current position:Home>Bankless: Ethereum's data report and ecological highlights in the first quarter of 22 years

Bankless: Ethereum's data report and ecological highlights in the first quarter of 22 years

2022-04-29 13:28:21The way of defi

The original inspiration for this article comes from James Wang Of 《 Ethereum announces 2021 First quarter results 》. This version is not released by Ethereum or the Ethereum Foundation .

Ethereum, the world's leading smart contract platform, announced that as of 2022 year 3 month 31 Financial results for the first quarter of .

Key results

These data compare 2021 First quarter of and 2022 Ethereum's performance in the first quarter of 2013 .

Ethereum protocol

ETH Network revenue ( Gross income ) And burning costs ( Agreement revenue )-- source :Token Terminal

Network revenue from 16 Billion dollars went up to 24 Billion dollars , increased 46%. This is a measure of how web users ETH The value of the transaction fee paid .24.8 Hundreds of millions of dollars in revenue (87%) adopt 2021 year 8 Monthly online EIP-1559 The implementation of the combustion mechanism from the circulation of ETH Remove from supply .

Ethereum's supply growth - source :Etherscan

first quarter ,ETH Inflation rate from 1.10% Down to 0.51%, Declined 54%. This indicator tracks ETH Net change in Supply . new ETH It is issued through block Awards , Block rewards are paid to miners as rewards for confirming online transactions , And through the above EIP-1559 burning .

Ethereum daily active address - source :Etherscan

The daily average active address is from 507,662 One goes up to 529,018 individual , rose 4%. This data tracks the average number of addresses interacting with the Internet every day during the quarter .

Average transaction cost of Ethereum ( dollar )- source :Etherscan

The average transaction fee is from 14.93 The dollar dropped to 2.98 dollar , Declined 80%. This measures the average fee paid by users for Ethereum block space to confirm their transactions .

Cumulative pledge ETH Number - source :Dune Analytics

ETH The amount of pledge is from 520 Wan went up to 1090 ten thousand , rose 111%. This represents the proof of workload from use in Ethereum (PoW) Transition from consensus mechanism to proof of interest (PoS) Before , Pledged on the beacon chain ETH Number . about 9.2% Of ETH The total supply is to meet “ Merge ” And the pledged .

DeFi ecology

The etheric fang DeFi TVL; source :DeFi Llama

DeFi Total lock up value (TVL) from 491 Billion dollars went up to 895 Billion dollars , increased 82%. This measures the amount of money deposited into Ethereum based DeFi The asset value of the agreement , Such as decentralized exchanges 、 Money markets and option vaults .

Stabilize the total supply of money ; source :The Block

Stable currency circulation supply from 423 Billion dollars up to 1221 Billion dollars , increased 188%. This measures the stable value of centralization and decentralization , These stable coins are either locally issued , Or bridge to Ethereum . The stable currency included in the calculation includes USDC、USDT、DAI、FEI、FRAX、MIM、UST、LUSD、HUSD、PAX、TUSD、sUSD and BUSD.

notes : The above chart includes all stable coins on the chain , Not just Ethereum , Because the data of this indicator must be extracted from many sources . However , It still largely represents the growth of Ethereum ).

Spot and sustainable DEX Trading volume ; source :Token Terminal

The spot DEX Trading volume from 5134 Billion dollars went up to 3.9 Trillions of dollars , increased 667%, sustainable DEX Trading volume from 74 Billion dollars soared to 2091 Billion dollars , increased 2704%. These data track the decentralized spot exchanges running on the Ethereum main network and in Ethereum Layer-2 s The trading volume of the Sustainable Futures Exchange running on .

Be careful : The chart above does not include GMX, It is included in Perpetuals DEX In the calculation of transaction volume . This data can be found in here find .

NFT ecology

NFT Market volume ; source :Dune Analytics

NFT The market volume has increased from 6.063 Billion dollars to 1164 Billion dollars , increased 19290%. This tracks two of the largest generic NFT The trading volume of the market , Namely OpenSea and LooksRare. This quarter has 226,176 A separate wallet to buy or sell NFT.

hold NFT The cumulative total number of wallets - source :Dune Analytics

hold NFT The number of independent wallets has increased from 981,315 Add to 398 ten thousand , increased 306%. This measures holding... At a certain point in time ERC-721 Number of wallet addresses for tokens , This token standard is used to issue NFT.

BAYC and CryptoPunks Floor price ; source :Dune Analytics

CryptoPunks The price of the floor is from 17.42 ETH Up to 106.87 ETH, Rise 513%. and BAYC, Although it is 2021 Only in the second quarter of 2013 , But its floor price , By this standard , Is the most expensive PFP NFT series , At the end of the quarter 108.93 ETH, According to the Ethereum price at that time , The value is about 351,000 dollar .

