Ethereum‘s total transaction volume on its network grew by more than 2,000% in the first quarter of the year compared to the same period last year. Revenue from Ethereum transaction fees rose 10 times more than that.
James Wang, a former analyst at ARK Invest, published an unofficial report on the Ethereum (ETH) network’s first-quarter performance. The report included information such as transaction volume, transaction fees, active address.
There was a 21-fold growth in transaction volume
The intense DeFi and NFT mobility seen in the Ethereum network was reflected in the transaction volume as more than 20 times growth.
According to the data in the report, the Ethereum blockchain, which had a transaction volume of $ 33 billion in the first quarter of last year, was traded for $ 713 billion with a growth of 2.065% in the same period this year.
Mobility in blockchain has led to the median transaction fee rising from $ 0.06 to $ 7.63 for the same time frame. $ 8 million from transaction fees in the first quarter of 2020; In the quarter of 2021, 1.7 billion dollars were collected with a 200-fold growth.
DeFi, DEX and NFT ecosystem overview
This rise in blockchain numbers was fueled by elements of the Ethereum ecosystem, each of which grew by up to 560 times. Each of the first quarters of 2020 and 2021 to be compared,
- Volume in decentralized exchanges (DEX) from $ 2.3 billion to $ 177 billion,
- The total value of assets locked in decentralized financial applications, from $ 800 million to $ 52 billion,
- The value of Ethereum-based stablecoins from $ 7.1 billion to $ 41.9 billion,
- Again, the volume of Ethereum-based Wrapped BTC, from 1,800 BTC to 170,000 BTC,
- The volume of artwork sales made in non-fungible art format increased from $ 700,000 to $ 396 million.
At the end of 2020, the first step of ETH 2.0 was taken with Beacon Chain. Ethereum developers continue to work on technologies such as rollup and sharding for this year. The EIP-1559 draft, which is part of the London hard fork, is expected to come into force on July 14.