In the last 45 days only, Ethereum (ETH), the largest smart contract platform, processed almost $1.5 trillion in stablecoin transfers. Amid a choppy Q3, 2024, market, this looks like an indicator of increased interest in the DeFi segment as a whole, analyst Leon Waidmann of Onchain Foundation says.

Ethereum (ETH) stablecoin transfer volume exceeded 2022 highs

Ethereum (ETH) stablecoin volume almost reached $1.5 trillion in recent weeks. As such, the metric has already left its 2020 record in the dust, as demonstrated by crypto researcher Leon Waidmann on X.

The metric got back to a surging trend in March 2023. The previous highest levels were registered in 2022 before the collapses of the Terra/Luna and FTX/Alameda ecosystems.

As per CoinGecko’s data, the aggregated market capitalization of the stablecoin segment is around $171 billion. U.S. Dollar Tether (USDT), USDC and Dai (DAI) are responsible for over 90% of this market.

For USDT, Ethereum (ETH) remains the second most important blockchain besides Tron (TRX). Out of a massive $118 billion in USDT, over $53 billion is issued on Ethereum (ETH) as ERC-20 tokens.

Waidmann highlighted that Ethereum (ETH) accomplished this milestone amid very boring market performance in recent months.

Ethereum’s L2 TVL is recovering

Ethereum (ETH) second-layer ecosystem is also recovering after a prolonged decline. In early September, the net TVL of Ethereum’s L2s dropped to levels unseen since mid-February 2024.

In the last week only, it added 5.5% and reached $33.4 billion in equivalent, per L2Beat’s data.

Ethereum (ETH), the second largest cryptocurrency, added 1.63% of its value in last 24 hours. As of press time, it is changing hands at $2,367 on major spot exchanges.