Tags in this story
Bitcoin, BTC, DeFi, Dominance, ETH, ether, Ether stats, Ethereum, Fees, glassnode, Lars Hoffmann, Onchain Dominance, Onchain Research, Onchain Revenue, revenue, Unfolded.io
Statistics show that the Ethereum 2.0 deposit contract has exceeded 6 million Ether this week, because today’s contract holds more than 12.4 billion U.S. dollars worth of Ether. On-chain indicators show that compared with the statistics of last summer, Ethereum has recently experienced some significant shrinkage and decentralized finance (defi) activities have slowed down. Despite the drop on the chain, the Ethereum market performed better than Bitcoin in the first and second quarters this year.
Recently, the Ethereum (ETH) network has attracted much attention because the Ethereum 2.0 deposit contract now has more than 6 million Ether. At the same time, Ethereum participants are preparing for the highly anticipated EIP1559 upgrade and the London hard fork.
Bitcoin.com News recently reported on the three Ethereum testnets that are transitioning to London to upgrade. If all goes well, the mainnet fork will follow. With more than 12.4 billion U.S. dollars entering the ETH 2.0 contract, a new report released by Glassnode shows that defi activity has fallen sharply, but from the overall perspective, the growth is still strong.
“The growth of new and existing activities throughout defi has been hit, because with most governance tokens’ ATH falling by more than -60%, many participants have entered a risk-off mentality. Although on-chain activities are not It increases again in the form of a monthly total percentage, but the year-on-year growth is still huge,” Glassnode defi research details.
Although Ethereum has managed to achieve greater gains compared with other encrypted assets, and has risen to more than $2,000, studies have shown that the network has already seen some significant shrinkage on the chain. For example, Lars Hoffmann of The Block Crypto Shared some insights Learn about Ethereum’s on-chain activities via Twitter on July 1.
“As expected, most indicators have experienced serious declines (the ETH indicator has a higher Beta value),” Hoffman wrote on Twitter. “Although our year-on-year growth level is relatively high, the parabola of most indicators has been broken. The adjusted total on-chain transaction volume fell by 46.6% to 572.7 billion US dollars.” Hoffman Add to:
As for [ethereum] For futures, the trading volume fell 49.3% to US$862 billion. [Ethereum] Monthly options trading volume fell 68.8% to $5.19 billion, but it was still higher than at any time in the first quarter.
In addition to the obvious drawdown, in addition to the 6 million Ether locked in the ETH 2.0 contract, there are also some positive Ethereum indicators.For example, the supply of Ether on the exchange is Lowest since November 2018The report by Glassnode shows that the price of defi natural gas has fallen sharply recently.
“Starting from 2020, natural gas prices have returned to early summer levels, so that traders who are willing to wait patiently can even pay a single-digit Gwei natural gas fee during non-working hours,” Glassnode’s defi research details.
The exchange’s ETH supply is the lowest since November 2018👀 pic.twitter.com/rQiGQeSb4N
— Record Ethereum 🦇🔊 (@DocumentEther) July 2, 2021
Newest Crypto market insight According to data from Unfolded.io, the Ethereum network “has about 200,000 more daily active addresses than BTC on Sunday, June 27. This is only the first time since January 1, 2017 that the number of active addresses of ETH exceeds BTC. Three days.”
In fact, Unfolded.io’s data shows that Bitcoin has “the worst second quarter performance in 8 years”, “Despite the high correlation with Bitcoin, Ethereum’s performance in the first and second quarters Better than BTC”. On Friday, Bitcoin’s dominance was about 45.7%, while Ethereum’s dominance was about 17.6% of the $1.358 trillion cryptocurrency market value.
What do you think of the 6 million ETH locked in the Ethereum 2.0 contract? What do you think of the performance of Ethereum better than Bitcoin in the first and second quarters of this year? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, Glassnode, Unfolded.io,
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.