In the first quarter of 2022, Ethereum network revenue grew 46%, from $1.6 billion to $2.4 billion. The network’s revenue growth was influenced by sales in the non-playable token marketplace (NFT), which grew by more than 19,000% during the reporting period.
ETH The inflation rate is down to 0.51%
Ethereum revenue rose 46% from $1.6 billion to $2.4 billion in the first quarter of 2022, according to a new report from Bankless. According to the report, about 87% or $2.1 billion of that revenue was withdrawn from ETH‘negotiable supply through the combustion mechanism.
The token burning mechanism was made possible by the EIP-1559 network upgrade that took place in August 2021. As a result of this token burning process, ETH network inflation, a metric that measures the net change in the supply of ethereum tokens, dropped from 1.10% to 0.51% during the first quarter.
As for the average number of daily active addresses, the report says they rose from 507,662 to 529,018. On the other hand, the number of bets ETH rose from 5.2 million to 10.9 million, a 111% increase. Regarding this metric, the report states the following:
This is the number of ETHput on the Beacon Chain before Ethereum switched from using the proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). Approximately 9.2% of the total ETH placed pending the Merger.
NFT volumes are rising
Meanwhile, a Bankless report showed that trading volumes in the non-tobacco token market (NFT) grew by an astronomical 19,290%, from $606.3 million to $116.4 billion. That’s just the trading volumes of “the two largest aggregated NFT venues,” namely Opensea and Looksrare. During the period under review, “there were 226,176 unique wallets to buy or sell NFTs.”
As for the number of wallet addresses holding the ERC721 token – the token standard used to issue NFTs – the report says they rose 306% from 981,315 to 3.98 million. As for the minimum price of cryptopoints, a metric that tracks the lowest price at which a unique generated token is sold, the report says it rose 513% from 17.42 ETH to 106.42. ETH to 106.87 ETH. As for the minimum price at Bored Ape Yacht Club (BAYC), the report states:
“Although it was launched in the second quarter of 2021, the minimum price of Bored Ape Yacht Club (BAYC), NFT’s most expensive profile collection by this metric, ended the quarter at 108.93 ETH, which was ~$351,000, based on prices at the time.”
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