Author: Chen Zou
Statistics from Glassnode and researcher Lars Hoffmann show that this week’s ETH 2.0 deposit contract has locked more than 6 million Ethereum. According to the current Ethereum price, the total value of locked assets exceeds 12.4 billion U.S. dollars.
Compared with the statistics of last summer, the activity on the Ethereum chain has seen some significant shrinkage in recent time, and the decentralized finance (defi) boom has slowed down. Despite this, the performance of the Ethereum market in the first and second quarters of this year still surpassed Bitcoin.
Recently, many people have paid attention to the Ethereum network because the Ethereum community is preparing for the highly anticipated EIP1559 upgrade and the London hard fork.
Glassnode’s research report pointed out: “Despite the decline in trading volume, the monthly growth of the decentralized exchange (DEX) trading volume is still as high as 5600% year-on-year. The trading volume has stabilized at a daily level of about 2 billion US dollars. Significant peaks occurred during periods of increased volatility.”
If all goes well for the three Ethereum testnets that are transitioning to the London hard fork, the mainnet fork will follow. With more than 12.4 billion U.S. dollars entering the ETH 2.0 contract, growth remains strong in the long run.
“The entire defi’s new activities and the growth of existing activities have been hit to a certain extent, because many participants have entered a state of’panic’ when most governance tokens have fallen by more than 60%. Although on-chain activities no longer increase month by month, The year-on-year growth is still huge.”
Even if compared with other cryptocurrency assets, Ethereum has achieved greater gains and climbed back to a position above 2K USD, but research shows that the Ethereum network has seen some major on-chain reductions. Lars Hoffmann shared some insights on Ethereum’s on-chain activities via Twitter on July 1.
“As expected, most indicators have suffered serious shrinkage (the ETH indicator has a higher β value). Although our base is at the high level of YoY, the parabola of most indicators has been broken. Adjusted total on-chain transactions The volume fell by 46.6% to 572.7 billion U.S. dollars. As for Ethereum futures, trading volume fell 49.3% to 86.2 billion U.S. dollars. Ethereum monthly options trading volume fell by 68.8% to 5.19 billion U.S. dollars. Nonetheless, These indicators are still much higher than the first quarter.”
There are also some positive Ethereum indicators. For example, the supply of Ethereum on the exchange is the lowest since November 2018. Glassnode’s report shows that defi gas fees have dropped significantly in recent times.
“The gas fee has been restored from 2020 to the level of defi early summer, so that traders who are willing to deploy patient can even complete transactions with single-digit gas fees during non-working hours.”
Unfolded.io’s latest cryptocurrency market insight report shows that the Ethereum network “on Sunday, June 27th, had about 200,000 more daily active addresses than Bitcoin. This is only since January 1, 2017, the Ethereum network Has more active addresses than the Bitcoin network for the third day.”
In addition, the report also pointed out that Bitcoin had its “worst second quarter performance in more than eight years.” Although it is related to Bitcoin’s current value, Ethereum, which also experienced a sharp decline, experienced a sharp decline in the first quarter and the first quarter. The performance in the second quarter still surpassed Bitcoin. “Last Friday, Bitcoin’s market share was approximately 45.7%, while Ethereum’s market share was approximately 17.6%.”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-total-lock-up-volume-of-ethereum-2-0-exceeds-us12-4-billion-and-its-performance-in-the-first-two-quarters-has-been-suspended-for-bitcoin/
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