Layer 2 ecology

L2 Total lock in value ; source :L2 Beat

L2 The total lock-in value ranges from 6.869 Billion dollars went up to 73 Billion dollars , increased 964%. This measures locking in Ethereum L2 Expand the total value in the solution , Such as optimistic rollups,zkrollups, and validiums. By the end of time , exceed 230 $billion in assets , Include 42 $ ETH, These have been bridged from Ethereum L2 And others L1 On .

Optimism Monthly active address - source :Dune Analytics

Optimism The average number of active addresses per month is 31,100, and Arbitrum The cumulative number of independent addresses is 483,077. This measures the number of months in the quarter Optimism( One optimistic rollup) The average number of addresses where transactions are made on , as well as Arbitrum( the other one optimistic rollup) The total number of independent addresses . Given that both networks are 2021 Launched in the third quarter of , And the data available on these two networks is limited , We can't make a year-on-year comparison .

Arbitrum Daily network revenue ; source :Cryptofees.info

Arbitrum The network revenue is 940 Thousands of dollars , and Optimism Our network revenue is 570 Thousands of dollars . This measures the number of users in Arbitrum and Optimism these two items. optimistic rollups Exchange payment on ETH cost .

Ecological highlights

Stable currency 、Curve War and bribery

In the first quarter , Ethereum has many exciting developments , Perhaps the most important of these is the continued rise of the stable currency . As mentioned above , The circulation and supply of stable currency on Ethereum has increased by more than 188%, achieve 1220 Over US $100 million . especially , image FRAX and UST Such an algorithm is stable , Relative to their competitors , There has been extraordinary growth . This increase shows that , Despite the weak market , Capital may not have fled the Ethereum economy in large numbers .

Stable 6 Monthly growth rate ; source :Coingecko & Bankless

In the prosperity of stable currency , A more noteworthy second-order effect is "Curve The war " The sustainable development of . This is a war mainly about stabilizing currency DAO The battle between , To establish Curve The liquidity of , namely DeFi Maximum TVL The decentralized exchange . first quarter , this " Conflict " Become the central stage ,DAO They increased their influence on CVX Holding of ,CVX yes Convex Finance Native token of , The agreement controls CRV(Curve The governance token of ) Most of the supply , More than the 73%.

DAO Held CVX; source :DAOCVX.com

In order to match their purchase ,DAO towards CVX The holder paid more than 8920 Ten thousand dollars in bribes (bribe), These people locked their tokens , To make sure they're guiding CRV Votes released into different pools of the exchange . With these CVX The annualized rate of return on bribery is 40% above , The first quarter consolidated such a concept , The holder of these tokens can be an important source of payment . Besides , There were many agreements in the first quarter , Such as Ribbon FinanceBalancerYearn etc. , Propose or implement a switch to ve Token mode , Want to copy Curve The success of the .

Pay to CVX The bribe value of the holder and every CVX The dollar gain ; source :Llama Airforce

Several exciting agreements were also released this quarter :

  • Alchemix V2, This is the second iteration of the self liquidating loan agreement , Including support for a large number of new mortgage assets and income generation strategies

  • Aave V3, The third version of the Multi Chain money market , With new independent loan function

  • Syndicate Protocol, Allow the creation of on chain investment clubs

NFT It seems to be heating up

Take advantage of the explosive growth momentum in the first two quarters , Ethereal NFT There were several major ecological turbulence in the first quarter .

LooksRare Agreement revenue ; source :Token Terminal

One of them is 1 Month launched LooksRare, This is a new generic NFT market , It's also OpenSea competitors ,OpenSea Previously, it has almost completely dominated this field .LooksRare It's built in a hidden state , Through to the OpenSea Our users airdrop native governance tokens LOOKS, A quasi vampire attack on its competitors . The market also makes LOOKS Holders can pledge their tokens , In order to obtain the release generated by the platform and based on ETH The expense income of . Although this has led to allegations of money laundering transactions , To get these rewards , but LooksRare Contributed to more than 221 Billion dollars of trading volume , Created more than... For the holder 4.44 Hundreds of millions of dollars in revenue . Even though LOOKS Its valuation is now below its all-time high 79%, but LooksRare It seems that NFT The industry has changed from a single monopoly to a duopoly .

Another major development in the first quarter was Yuga Labs Establishment as an ecosystem force . stay Bored Ape Yacht Club(BAYC) Driven by the rise of value , It has become the favorite of celebrities , Calculated at floor price , It is the most valuable NFT Profile pictures (PFP) Collection ,Yuga A number of major measures have been taken , To strengthen its position in the emerging field of Ethereum economy .

towards BAYC and MAYC Holder airdrop APE - source :Apecoin.com

First , The company Acquisition 了 Larva Labs NFT Series of  IP, Include Cryptopunks and Meebits. Not long after ,Yuga Announced that the release  Apecoin(APE), Part of the supply of the token is allocated to BAYC The holder , Some airdrops are more than six figures .

APE The price of is currently at an all-time high , Valuation after complete dilution (FDV) exceed 200 Billion dollars , It will be used as a governance and practical token in the company's various meta universe ecosystem projects , For example, the recently announced game Otherside. These developments have made Yuga Has become a widespread NFT A blue chip brand and metacosmic media giant in the ecosystem .

