A Sneak Peek on Ethereum’s “Transaction Flippening”

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Ethereum Flippening Explained by Coin Metrics report

  • Flippening in the world of cryptocurrencies means overtaking the value of Bitcoin.
  • As per the report released by Coin Metrics this week, the total number of ERC-20 transactions were considered to be more than the number of transactions within the ETH itself.
  • The report further added that the number of ERC-721 tokens are rising and are expected to rise even more.

The Coin Metrics report revealed a kind of flippening that happened within the Ethereum blockchain. The total number of ERC-20 transactions were considered to be more than the number of transactions within the ETH itself.

 “As of November 10th, ERC-20’s had about  303,000 daily transactions vs about 290,000 for ETH,”

These kinds of smart transactions can help the Ethereum network to build a stronger network among its users. ERC-20 is a non-fungible contract-based token.

These tokens are Ethereum compliant tokens that develop various alt currencies within the blockchain and increase its network value. Increased ERC-20 token number recently resulted in the ICO booming up in no time.

According to the reports, there are 3 types of these tokens.

  • Utility tokens
  • Exchange tokens
  • Stable coins

Utility tokens are used to perform a certain function. Exchange tokens are used to exchange between different blockchains. Finally, stable coins are used to provide stability to the currency through reserved assets.

Stable coins are the ones creating a huge change in the crypto market and are the base for the rise of ERC-20 tokens.

There is also a new token namely ERC-721 in the market that is turning up more worlds than ERC-20. The number of ERC-721 tokens are rising and are expected to rise even more.

As quoted in the report-

“While ERC-20s have been the dominant type of token up to this point, we may be on the cusp of the rise of ERC-721s,” the report predicted.”

These smart tokens are creating a transaction flippening within the Ethereum. This will keep the value of Ethereum high and maintain a formidable network among its users.

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