Swing Highlights | Ethereum
Let's take a look at behind-the-scenes action at Ethereum.
.@ethereum is the network that kick-started the multi-chain era. Before Ethereum launched in 2015, smart contracts weren’t a thing. But how is Ethereum holding up today?
Let’s take a look 👇
#SwingHighlights
~What is Ethereum?
A smart contract platform for decentralized applications, Ethereum has been often copied but its network effects have never been surpassed. More users, developers, and applications call Ethereum their home than any other chain.
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~#HODLers vs. Developers
With more than 150+ active developers & 400k average users per day, On December 9, the number of active Ethereum addresses hit a new high of 1.5M 👏
An average of 7 million transactions per week are made🚀
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~User Activity
The Merge has sparked a major increase in ETH trading volume, with a 16% rise in 24 hours and 32% over a week. In the last few weeks, the trading volume is around $40B with over $5 billion of ETH being traded every day 🦾
In the past weeks, Ethereum has generated $12.5M+ weekly average in revenue, 20% of which came from supply-side fees
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~TVL Overview
More than $23B is locked into Ethereum protocols including $6.3B in MakerDAO alone 🔐
While significantly less than its 2021 peak, Ethereum’s TVL is still 5x more than its closest rival BSC.
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~Financial Overview
The circulating market cap of $ETH is above $150B for the last 3 months while the token incentives average around the $15M mark.
One metric that’s continued to grow is the amount of staked ETH which now stands at over 15,000 ETH
On a side note: Ethereum Foundation holds over $1.5B in crypto assets!
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~What’s happening at Ethereum these days?
Ethereum recently transitioned from proof-of-work (PoW) to proof-of-stake (PoS), a move that occurred in September. This change is expected to reduce global electricity consumption by 0.2%, making Ethereum more environmentally friendly.
As the most actively developed blockchain, there’s always something happening on Ethereum. In the past week we’ve seen:
👉 Confirmation that the Shanghai upgrade will arrive in March
👉 New non-censoring relay with MEV Boost added in Aestus
👉 Message passing added for scaling solution zkSync v2.0
…and lots more
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~What’s next for Ethereum?
Ethereum's multi-phase upgrade (2023-2024), Sharding, will improve scalability and capacity. Sharding enables the secure distribution of data storage and makes nodes easier to operate. This is great news for layer 2 solutions, allowing for low transaction fees and increased security.
We’ve had The Merge which saw Ethereum move to Proof of Stake. The next major upgrade known as The Surge will increase scalability through sharding.
When’s it coming? No one knows. But in the meantime, there’s innovation galore on the application layer.
Protocols like Aave, Uniswap, and MakerDAO are continuing to push the boundaries of what can be done with web3 and the power of the Ethereum network.
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This is an edition highlighting key metrics from cross-chain bridges, blockchains, and decentralized liquidity sources from our partnered ecosystem.
Stay tuned as we bring you regular #SwingHighlights every week.
Join the conversation here.
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