Ethereum Fees Jumped 86% in Q1, 2022, $2.1 Billion in ETH Burned

AnalysisEthereum Fees Jumped 86% in Q1, 2022, $2.1 Billion...



Vladislav Sopov

Multiple Ethereum (ETH) network metrics spiked in Q1, 2022, Bankless authors noticed

Contents

The largest smart contract network Ethereum (ETH) is seeing an unmatched spike in activity, on-chain metrics say. Experts at Bankless podcast shared impressive figures.

NFT trading volume spikes almost 200x year-to-year: Check out the statistics

Bankless, one of the most insightful podcasts on blockchain, crypto and Web3, shared some numbers from its State of Ethereum Q1, 2022, report. Almost every metric increased by orders of magnitude.

To start with, aggregated network hashrate and staked Ethereum (ETH) amount both added 111% compared to Q1, 2021. Ethereum (ETH) network participants raised $2.48 billion in fees compared to $1.7 billion one year ago.

Due to EIP-1559 implementation, the Ethereum (ETH) network destroyed $2.17 billion in equivalent that resulted in a 54% drop in the inflation rate.

Ads

However, the most impressive data comes from the non-fungible tokens (NFTs) segment. Net trading volume spiked from $0.6 billion to $116 billion, which is a more than 19,200% increase. CryptoPunks floor price rocketed more than sixfold.

Layer 2s are on fire

Trading on decentralized exchanges also printed a number of records. The net volume of perpetual contracts on Ethereum-based DEXes spiked more than 2,700%, while the spot trading volume witnessed a 667% increase.

The total volume of assets locked (TVL) across Ethereum-based Layer 2 solutions—including the likes of Arbitrum and Optimism—increased by 964%.

Top segment heavyweights closed Q1, 2022, with seven-digit revenues: Arbitrum earned $9.4 million in revenue, while Optimism earned $5.7 million.



Learn more

Latest news

Pfizer forecasts big drop in revenue after record $100M COVID-led haul

Pfizer on Tuesday forecast a bigger-than-expected drop in sales of its COVID-19 vaccine and treatment for 2023, intensifying investor...

Nine Mistakes New Entrepreneurs Often Make With Marketing

One of the first steps entrepreneurs should take after starting their business is getting word out to the...

Pioneering NFT ETF Shutting Down as Enthusiasm Subsides

Alex Dovbnya A ground zero NFT exchange-traded fund is closing its doors for investors due to the lack of...

Millions of Americans earning $100K are living paycheck to paycheck: survey

More than half of Americans earning six-figure salaries admitted they were living paycheck to paycheck last year as...

GM reports strong Q4 profit and record revenue; invests $650 million in lithium mine

General Motors (GM) shares jumped early Tuesday as the automaker reported profit jumped in the fourth quarter, driven...

Must read

Pfizer forecasts big drop in revenue after record $100M COVID-led haul

Pfizer on Tuesday forecast a bigger-than-expected drop in sales...

Nine Mistakes New Entrepreneurs Often Make With Marketing

One of the first steps entrepreneurs should take...

You might also likeRELATED
Recommended to you