Ethereum Ecosystem is making progress daily, so we hope you do not even miss any updates from the past week. Here is a recap of the Ethereum Weekly Ecosystem.
- More than 14 Million $ETH is being staked in the deposit contract
- Uniswap is currently doing more transactions than Cardano
- Social Signal updates for Ethereum
- Optimism NFTs are now live on OpenSea
- Vitalik releases Proof of Stake book
- Hashflow introduces the Hashverse
Let’s get into some analysis, news, and data with Ethereum Daily in this newsletter!
Ethereum On-chain Data Highlights
More than 14 Million $ETH is being staked in the deposit contract – over 11.6% of all circulating ETH
The current circulating ETH is 120M, whereas 14M is locked. It can be seen in the data provided by Nansen that Lido received more than 4.23M stETH. Since The Merge had been conducted successfully on 15th September, the more attention from investors are easily observed.
The Merge is one of the most significant and anticipated upgrades in the history of Ethereum, and although in the long-term its impact will be felt by everyone, in the near term some folks will need to take action to be fully prepared.
The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain.
It eliminates the need for energy-intensive mining and instead secures the network using staked ETH.
A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability.
ENS domain registrations surpass 2.5 million
Ethereum Name Service (ENS) registrations have surpassed 2.5 million
September monthly registrations just hit an ATH as well
ETH burn has been larger than PoS issuance 86.5% out of the 415 days since EIP-1559 went live
Is Ethereum deflationary? 86.5% out of the 415 days since fee burn started, the burn has been larger than PoS issuance!
The chart shows all days since fee burn started, order by amount of burned ETH
Ethereum is either deflationary or inflationary block by block. The chart shows real numbers for how many days has burn has been larger than PoS issuance since we had both.
It can be seen at any periods of time when trying to build their estimates of fundamental value to Ethereum
ETH goes deflationary over a 24 hour period with 195 ETH ($258K) taken out of supply
The transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) will happen when a pre-announced total difficulty is reached by the chain. This is different from other forks which usually occur at a certain scheduled block number.
Though being predticed to be inflationary, ETH goes deflationary over a 24 hour period with 195 ETH ($258K) taken out of the total supply
Uniswap is currently doing more transactions than Cardano
Not only does Cardano do less than one transaction per second…
Uniswap does substantially more transactions than Cardano
In fact, Uniswap is only the biggest Decentralized Exchange (DEX) in the whole Ethereum blockchain network. Therefore, it can be seen only one D-app is doing more transactions than a whole blockchain network – Cardano.
To sum up, from the on-chain statistics, it can be seen that there are many good signals for users to accumulate for joining the Ethereum ecosystem. In fact, it cannot be denied that Ethereum has proved itself in the cryptocurrency market since 2016 to be the top leading coin.
Social Signal updates for Ethereum
The Ethereum ecosystem is continually happy to be expanding and improving, regardless of how the market is performing. a summary of Ethereum’s achievements in general and important projects in particular.
Weekly Highlight News
Loopring lists rETH
Sushiswap 2.0 UI is now live
Hashflow introduces the Hashverse
Stakewise announces StakWise V3 to help decentralize Ethereum
Loopring introduces L2 DeFi Port
Starkscan next generation StarkNet block explorer is now public
Additional Notable Events
- DEFI RIDDLER releases Everything you need to know to be eligible for the ARBI Airdrop
- Haym releases Ethereum Virtual Machine
- Chris | Yicheng releases What is PosS? How does Ethereum’s consensus algorithm work