Blockchain networks don’t provide financial statements, but if they did, the statements might look something like this.
What Happened: In the latest edition of the Bankless newsletter, Blockchain Education Network analyst Ben Giove explores how the Ethereum (CRYPTO: ETH) blockchain performed in Q3 2021.
Network Revenue, measured by total transaction fees paid from users to miners, was $1.96 billion in Q3 2021. This number increased 511% year-over-year from the $321 million in Q3 2020.
Value Settled, or the amount of transaction value settled on the network, rose 398% from $107.75 billion in Q3 2020 to $536.48 billion in Q3 2021.
Daily Active Addresses, or the number of daily users, grew 24.1% to 457,402 while Hash Rate increased by 181% to 705,663 GH/S signaling a growth in the number of Ethereum miners.
Ethereum’s Issuance Rate, denoting the rate of expansion of the ETH supply over the course of the quarter, fell from 1.11% in Q3 2020 to 0.79% in Q3 2021.
The Ethereum ecosystem, representing the decentralized finance (DeFi) protocols and NFT platforms built on Ethereum, also grew considerably over the year.
Total Value Locked in DeFi grew 1242% to $123 billion and volumes on decentralized exchanges grew 242% to $189.16 billion.
The most explosive ecosystem growth came from NFT sector. OpenSea, a leading Ethereum-based NFT marketplace, saw its sales grow 141,847% to $6.57 billion.
Giove highlighted that Ethereum’s upcoming transition to a Proof-of-Stake network by way of an event known as “The Merge” would be the most significant catalyst to network growth going forward.
Price Action: At press time, Ethereum was trading at $4,330.38 losing 0.08% in the last 24 hours. The cryptocurrency hit an all-time high of $4,455.74 on Friday, according to CoinMarketCap.
Related Link: This Wallet Just Transferred $225M Worth Of ETH
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