Ethereum Records Explosive Network Growth in Q3 2021

1 November 2021 | Updated: 1 November 2021

New reports show that the transaction value settled for Ethereum between July and September 2021 ran up to a jaw-dropping $536.5 billion. This data represents a 398% increase from the same period from last year (QoQ).

Meanwhile, the report added that the total transaction fees paid to miners increased by 511% YoY. This report came as good news for miners, not so much for network users. Also, network revenue for Q3 2021 jumped to $1.96 billion from a paltry $321 million in Q3 2020.

However, the report added that 68% of these fees got burned due to the EIP-1559 upgrade implementation in August. At press time, over 710,600 ETH had gotten burned with an estimated value of over $3.09 billion (based on press time prices). Meanwhile, Ethereum announced the successful implementation of its first Beacon Chain upgrade, Altair.

Ethereum Records Massive Growth in Issuance Rate

The report showed nothing but impressive performances by the network as the ETH issuance rate dropped by 29%. Also, the rate of expansion of the ETH supply over the same period fell from 1.11% in Q3 2020 to 0.79% in Q3 2021.

Meanwhile, the Ultrasound.Money tracker currently pegs Ethereum’s inflation rate at 2.1% per year. Spectators expect this figure to drop to a deflationary -2% per annum once The Merge occurs and the network switches to a proof-of-stake consensus mechanism.

Furthermore, the number of daily active addresses increased by 24% from Q3 2020 to 457,402. Also, the ETH hash rate rose by 180% within the same period. With an average daily hash rate of 785 terahashes per second (TH/s), the ETH hash rate could touch a record high soon.

The Ethereum ecosystem has also recorded significant growth over the stipulated period, especially with DeFi and NFTs. Reports show that the total value locked (TVL) on DeFi surged by 1,242% YoY, and decentralized exchange volumes increased by 242%. Also, stablecoin issuance on the network spiked by 405% QoQ.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.