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WHY THIS MATTERS IN BRIEF

The Web 3.0, crypto, and digital asset economies are surging even as the crypto markets themselves crash which now means that it looks like these trends are unstoppable.

 

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Step back a decade ago and very very few people were talking about crypto or the blockchain, but now in a seeming coming of age for the technologies new numbers from cryptocurrency data firm Messari show the Ethereum network, which is just one of many, settled a staggering $2.5 trillion in financial transactions in the second quarter of 2021.

 

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Messari senior research analyst Ryan Watkin says the number suggests that the blockchain is now on track to hit $8 trillion in transactions, or almost 10% of the global economy by GDP, by the end of the year and added that the surge in demand seems primarily due to a boom in Decentralized Finance (DeFi) and Stablecoins, the latter of which just suffered some major losses …

 

The Future of Finance, by keynote speaker Matthew Griffin

 

Between April and June, Decentralized Exchange (DEX) volumes, for example, reached $405 billion, marking an amazing increase of 117x year over year and an 83% increase from the first-quarter numbers. Outstanding loans in lending platforms also increased by 44% over the quarter, according to Messari’s Q2 2021 DeFi Review. Messari adds that the rollout of layer 2 scaling solutions on Ethereum will immensely scale DeFi sectors.

 

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“The most anticipated launches of these solutions are optimistic rollups which allow thousands of transactions to be bundled into a single rollup block,” the report says.

Meanwhile, stablecoin market capitalization reached $107 billion in Q2, up by 803% year over year and 70% since Q1. The digital assets facilitated $1.7 trillion in transactions throughout the quarter, representing an increase of 1,090% year over year and 59% since Q1.

About author

Matthew Griffin

Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the World Futures Forum and the 311 Institute, a global Futures and Deep Futures consultancy working between the dates of 2020 to 2070, and is an award winning futurist, and author of “Codex of the Future” series. Regularly featured in the global media, including AP, BBC, Bloomberg, CNBC, Discovery, RT, Viacom, and WIRED, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future. A rare talent Matthew’s recent work includes mentoring Lunar XPrize teams, re-envisioning global education and training with the G20, and helping the world’s largest organisations envision and ideate the future of their products and services, industries, and countries. Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Aon, Bain & Co, BCG, Credit Suisse, Dell EMC, Dentons, Deloitte, E&Y, GEMS, Huawei, JPMorgan Chase, KPMG, Lego, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, T-Mobile, and many more.

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