Ethereum Fees Up 86% in Q1, 2022, $2.1 Billion in ETH Burned

Vladislav Sopova

Multiple Ethereum (ETH) Network Metrics Peaked in Q1, 2022, Bankless Authors Note


NFT Trading Volume Peaks Nearly 200x Year-to-Year: Check the StatsLayer 2’s are on fire

The largest smart contract network Ethereum (ETH) is seeing an unparalleled spike in activity, on-chain statistics say. Experts from Bankless podcast shared impressive numbers.

NFT Trading Volume Peaks Nearly 200x Year-to-Year: Check the Stats

Bankless, one of the most insightful podcasts on blockchain, crypto and Web3, shared some numbers from the State of Ethereum Q1, 2022, report. Almost every statistic increased by orders of magnitude.

For starters, the aggregated network hashrate and Ethereum (ETH) amount invested both added 111% compared to the first quarter of 2021. Ethereum (ETH) network participants raised $2.48 billion in fees, compared to $1.7 billion a year ago.

As a result of the implementation of EIP-1559, the Ethereum (ETH) network has destroyed an equivalent of $2.17 billion, resulting in a 54% drop in inflation.


However, the most impressive data comes from the non-fungible tokens (NFTs) segment. Net trading volume increased from $0.6 billion to $116 billion, an increase of more than 19,200%. CryptoPunk’s bottom price shot up more than sixfold.

Layer 2’s are on fire

Trading on decentralized exchanges also set some records. The net volume of perpetual contracts on Ethereum-based DEXs peaked at more than 2,700%, while spot trading volume showed a 667% increase.

Total locked-down assets (TVL) in Ethereum-based Layer 2 solutions, including Arbitrum and Optimism, are up 964%.

High-end heavyweights closed the first quarter of 2022 with seven-figure sales: Arbitrum earned $9.4 million in revenue, while Optimism earned $5.7 million.

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