On January 4, 2020, after a lapse of three years, Ethereum finally broke through the $1,000 mark again, and then exceeded $1,300 in the following week, approaching the historical high.
At the same time, the Gas Price (Gwei) has also risen in recent days, reaching 500 (the highest breakthrough 600), setting a new high since the UNI airdrop.
Behind the simultaneous increase in secondary market prices and on-chain transaction costs, many of Ethereum's indicators have actually reached historical highs . As a side proof of the development of the Ethereum network, it may help us to further understand the current status of Ethereum. The actual situation, and the distant place that you may reach next.
01
10 Index Ethernet Square are located highs
The 10 items of data in this section were published by Twitter user @0x_Lucas, translated and compiled by the author of this article, screenshots of the original tweets:
1. The network utilization rate is full, and the "global settlement layer" goes further
Network utilization can be said to be one of the most basic indicators to measure the operating status of any public chain. It means everyone’s demand for Ethereum block space, that is, whether users are willing to use ETH as a settlement layer. This indicator has been used since 2020. Steady rise, reaching a historical peak.
The most is the Dongfeng with the help of DeFi-whether it is loans or transactions, whether it is Aave or Uniswap, it is inseparable from the demand for the Ethereum network. It has clearly become the largest "settlement layer" in the entire blockchain network. The goal of the "global settlement layer" is even further.
2. The hash rate hits a new high, and Ethereum miners are still "full of water"
Although ETH is about to transition to the PoS network, the hash rate of the Ethereum network has continued to rise since 2020, reaching a new high, exceeding 270TH/S, indicating the confidence of miners in Ethereum mining.
Of course, even in the context of the new high hash rate, the miners are still full of piles: At present, the average income of each block of Ethereum is about 8 ETH, and the income of some blocks exceeds 10 ETH. The system block reward is 2 ETH and the remaining 6 ETH are fee income, which means that the fee income exceeds the block reward 3 times . All this shows the activity of transactions on the Ethereum chain (miners also have to thank this wave of DeFi).
3. Derivatives began to flourish, and the total amount of open positions in options hit a new high
CME is rumored to launch a futures contract for ETH this year, and the total amount of open positions in Ethereum options on the market has gradually risen and exceeded US$1.5 billion.
The continuous growth of transaction categories and transaction volume, on the one hand, illustrates the market’s optimism for the follow-up development of Ethereum and a strong willingness to participate, on the other hand, it also provides more tools for miners and others to hedge against volatility risks, which will help the market further Steady growth.
4. The number of DeFi users has steadily increased
We are talking about 2020, and no significant incremental new users out of the loop approach, but its real if we look DeFi subscriber growth curve, in fact, we may find that even the "circle of self-education" are not yet complete.
At least many friends around me have been thoroughly exposed in this wave of DeFi craze-although they are considered to be " veterans ", they are not clear about basic concepts such as GAS, have not used MetaMask, and do not know how to operate liquidity mining, etc. Therefore, this wave of DeFi craze actually awakens this part of the " sleeping memory volume " and becomes a real " blockchain user ".
The current DeFi users have exceeded 1 million users, and the next goal is 10 million!
5. TVL (total lock-up amount) has reached a historical high
At the beginning of 2020, TVL was only about 600 million US dollars. But today, one year later, the value locked in DeFi exceeds $24 billion, an increase of more than 30 times.
Looking at this parabolic trend, the sky is the end.
6. DEX trading volume ushered in explosive growth
DEX such as Uniswap, Curve, Balancer, etc. undoubtedly gave us unexpected surprises in 2020, especially under the leadership of Uniswap, they have become "phenomenal opponents" that challenge CEX.
From the data point of view, the current DEX market share has risen to 15% of CEX, and the monthly transaction volume has soared to more than 25 billion US dollars. The future is also worth looking forward to.
7. Ethereum accelerates siphoning Bitcoin
Currently, the number of bitcoins on Ethereum has exceeded 150,000, valued at more than US$4.5 billion, accounting for 0.7% of the total BTC.
