According to a report released on Feb 8, Analytex, a cutting-edge analytics platform for DeFi 2.0 and beyond, has unveiled that Ethereum, the second largest cryptocurrency by market capitalization, has shown an increase in its on-chain activity.
The report showed that Ethereum’s average gas price increased and smart contract usage boosted, despite a decrease in the average number of transactions and unique wallets. The data indicates a growth in Ethereum’s on-chain activity. Analytex, a cutting-edge analytics platform for DeFi 2.0 and beyond, was the source of this information.
The report discovered that in Jan 2023, the average gas price, measured in gwei, rose by 29.27% compared to the previous year. User activity rose, causing gas prices to jump from 19.2 gwei in Dec 2022 to 24.82 gwei in Jan 2023. The increase in activity led to a 29.27% rise in the average gas price compared to the previous year.
The report revealed that the average number of daily unique active ETH wallets dropped by 10% to 387,475, the lowest it has been in six months. Conversely, the number of unique active smart contracts rose by 6.74%.
Ethereum Activity Rises Despite Decrease
There was a modest decrease of 0.8% from Dec and Jan, as seen by daily ETH transaction statistics. Despite fluctuations, the average daily block count remains steady, while the monthly total block size increases consistently.
According to Analytex, these contradictory data indicators show a rise in interest from both blockchain developers and current consumers.
DappRadar’s report shows a significant rise in Ethereum’s impact on the decentralized finance industry. The total value locked across various staking pools increased by 26% in Jan 2023. Ethereum’s growing influence in the DeFi space is evident from these numbers. The report highlights the growing importance of Ethereum in the DeFi landscape.
Lido Finance overtakes Maker DAO as the leading DeFi protocol, reaching $74.6 billion in staked assets due to successful liquid staking derivative protocols. The market recognizes Lido’s innovative approach to staking.
Staking in DeFi has also increased as a result of Ethereum’s planned Shanghai update, which is expected to enable withdrawals from ETH staking contracts.
Moreover, according to a report by Bernstein, Ethereum’s popularity is on the rise, boosted by the launch of a mini-game by Yuga Labs, which has increased the demand for non-fungible tokens (NFTs).
The Ethereum blockchain’s daily fees have sharply increased, increasing from double to $4 million to $6 million just one year. At the same time, the value of ETH has significantly increased, climbing by 35%.
Analysts consider ETH and Bitcoin to be solid investments despite negative ether inflation. The upcoming Shanghai upgrade in mid-March provides the next significant stimulus for ETH. Analysts remain optimistic about the future performance of both cryptocurrencies.
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During this event, you can withdraw your staked ether, but be cautious, as unstaking ether might cause supply concerns.