The second most valuable crypto asset and the leading decentralized open-source blockchain, Ethereum, has filed in their financial report for the first quarter of the year. 2021 has been a remarkable year for the cryptocurrency. The reports, according to Ethereum supporters, proves the digital asset as the world’s foremost programmable money.
According to the results, Ethereum’s network revenue spiked over 200 times within the Q1, hitting over $1.7 billion. The Q1 of the past year wasn’t so remarkable at a stand of $8 million. The transaction volume on the network also increased likewise, over 20 times to be estimated at $713 billion. The daily active addresses on the network also increased to over 71 percent.
The ecosystem results were also impressive stats. The sale of ERC-20 NFT arts spiked another 560 percent with a $396 million net revenue. Decentralized exchange volumes on the network increased 76 times, with a $177 billion revenue. Stablecoin value and wrapped BTC value soared at over five times and 95 times respectively.
Ethereum’s 2021 Q1 also witnessed other notable highlights aside financial values. The digital asset was added to Visa’s settlement option alongside the USDC. Ethereum’s Metamask wallet recorded a swell of active users in various countries. The Canadian authorities also added to the development by approving four ETFs for buying and trading Ether.
What are People Saying?
The growth of the Ethereum blockchain has received widespread attention. More individuals and institutions are adopting the innovation. Though the major setback is the alarming rate of the network’s gas fees.
Justin Drake, a researcher at the Ethereum Foundation, described Ether as not just money but as “ultra-sound money”. Anthony Sassano, Daily Gwei’s Founder asserted that the on-chain metrics on active addresses and transaction volumes reached its all-time highs.
Ethereum plans to migrate its algorithm from the present Proof of Work to Proof of Stake. The latter will serve to reduce the blockchain’s energy usage by 99 percent.