According to Bankless’ Q1 report on the blockchain, Ethereum’s network revenue from gas fees totaled US$2.4 billion in the first quarter of 2022, down 44% from US$4.34 billion in Q4 2021, with 87 percent of the money, or about US$2.1 billion worth of ETH tokens, destroyed.
In 2021, due to the growing popularity of non-fungible tokens (NFTs) and decentralized finance (DeFi), Ethereum, the world’s most commonly used smart contract blockchain, saw gas fee (transaction fee) increases.
The London hard fork of the Ethereum network in August executed the EIP-1559 update, which replaced the previous auction-based transaction fee structure with a base cost that is now burnt, or destroyed.
From US$26.89 in Q4 2021 to US$2.98 in Q1 2022, the network’s average gas charge has dropped by over 88 percent.
The first-quarter inflation rate for Ethereum, which measures changes in the token’s supply. It fell to 0.51 percent from 1.10 percent in the first quarter of 2021.
The number of daily Ethereum addresses increased by 4% year over year in the first quarter. While the amount of staked Ethereum increased by 111 percent to 10.9 million ETH. That’s, up from 5.2 million ETH the previous quarter.
Spot market volumes on Ethereum decentralized exchanges (DEXs) increased by 667 percent to US$3.9 trillion in the third quarter. That’s, up from US$513.4 billion a year earlier, while perpetuals DEX volumes increased by 2,704 percent to US$209.1 billion.
NFT marketplace volume on Ethereum increased by over 19,000 percent to US$116.4 billion in the first quarter. Compared to US$606.3 million in the same period a year ago.
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