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HomeETHEthereum witnesses volume spikes in Q1 2022

Ethereum witnesses volume spikes in Q1 2022

Both the aggregated network hashrate and the staked Ethereum (ETH) value increased by 111 percent in comparison to the first quarter of 2021. Participants in the Ethereum (ETH) network raised $2.48 billion in fees, up from $1.7 billion a year ago.

Due to the deployment of EIP-1559, the Ethereum (ETH) network lost $2.17 billion in equivalent, resulting in a 54 percent decrease in the inflation rate.
The non-fungible tokens (NFTs) group, on the other hand, has the most astounding data. From $0.6 billion to $116 billion, net trade volume increased by more than 19,200%.The floor price of CryptoPunks has increased more than sixfold.
A number of records were also printed as a result of decentralised exchange trading. The net volume of perpetual contracts traded on Ethereum-based DEXes increased by more than 2,700%, while spot trading volume increased by 667%.
The total volume of assets locked (TVL) across Ethereum-based Layer 2 solutions, including Arbitrum and Optimism, increased by 964 percent.
Arbitrum generated $9.4 million in revenue, while Optimism earned $5.7 million in the first quarter of 2022.

Read more: MetaMask joins hand with Moonpay to offer Ethereum in crypto wallet by using fiat currency

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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