Data review of Ethereum’s 6th anniversary process: independent addresses increased by 16,500 times and computing power increased by 58,300 times

Ethereum has had its 6th anniversary since its creation on July 30, 2015. It coincided with the official completion of an important London upgrade in the history of development on the evening of August 5. PAData reviewed the market data, on-chain data, and Data of multiple important dimensions in network data.

Key points of this article:

1. According to Etherscan data, the price of ETH rose from US$2.77 to US$2725.72, a 984 times increase; the market value rose from US$200 million to US$318.837 billion, a 1594 times increase; the total circulation increased from 72 million to 117 million , An increase of about 62.5%.

2. At present, the number of independent addresses of Ethereum has exceeded 165 million, which has increased by 16,500 times in the past 6 years, and the growth rate this year is 26%.

3. The current average daily number of transactions on the Ethereum chain is about 1.29 million, an increase of about 12900% in the past 6 years, an increase of 36% from the 2020 average.

4. The current average daily on-chain settlement of Ethereum is about 3.18 million ETH, which has increased by 413% in the past 6 years, and has increased by about 26% compared to 2020.

5. The average gas price from 2021 to the present is 104.77 Gwei, which is the most expensive year since its creation, with an increase of about 33% in 6 years.

6. On August 4, Ethereum’s computing power was 583.15 THash/s, which was 58,300 times that of the beginning of the creation.

The currency price has doubled 984 times in 6 years, and the total circulation is close to 120 million

According to data from Etherscan, the earliest recorded currency price was US$2.77 on August 7, 2015, with a market value of US$200 million that day. As of August 4 this year, the price of ETH has soared to US$2725.72, and its market value has also expanded to US$318.837 billion. The two have increased by 984 times and 1594 times, respectively, compared with 6 years ago. The highest price of Ethereum in history is US$4181.28 created on May 11 this year, which is 2090 times that of the beginning of the world, and its market value on that day is approximately US$484.342 billion.

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From the perspective of the change in the circulation of Ethereum, on July 30, 2015, a total of 72 million ETH in Ethereum was in circulation, and as of July 30 this year, the total circulation of Ethereum was 117 million ETH, a 6-year increase 62.5%. Moreover, the growth rate of the total circulation of Ethereum is decreasing year by year. The annual growth rate in 2016 and 2017 has remained above 13%, while the annual growth rate in 2020 is only 4.54%. As of August 4, the total circulation of Ethereum was 116.97 million ETH. The EIP-1559 proposal, which is already online, includes a destruction mechanism, which will provide long-term deflation expectations for ETH.

The number of independent addresses has exceeded 165 million, and the growth rate of the number of independent addresses so far this year is 26%

As of August 4, the number of Ethereum’s unique addresses has exceeded 165 million, which is 16,525 times more than the beginning of the creation (July 30, 2015). From the perspective of the annual growth rate of the number of independent addresses, 2016 to 2018 were three years of rapid growth, with annual growth rates as high as 2237.13%, 1847.22% and 194.00% respectively. From 2019 to 2020, the annual growth rate of the number of independent addresses in Ethereum is 54.84% and 55.80%, which is a significant slowdown from the previous period. So far this year, the number of independent addresses has grown at a rate of 26.21%. If the average annual growth rate of the previous two years is estimated at 55.32%, the number of independent addresses will exceed 200 million by the end of this year.

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The average annual number of transactions on the chain increased by 36% month-on-month. In 2017, the total annual transaction volume of the currency standard reached 4.3 billion, a record high

On-chain transactions can reflect the usage of the Ethereum network. According to data from Etherscan, from the perspective of the total number of transactions throughout the year, since 2015, the total number of transactions over the years has been 1.0552 million, 13.6611 million, 103 million, 251 million, 243 million and 345 million. The total number of transactions from 2021 to the present is 278 million, which has reached about 80% of the total number of transactions in 2020. It is expected that the total number of transactions this year will also achieve a month-on-month increase.

Judging from the average number of transactions on the chain each year, since 2015, the average number of transactions over the years has been 6,807,59, 37,300, 282,200, 688,100, 665,300, 942,200, and 1,285,500. With the exception of 2019, the annual average number of transactions in Ethereum has achieved a chain growth. Among them, from 2021 to the present, it has achieved a growth of 36.46% compared with 2020.

After the London fork, the problem of high handling fees during network congestion may be alleviated. The reduction of on-chain transaction costs may further increase the activity of on-chain transactions.

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From the perspective of the amount of transactions on the chain, according to the data of glassnode, the year 2017 when 1C0 prevailed was the year with the highest total annual transaction volume and annual average daily transaction volume of Ethereum. The annual total amount reached 4.345 billion ETH, and the annual average daily total amount reached 11,904,300 ETH. In the rest of the year, the total annual transaction volume remained at 710 million ETH, and the annual average daily total volume was around 2.2221 million ETH. As of August 4th, the average daily transaction volume of Ethereum this year was 3,177,200 ETH, which has increased by 412.90% from 6 years ago.

According to data from Etherscan, in the past 6 years, the average annual gas price of Ethereum has gone out of a “V” shape. From its creation in 2015 to 2019, the gas price has been decreasing year by year and will not rise significantly until 2020. The average annual gas price in 2020 is 60.56 Gwei, a surge of 273.83% month-on-month. The average gas price from 2021 to the present is 104.77 Gwei, which is the most expensive year since its creation, with an increase of 73.00% from the previous month and an increase of 32.82% from 2015. One of the goals of the London upgrade is to reduce the level of handling fees. It is expected that the average daily gas price in the second half of this year may fall, thereby lowering the annual average.

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The average annual computing power has increased by 1213% compared to the year of creation, and the average daily computing power has increased by 50,000 times compared with the beginning of the creation.

After 6 years of development, the network security of Ethereum has also made great progress. According to Etherscan data, from the annual average value of computing power, since 2015, the annual average computing power has been about 0.40 THash/s, 3.67 THash/s, 63.64 THash/s, 248.54 THash/s, 168.85 THash/s and 210.98 THash/s, the year-on-year growth rates from 2016 to 2020 are 817.50%, 1634.06%, 290.54%, -32.06% and 24.54% respectively. As of August 4, this year’s average computing power was 485.65 THash/s, an increase of about 131% over last year and an increase of 1213% over the year of creation.

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From the perspective of the trend of computing power, from 2017 to mid-2018, the level of Ethereum’s computing power ushered in the first period of rapid growth, during which the computing power increased by about 4730%. Subsequently, the computing power level from the second half of 2018 to the end of 2019 was generally in a downward trend, and the computing power at the end of 2019 fell by about 48% from the highest point in 2018. Since 2020, computing power has begun to rise again. On August 4 this year, Ethereum’s computing power was 583.15 THash/s, which was 58,300 times that of the beginning of the creation.

 

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