 37 transactions were included in every Monero (XMR) block yesterday. This number does not count the Coinbase transactions—associated with Monero miners.
Thus, the number of transactions Monero (XMR) processes per block has added 131 per cent compared to the yearly average and 270 per cent compared to “year-to-date” values.
Monero’s breakthrough catalyzed by technology and adoption
As covered by CryptoComes previously, in Q4, 2020, Monero (XMR) went through a crucial hardfork. It implemented a new signature scheme to process transactions faster with reduced block size.
Also, Monero (XMR) developers are working on the prototypes for XMR/BTC atomic swaps, i.e., direct peer-to-peer cross-chain interactions. This novelty will inject a huge volume of liquidity into the protocol.
In October of this year, Monero’s (XMR) daily trading volume surpassed $1,000,000,000 per day for the first time in XMR’s entire history.
That said, the U.S. Dollar-denominated equivalent of trading volume rocketed 900% in a single year.