Ethereum Secures Over 6 Million Ether in Its ETH 2.0 Contract Ahead of EIP1559 Update

Ethereum Secures Over 6 Million Ether in Its ETH 2.0 Contract Ahead of EIP1559 Update

Many eyes are on the Ethereum (ETH) network as the Ethereum 2.0 deposit contract now boasts over 6 million Ether. Meanwhile, Ethereum enthusiasts are gearing up for the highly-anticipated EIP1559 upgrade and London hard fork.

Glassnode, an on-chain analytics provider, noted that:

“Growth in new and existing activity throughout DeFi has taken a hit, as many participants move into a risk-off mindset amidst -60%+ dips from ATH across most governance tokens. While on-chain activity is no longer increasing as a % total month-over-month, year-over-year growth remains massive.”

Despite having climbed above the $2,000 level, research shows that the ETH network has witnessed some significant on-chain setbacks. For example, The Block Crypto’s Lars Hoffmann took to Twitter yesterday to shed some insight on Ethereum’s on-chain activity. Hoffmann noted that:

“As expected, most metrics had severe drawdowns (with ETH metrics having a higher beta),” Hoffmann tweeted. “While we are basing at high levels YoY, the parabola for most metrics is broken. Total adjusted on-chain volume declined by 46.6% to $572.7bn.”

Hoffmann added that:

“As for [ethereum] futures, volume declined by 49.3% to $862bn. [Ethereum] monthly options volume declined by 68.8% to $5.19bn, yet still higher than at any time in Q1.”

Ethereum Market Metrics Surpass Bitcoin’s In Q1 and Q2

Apart from the apparent setbacks, the Ethereum network has recorded some positive developments alongside the 6 million ETH locked in the Ethereum 2.0 contract. For example, reports show that the supply of Ether on exchanges has plunged to its lowest level since November 2018. A recent report from Glassnode shows that DeFi gas prices have plummeted by significant levels in recent times. The analytics provider added that:

“Gas prices have returned to early DeFi Summer levels from 2020, so much so that traders willing to deploy patience can even get away with a single-digit Gwei gas fee during off-hours.”

Meanwhile, a recent insight from Unfolded.io revealed that the Ethereum network had “about 200K more daily active addresses than BTC on Sunday, June 27th. This was only the third day since January 1st, 2017 that ETH has had more active addresses than BTC.”

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.