2 years ago
Date: 02 May 2022 - 07:00
The revenues accrued by the Ethereum network rose by 46 from 1.6 billion to 2.4 billion during the first quarter of 2022. Contributing to the growth in the networks revenues were nonfungible token NFT marketplace sales which rose by more than 19000 during the period under review. 13ETH Inflation Rate Drops to 0.5113Ethereums revenues rose by 46 from 1.6 billion to 2.4 billion during the first quarter of 2022 a new report by Bankless has said. According to the report about 87 or 2.1 billion of this revenue was removed from the ETHs circulating supply through the burning mechanism.1313The token burning mechanism was made possible by the networks EIP1559 upgrade that was carried out in August 2021. As a consequence of this token burning process the ETH networks inflation rate a metric that measures the net change in the supply of ethereum tokens dropped from 1.10 to 0.51 during Q1.1313In terms of the average of daily active addresses the report states that these rose from 507662 to 529018. On the other hand the number of staked ETH grew from 5.2 million to 10.9 million a 111 increase. Concerning this metric the report said13This represents the number of ETH staked on the Beacon Chain ahead of Ethereums transition from utilizing a proofofwork PoW consensus mechanism to proofofstake PoS. Approximately 9.2 of the total ETH supply is staked in anticipation of x2018The Merge.13NFT Volumes Surge13Meanwhile the Bankless report revealed that nonfungible token NFT marketplace volumes rose by an astronomical 19290 from about 606.3 million to 116.4 billion. Only the trading volumes of the two largest generalized NFT marketplaces namely Opensea and Looksrare. During the period under review there were 226176 unique wallets to either buy or sell an NFT.13131313With respect to the number of wallet addresses which held an ERC721 token the token standard used to issue NFTs the report said these rose 306 from 981315 to 3.98 million. In terms of the floor price of Cryptopunks a metric that tracks the lowest price at which the uniquely generated character is sold the report revealed that this rose by 513 from 17.42 ETH to 106.87 ETH. Concerning the floor price of the Bored Ape Yacht Club BAYC the report said1313While it launched in Q2 2021 the floor price of Bored Ape Yacht Club BAYC the most expensive profilepicture NFT collection by this metric ended the quarter at 108.93 ETH which was worth 351000 based on prices at the time.1313What are your thoughts on this story Tell us what you think about the subject in the comments section below.
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