Blockchain networks don’t provide financial statements, but if they did, the statements might look like this.
What happened: In the latest edition of the Bankless newsletter, Blockchain Education Network analyst Ben Giove explores how the Ethereum (CRYPTO: ETH) blockchain completed in the third quarter of 2021.
Network revenues, measured by the total transaction fees paid by users to miners, was $ 1.96 billion in the third quarter of 2021. That number was up 511% year-on-year from $ 321 million in the third quarter 2020.
Set value, or the amount of transaction value settled on the network, increased by 398%, from $ 107.75 billion in the third quarter of 2020 to $ 536.48 billion in the third quarter of 2021.
Daily active addresses, i.e. the number of daily users, increased by 24.1% to 457,402 while Hash rate increased by 181% to 705,663 GH / S, signaling a growth in the number of Ethereum miners.
Ethereum Emission rate, denoting the rate of expansion of ETH supply during the quarter, fell from 1.11% in the third quarter of 2020 to 0.79% in the third quarter of 2021.
The Ethereum ecosystem, representing Decentralized Finance (DeFi) protocols and NFT platforms built on Ethereum, has also grown significantly over the year.
Total value locked in DeFi grew 1242% to $ 123 billion and volumes on decentralized exchanges rose 242% to $ 189.16 billion.
The most explosive ecosystem growth has come from the NFT sector. OpenSea, one of the leading Ethereum-based NFT marketplaces, saw sales increase 141,847% to $ 6.57 billion.
Giove pointed out that Ethereum’s upcoming transition to a proof-of-stake network through an event known as âThe Mergeâ would be the most important catalyst for the network’s growth going forward.
Price action: At the time of publication, Ethereum was trading at $ 4,330.38, losing 0.08% in the past 24 hours. The cryptocurrency hit an all-time high of $ 4,455.75 on Friday, according to CoinMarketCap.
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