The CEX’s reduce on chain usage, not the opposite so bitcoin transactions/usage should be even more than those in the mempool. An yes, we should also take in consideration that there were two weeks in a row where time per block decreased to 9 min. Now is back to +10 min and is full again.
Discussion
>"The CEX’s reduce on chain usage"
ATHs + no/low on-chain usage means vast majority of activity is taking place on custodians/CEXes. This just means a majority are transacting with custodians which isn't the flex you think it is.
>"two weeks in a row where time per block decreased to 9 min. Now is back to +10 min and is full again. "
I'm talking about transaction count.
The “flex” is that even though having L2 + CEX taking majority of coin movement (supposedly true) it still beating your beloved coin in transactions per day. You would need +3 hours of transactions to fill 1 bitcoin block.
Plus: if you accelerate the blocks confirmation it will allow more transactions then it’s more viable to have a clearer mempool now do it two weeks in a row.
XMR have 3 empty per every 100 blocks. If you acelerate the block velocity by 6% it would increase that count too.
LN is terrible for moving large volume. The larger the transaction the higher likelihood it will fail. And if you think Monero hourly transactions are small wait until you see Liquid. So no, nice try, L2 is not any significant part of those transactions lmao. It's mostly CEXes/custodians.
Also, check the market caps and userbase of both. Monero is a tiny 0.2% the size of Bitcoin but regulary hovers around 5%-10% tx count of Bitcoin. Punching way above it's weight.
0.0001 (x10) still more than 0 (XMR). Those are 2 L2 to count. Plus CEX, yes is not ideal but still transactions (the topic we are currently discussing!!) that you are not taking on account while comparing to Moreno which has only ONE way (an some of Kraken to be fair)
Monero txs are lowering this year compared to last year coinciding with its price increase. It’s basic economics: if holder expects price increases, the usage decrease. I don’t think it will pair bitcoin % usage because it has less participants but probably would be affected too by that rule.
Those are the 2 largest L2s Bitcoin has right now. What else is there?
CEX transactions don't count if the whole point is p2p electronic cash. Might as well use fiat at that point if your transactions are permissioned and held by custodians.
Yes, Monero only has one and it still has more value than LN, and more transactions than Liquid, by several orders of magnitude.
>"Monero txs are lowering this year compared to last year"
No, it's not lol. It's pretty much the same. The big spike you see early last year is from the DDOS attack.
https://bitinfocharts.com/comparison/monero-transactions.html#1y
If we only count P2P your coin still lower. Much lower. If bitcoin have not on chain usage (agree), divide that by 10 and cry with your 2 peers.
"check the market caps and userbase of both. Monero is a tiny 0.2% the size of Bitcoin but regulary hovers around 5%-10% tx count of Bitcoin. Punching way above it's weight."