Ethereum (ETH) processed $ 536 billion worth in the third quarter

A lively third quarter for Ethereum

The progress was noted by the analysis site Bankless. He reports that the value processed by the Ethereum network has increased by 398% in one year: it reached “only” 107 billion dollars in the third quarter of 2020. It was driven by the explosion of several sectors, including that of non-fungible tokens.

If we look at Ethereum’s transaction fees, the findings are the same. These increased 511% from a year ago, reaching $ 1.96 billion. Note that since EIP-1559, a large portion (68%) of fees are burned. Of the nearly 2 billion in costs generated, 1.34 billion went up in smoke.

Active addresses continue to soar

Daily active addresses, which give an indication of the number of network participants, have also increased. They went from 368,467 in the third quarter of 2020 to 457,402 in the third quarter of 2021, an increase of + 24%.

These users have moved into two main areas: NFTs and decentralized finance (DeFi). On the NFT OpenSea marketplace, sales exploded: they were 141,847% higher than last year. On DeFi protocols, the total locked value increased by +1 242%. This was accompanied by an increase in volume on DEXs of + 242%.

👉 To read – What to remember from LisCon, the conference dedicated to Ethereum (ETH) in Lisbon?

Ethereum remains the leader?

The arrival of sizeable competitors had raised concerns that users were starting to shy away from Ethereum. But for now, he seems to be holding on. According to the report, this is in part due to the advancement of “layer 2”, those second-layer solutions that improve network scalability.

Bankless also notes that the future looks rather optimistic for Ethereum:

“There are significant catalysts supporting Ethereum’s growth in Q4 2021 and into fiscal year 2022.”

This would be the final switch from Ethereum to Proof of Stake, as well as the introduction of sharding. These milestones are particularly watched, they are supposed to allow the network to remain competitive.

ETH price remains above $ 4,300

The price of ETH has surpassed its all-time high several times during the month of October. In total, it has increased by + 30% over the last thirty days. Over one year, the increase is even more noticeable: ETH takes +1 020%.

This morning, the price of ETH remains above $ 4,300, with a capitalization exceeding $ 509 billion.

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About the author: Marine Debelloir

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Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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