The Dash blockchain is gaining commercial adoption, helping push the cryptocurrency’s trading volume higher over the past year
Dash Core Group, the entity behind the Dash blockchain, revealed its fourth-quarter 2020 figures yesterday. The blockchain network behind the Dash (DASH) cryptocurrency recorded impressive growth that saw more commercial adoption of the network.
According to the quarterly call, which also revealed the full-year results, the Dash network set new highs for average daily trade volumes, users and retail payment. The average trading volume was up by 282% year-over-year (YoY). In 2019, the network recorded $9.8 million in average trading volume, and it surged higher to $37.4 million in 2020.
More impressive growth was recorded in the total volume of payments, which was 80% higher than in 2019. The network reported $916 million in the total volume of payments in 2020, aligning with the increase in average trading volume on the blockchain.
The Dash network is experiencing more commercial adoption, leading to the commercial payment value rising by 37.3% year-over-year. In 2020, it reported over 22,000 commercial transactions per day, surpassing the Bitcoin and Bitcoin Cash networks figures.
According to the report, DASH is fast gaining adoption, and it is currently accepted at thousands of stores globally. Hence, signifying growing mainstream adoption of the cryptocurrency. The adoption has continued this year as the Dash Core Group revealed that the cryptocurrency outperformed Bitcoin in terms of the total number of brick-and-mortar retailers accepting them in the United States.
The massive DASH adoption this year is because the blockchain network partnered with CrayPay, a leading loyalty program in the United States. The Dash and CrayPay partnership will make it possible for major retailers such as CVS, Domino’s Door Dash and American Eagle to accept DASH as a payment method from their customers.
Dash has performed excellently in recent weeks despite being delisted from the Bittrex exchange last month. According to Bittrex, Dash (DASH), Zcash (ZEC) and Monero (XMR) were removed due to their privacy features. However, Dash intends to rectify the situation as it feels its privacy level is on par with Bitcoin.
The cryptocurrency is amongst the top 50 in the crypto space with a market cap of $1.1 billion and has performed well so far this year. DASH is currently up 13% year-to-date and remains one of the best performers of the ongoing bull cycle.