L2 Heat does not decrease.

Ethereum is emerging Layer-2 The ecosystem continued to grow in the first quarter .

As mentioned earlier , Locked in Ethereum L2 Of TVL An increase of 964%, By the end of the first quarter 73 Billion dollars . Taken together , And others L1 Together with the Internet , This batch of L2 Of TVL Fifth .Arbitrum With more than 21 $ TVL, Become L2 Leaders who lock in value .

Arbitrum TVL: source :DeFi Llama

many L2 Native applications have seen the biggest traction from derivatives . utilize L2 Provide greater scalability , image dYdX、Perpetual Protocol and GMX Such applications have become three of the five largest decentralized sustainable exchanges , And separately in StarkEx、Optimism and Arbitrum go online .

Except for the perpetual contract , Another type of derivatives -- option , It has already begun in L2 See meaningful traction on ,Dopex and Lyra These two decentralized options exchanges , Respectively in Optimism and Arbitrum go online . at present , The two apps have combined to hold more than 1.19 Billion dollars in savings , And each application is ranked among the top five most used in its network .

Lyra TVL; source :DeFi Llama

These derivatives agreements , And other things L2 Native projects , Such as Tracer DAOJones DAO and Vesta Finance, It seems ready to see further growth through several favorable factors , For example, in dangerous market conditions ,DeFi The desire of native investors to hedge and find alternative sources of income has increased , And the upcoming respective rollup Token of ( More on ).

Outlook

Although the market is facing the vortex of macro headwind , But there are several catalysts on Ethereum's horizon , It seems possible to strengthen its fundamentals 、 Competitive positioning and token economy .

Merge , Merge , Merge

The most important thing is the coming PoW To PoS The merger of , And this transformation will bring many significant changes . Ethereum is a network ,ETH It's assets , For the former , Merger can reduce the energy consumption of blockchain by one order of magnitude , because PoS Our energy consumption is much lower than PoW. This helps to reduce the impact of Ethereum on the environment , And increase its attractiveness among traditional institutional investors , These investors will realize when making distribution decisions ESG( Environmental Science 、 Society and governance ).

Predict the combined ETH issue ; source :Ultrasound.money

The merger will also affect ETH Have a significant impact on your supply plan and value proposition . although EIP-1559 This has led to a sharp decline in its inflation rate , But transition to PoS Ethereum, which seems likely to bring deflation . According to the current ETH The pledge amount of , as well as EIP-1559 Since activation Gas Consumption , expect ETH There will be deflation , The estimated circulation is - 2.1%.

Although the current pledge supply is non transferable , But after the merger, it will gradually unlock and have liquidity , This large-scale supply shock may have a long-term impact of bitcoin halving , Because it greatly reduces ETH The pressure of selling . The merger may also be established ETH The pledge rate of , It is expected that after the merger, it will reach up to 10%+ Of Web3 Risk free rate , Further increase Ethereum as a cash flow productive asset and Internet native bonds The attraction of .

In addition to changing Ethereum's ESG Overview and ETH In addition to this asset , Consolidation will help pave the way for future scalability upgrades , Such as slicing and danksharding. This will enable Ethereum to better meet the insatiable need to trade in its economy .

Introduction Rollup Tokens,

Another major catalyst for Ethereum's growth is L2 The introduction of tokens . although L2 Without native tokens or network wide incentive plans, we have successfully achieved meaningful traction , But the introduction of these network governance tokens seems to be ready to drive its growth , And bring the long-awaited "L2 Summer of the year ".

The first domino in this area fell this week ,4 month 26 Japan ,Optimism Announce launch $OP, It will be used for network governance , And it is likely to be used to stimulate its new but booming DeFi Activities within the ecosystem .

OP Token distribution ; source :Optimism Docs

Like the explosive growth of ecosystems that use incentive programs , Such as Avalanche、Polygon and Fantom, This strategy leads to utilization 、 Very effective in terms of mobility and developer activities . If this is implemented ,Optimism Will experience a similar level of growth , And that's reasonable .

And Optimism Together , The other two are common rollup,Arbitrum and ZK Sync Through the introduction of tokens , Major candidates for similar usage growth . although Arbitrum It has not been confirmed that it will launch a token , but ZK Sync It has been revealed that a token will be launched to decentralize their rollups Sequencer , This entity publishes transactions in batches to L1 On .

these rollup The introduction of tokens and incentive schemes should be an important catalyst , Help Ethereum from other Layer-1 Regain market share in the hands of the Internet ( Ethereum is in DeFi TVL The proportion of the total has gone from 80% Down to 51%), And improve the accessibility of daily users to participate in the Decentralized Economy .

appendix

Protocol data

DeFi Ecological data

NFT Ecological data

L2 Ecological data

notes : The original author is  Bankless  analysts Ben Giove, From DeFi Tao compilation .

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