Facebook’s Diem (Libra) project recorded 50 million transactions in the pilot phase

Facebook's Diem (Libra)

Facebook’s Diem (Libra) project recorded 50 million transactions in the pilot phase

InDiem crawl data shows that the number of transactions on Facebook’s Stable Coin Diem project, called Diem, exceeded 50 million yesterday. This project was formerly called Libra.

According to Decrypt, Diem is a US dollar-backed stable coin developed by Facebook. Our goal is to disrupt the way traditional payment systems work. Diem is said to be one of the main competitors in the field of payment by using features such as low cost, scalability and fast transfer.

This stable coin is managed by the Diem Association. Coinbase Exchange and Uber Internet Taxi Company are among the members of this association.

Diem, which is currently in the test or network phase, crossed the 50 million mark late yesterday. This test allows developers to fix network defects, if any, before public release.

Diem network transactions
Diem network transactions

The data show that the Diem tester works with an average processing capacity of 3 transactions per second. Although this seems like a high speed, it is very low compared to the current transactions in Bitcoin (4.6 per second) and Ethereum (15 per second). Moreover, it is very, very slow compared to networks such as Solana, which record 65,000 transactions per second. It is also possible that the diem test network did not operate at full capacity.

In terms of the number of users, more than 221,000 unique addresses have somehow interacted with the diem, of which only one address has more than 100 million LBRs (Diem tokens) and 53 addresses have exactly 820 LBRs.

The stock of 57 of the top 100 wallets is more than 29 LBRs, and the rest only have one LBR, which is likely to test the network at different times and in different ways.

If the test is carried out at full capacity, according to previous reports, the general launch of Diem is expected to take place in late 2021. It should not be forgotten that the supply of diem will initially be limited. However, this stable coin has also found its customers before its release. Spotify music software, for example, says it is already preparing its payment section for Diem acceptance.

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