As mentioned in " Accelerating Bitcoin Siphon, Ethereum is becoming an "absolute black hole" for encrypted assets" , the rate of inflow to Ethereum far exceeds the rate of mining output in the same period (about 6000/week), which is called Surprisingly, Ethereum has gradually evolved into an absolute black hole siphoning Bitcoin.
As this trend continues, the transfer of 1% of BTC to ETH will happen soon, and the rate at which Ethereum can swallow other encrypted assets should also accelerate.
8. Gray-scale ETH trust holdings have reached new highs
Just as Ethereum is becoming a black hole of crypto assets such as Bitcoin, the gray-scale Ethereum trust fund is also becoming a black hole of ETH.
As of the beginning of 2021, Grayscale's trust products already hold approximately 2.5% of the total BTC and 2.3% of the ETH supply (approximately 2.5 million ETH), which further strengthens the scarcity of Ethereum.
9. Ethereum + stable currency , the single largest
In the past two years, stablecoins should be one of the projects with the strongest development momentum in cryptocurrencies, and Ethereum has also become the dominant stablecoin:
The current total amount of stablecoins on Ethereum has exceeded 20 billion U.S. dollars , which is nearly 7 times more than the 3 billion U.S. dollars in January last year . The types include anchored legal currency, mortgage issuance, algorithm stability, etc. Big.
10. ETH in the deposit contract all the way up
After the start of the deposit contract, there are currently 1 billion US dollars in ETH deposited, accounting for about 1% of all ETH, which also shows from the side that the market is optimistic about the next stage of Ethereum development, and this is just the beginning.
02
What is the next stop of Ethereum under the "Matthew Effect"?
Source: cointelegraph
On January 5, 2020, V God published the latest related article on Rollup "Rollups Incomplete Guide", clearly pointed out that "Rollups is a powerful Layer 2 expansion example, which is expected to become a key expansion solution and solution for Ethereum in the short to medium term. The cornerstone of Ethereum's expansion".
In fact, since last year, under the active propaganda of V God, Rollup has basically taken on the task of undertaking the expansion of Ethereum in the short and medium term. Even when Rollup is not yet popular and Ethereum is so congested, people on Ethereum Instead, there are more and more applications, forming a typical "Matthew effect":
The enthusiasm of DeFi and its related ecology remains high, but those "Ethereum killers" who have been promoted by differentiated competition such as low handling fees are extremely lonely.
Moreover, the current leading players in DeFi such as Uniswap and Synthetix are already about to complete their own new products based on Rollup, especially Synthetix, which has recently shined in the secondary market, has completed a key step of its OP test network not long ago.
Driven by these leading DeFi products such as Synthetix, Layer 2 will form a fixed industry standard this year, and will clear the expansion pressure for the further development of Ethereum.
To be honest, the distance between Ethereum and other public chains is actually getting farther and farther, and this trend is still accelerating visible to the naked eye. Unless other public chains find a new way of narrative, they can no longer challenge the dominance of Ethereum. The established facts.
At the same time, on January 4, the U.S. Department of the Treasury's branch OCC (Currency Council, responsible for overseeing and guiding the U.S. banking system) has " allowed U.S. banks to use public blockchains and U.S. dollar stablecoins as the U.S. financial system Settlement infrastructure ", and looking at today's public chain, whether it is the use of stablecoins on the chain or the application ecology, Ethereum should be one of the most qualified players-the "global settlement layer" is being implemented step by step.
The next stop is the sea of stars?
Are you optimistic about the future development of Ethereum? Do you currently hold Ethereum? Welcome to write down your opinion in the message area.
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"Disclaimer: This article is the author's independent point of view, and does not represent the vernacular blockchain position. This content is only for the popular science learning and exchanges of encryption enthusiasts, and does not constitute investment opinions or suggestions. Please treat it rationally, establish a correct concept, and increase risk awareness. The copyright of the article and the final interpretation right belong to the vernacular blockchain. 』
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