Multiple Ethereum (ETH) Network Metrics Rise in Q1, 2022, Bankless Writers See
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- NFT trading volume grows nearly 200x year-on-year: Check stats
- Layer 2s is on fire
On-chain metrics say the largest smart contract network is seeing an unprecedented spike in Ethereum (ETH) activity. Experts from the Bankless podcast share impressive statistics.
NFT trading volume grows nearly 200x year-on-year: Check stats
Bankless, one of the most insightful podcasts on Blockchain, Crypto and Web 3, has shared some of its numbers Ethereum Status Q1, 2022, report good. Nearly every metric increased by an order of magnitude.
Ethereum’s Q1 results are in…
And they ish . Huh
A brief breakdown of the results comparing Q1’21 to Q1’22
— bankless (@BanklessHQ) April 29, 2022
To begin with, both the consolidated network hashrate and staked Ethereum (ETH) amount added 111% compared to Q1, 2021. Ethereum (ETH) network participants raised $2.48 billion in fees, compared to $1.7 billion a year ago.
Due to the implementation of EIP-1559, the equivalent of $2.17 billion was destroyed in the Ethereum (ETH) network, resulting in a 54% drop in the inflation rate.
However, the most impressive data comes from the non-fungible token (NFT) segment. Net trading volume increased from $0.6 billion to $116 billion, an increase of over 19,200%. The Cryptopunks floor price rose more than six times.
Layer 2s is on fire
Trading on decentralized exchanges also printed several records. The net volume of perpetual contracts on the Ethereum-based DEX increased by more than 2,700%, while spot trading volume saw an increase of 667%.
The total amount of locked assets (TVL) in Ethereum-based Layer 2 solutions – including the likes of Arbitrum and Optimism – increased by 964%.
Top segment giants closed Q1, 2022 with seven-digit revenue: Arbitrum generated $9.4 million in revenue, while Optimism generated $5.7 million.