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Blockchain volume surged tenfold in ten years, and it may reach 20 billion transactions in the next five years.
A recent study on blockchain transaction data revealed the astonishing rise of the crypto assets market. The study analyzed the transactions of 24 major blockchain networks from 2009 to 2019 and found that over 3.1 billion transactions were conducted during this decade, with a total value of 4.6 trillion dollars. Notably, 96% of these transactions occurred between 2017 and 2019, demonstrating the explosive growth of the crypto assets market in recent years.
Research data shows that in 2019, the transaction volume of the Bitcoin network reached 259.2 million transactions, while the transaction volume of the Ethereum network during the same period was 2.428 million transactions. More broadly, in 2019, all surveyed networks generated a total of 1.1 billion transactions. This figure is impressive and reflects the widespread application of Blockchain technology in financial transactions.
Looking ahead, the research team holds an optimistic view on the development of Blockchain transactions. They predict that by 2023, the annual transaction volume of just the Bitcoin and Ethereum networks will exceed 1 billion transactions. Even more notably, it is expected that these Blockchain networks will generate nearly 20 billion transactions within the next five years. This prediction highlights the increasing importance of Crypto Assets and Blockchain technology in the global financial system.
The samples selected for this study include several public chain networks with the largest current trading volumes, covering mainstream crypto assets such as Bitcoin, Ethereum, Litecoin, EOS, Tron, Stellar, Tether, Ethereum Classic, Bitcoin Cash, Monero, and Bitcoin SV. Additionally, the study includes some niche but distinctive blockchain projects, such as Dogecoin, Zcash, Verge, and Tezos.
This research not only demonstrates the rapid development of Blockchain technology over the past decade but also provides us with a window into the future landscape of the digital economy. As Blockchain technology continues to mature, its applications in financial transactions, data storage, and value transfer are expected to expand further, potentially having a profound impact on the traditional financial system.