Bankless, podcasts on blockchain, crypto and Web3, shared some impressive figures from its State of Ethereum Q1, 2022, report. Almost every metric increased by orders of magnitude.
Ethereum aggregated network hashrate and staked Ethereum amount both added 111% compared to Q1, 2021. Ethereum network participants fees jumped to $2.48 billion from $1.7 billion one year ago.
Ethereum network destroyed $2.17 billion worth of Ethereum (ETH) coins, because of Ethereum Improvement Proposal (EIP-1559) implementation that resulted in a 54% drop in the inflation rate.
Ethereum’s Q1 results are in…
And they are 🐂ish
A short 🧵 breaking down the results which compare Q1’21 to Q1’22
— Bankless 🏴 (@BanklessHQ) April 29, 2022
However, the trading volume of non-fungible tokens (NFTs) segment skyrocketed. The trading volume jumped to more than 19,200% from $0.6 billion to $116 billion.
Decentralized exchanges also created a number of records. The net trading volume of perpetual contracts on Ethereum-based DEXes jumped more than 2,700%, while the spot trading volume increased by 667%.
The total volume of assets locked (TVL) across Ethereum-based Layer 2 solutions including the likes of Arbitrum and Optimism increased by 964%.