- Bankless reviewed the efficiency of the Ethereum Network and its ecosystem in the second quarter of 2022.
- It addressed the efficiency of the community in 4 key areas: protocols, decentralized finance (DFI), non-fungible tokens (NFTs), and Layer 2.
- It highlighted key developments in the Ethereum ecosystem over the previous quarter head of the Ethereum 2.0 merger.
In its new research titled “State of Ethereum Report — Q2, 2022,” Bankless reviewed the efficiency of the Ethereum Network and its ecosystem efficiently in the second quarter of 2022. It detailed the community’s efficiency beneath 4 large classes – Protocol, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Layer 2.
Here are the notable developments inside the Ethereum ecosystem in the final quarter.
According to Bankless, the general cryptocurrency market downtrend that occurred between April and June has decreased the transaction charges paid utilizing the Ethereum community by 33.4% — from $1.91 billion in Q1 to $128 million in Q2. In addition to driving the community income fall, the bearish backdrop of final quarter resulted in a 20.6% lower in the common every day lively addresses index. In the first three months of this yr, it was 593,404.
The third quarter, on the different hand, has seen a good correction up to now. As a consequence, the Ethereum community’s every day lively addresses are anticipated to achieve an all-time excessive at the finish of the quarter.
The quantity of Ether staked on the beacon chain elevated from 6.01 million in the first quarter to 12.98 million in the earlier quarter, a 116 p.c enhance, as Ethereum plans to maneuver from proof-of-work (PoW) to proof-of-stake (PoS).
By the finish of Q2, about 0.86% of the whole ETH provide had been pledged. On July 6, the community accomplished its integration on Sepolia’s testnet with out a hitch. With the merger and the Goerli community anticipated to be accomplished in the coming weeks, the last merger with the Ethereum mainnet is anticipated to be accomplished earlier than the finish of the yr.
Also, Bankless reported that the second quarter of this yr was characterised by a decline in the general worth locked (TVL) of DeFi protocols on the Ethereum community.
During this era, TVL fell from $59.42 billion in the first quarter to $3.421 billion in the second quarter — a drop of 42.4%.
The complete buying and selling quantity of decentralized spot exchanges primarily based on the Ethereum community fell in the second quarter. During the April-June interval, the determine fell 9.0%, from $350.54 billion in the first quarter to $319.13 billion at the finish of June.
Notably, Bankless noticed that ETH’s stake elevated by 177.5% in the earlier quarter. These are pledged by way of non-custodial protocols that subject liquid pledged derivatives.