What happened to the data on the chain when ETH went up to $2,400?

If activities on the chain start to pick up, it is very likely to face a new wave of applications.

Ethereum is gaining momentum, and today, ETH is going up to $2,400.

In terms of time, Ethereum is close to the time of London’s upgrade. EthHub co-founder Anthony Sassano once stated on Twitter that the expected date of the upgrade of the Ethereum mainnet in London (which will include EIP-1559) may be implemented on August 4.

But the upgrade is just a relatively simple expectation. In fact, the data on the chain is more objective.

An interesting thing today is that, according to Etherscan data, ShibaSwap has generated more than 427 ETH in Gas fees in the past 24 hours, surpassing Uniswap V2. This is ShibaSwap launched by the Shiba inu community of the Meme project. Perhaps it was affected by the event. The gas fee exceeds 100Gwei and then falls back by 45Gwei.

Another data is that the revenue of the NFT project Axie Infinity has skyrocketed recently. The revenue in the last 7 days into July has reached 12.52 million U.S. dollars, exceeding the monthly revenue of 12 million U.S. dollars in June.

This means that there will be frequent transactions in the trading market, which will drive changes in the data on the chain. In fact, this means that a new trend is very likely to be formed under the surge in demand for use on the chain.

For example, in a recent report to customers, Goldman Sachs stated that Ethereum is the blockchain with the highest “real use potential”, which indicates that ETH may become the dominant store of digital value. Therefore, Goldman Sachs predicts that the total market value of ETH may exceed that of Bitcoin in the next few years. Analysts pointed out that Bitcoin’s first-mover advantage gives it a stronger brand effect, but they believe that Bitcoin lacks some of the use cases of Ethereum and its transaction speed is slower. Due to concerns about hard currency and network security, Bitcoin has not yet provided the same level of functionality as Ethereum. As a “younger” network, Ethereum can also grow at a faster rate than Bitcoin. Bitcoin has grown by 261% in the past year, while ETH has grown by 856% in the same period.

Ethereum is in the 1.X stage and cannot provide the best network and resources for Defi and NFT.

In this week’s news, Ethereum developers have basically determined the route time for the merger of Eth1 and Eth2. After the merger, it’s time to wait for 2.0 to go online.

But nowadays, what is most beneficial to Ethereum is the amount of on-chain behavioral data. After the rise of DeFi and NFT, Ethereum transaction volume has surged, but recent data shows that Ethereum held in wallets of all exchanges has reached the lowest point in 2.5 years.

Glassnode also tweeted that as the amount of transfers denominated in US dollars fell to the level of December to January 2020, Ethereum’s on-chain activity is still relatively sluggish, and the transfer settlement volume of Ethereum is about 160 million U.S. dollars per day.

Therefore, if the activities on the chain start to pick up, it is very likely to face a new wave of applications. We have counted the following data on the chain to assist in the judgment, and the data comes from etherscan.

Coinworld-ETH explores the $2,400 value, how about the data on the chain?

The above picture is the daily trading chart of Ethereum. It is the highest transaction peak in April and May 2021, but it can be found that the current on-chain transaction volume is the same as the amplitude between October 2020 and April 2021.

Coinworld-ETH explores the $2,400 value, how about the data on the chain?

If you look at the transaction data in detail, you can only see a small range of transaction data in the past week, but the range is still within the range.

Coinworld-ETH explores the $2,400 value, how about the data on the chain?

However, looking at the erc20 data alone, there is no obvious sign of increase. After checking the active token trading volume within 24 hours, it was found that in addition to WETH, USDC, and USDT stable currencies, the trading volume of some small currencies was particularly active.

Coinworld-ETH explores the $2,400 value, how about the data on the chain?

In addition, the transaction data on NFT cannot be ignored.

Coinworld-ETH explores the $2,400 value, how about the data on the chain?

Several unknown NFT trading volumes are also providing trading volume.

At present, the price of Ethereum gas fee is still very low, which is currently a direct representative of the degree of activity on the chain. Except for some token crazes, some token transactions will cause a surge in activity. For example, the boom of animal currency keeps the Ethereum gas fee above 500gwei. Another way to stimulate activity on the chain is to sell tokens. At the time when Bitcoin and Ethereum plummeted, a large number of users dumped their tokens on decentralized exchanges, and liquidated them in defi, or the price of tokens dropped to start defi’s automatic liquidation. However, these data are very short-term. If you want to see the activity of the data on the chain, you need a continuous and stable growth curve like January to April 2021 to effectively represent the recovery and market upward behavior.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-happened-to-the-data-on-the-chain-when-eth-went-up-to-2400/
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