{"id":245455,"date":"2022-07-11T08:30:54","date_gmt":"2022-07-11T03:00:54","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=245455"},"modified":"2022-07-10T18:27:54","modified_gmt":"2022-07-10T12:57:54","slug":"ethereum-eth-identifying-how-good-or-bad-q2-was-for-the-network","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-eth-identifying-how-good-or-bad-q2-was-for-the-network\/","title":{"rendered":"Ethereum [ETH]: Identifying how good or bad Q2 was for the network"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In its new report titled <\/span><a href=\"https:\/\/newsletter.banklesshq.com\/p\/state-of-ethereum-report-q2-2022\"><span style=\"font-weight: 400;\">&#8220;State of Ethereum Report \u2014 Q2, 2022,&#8221;<\/span><\/a><span style=\"font-weight: 400;\">\u00a0 <\/span><a href=\"https:\/\/newsletter.banklesshq.com\/\"><span style=\"font-weight: 400;\">Bankless<\/span><\/a> <span style=\"font-weight: 400;\">reviewed the performance of the Ethereum Network and its ecosystem in the second quarter of 2022. It touched upon the network&#8217;s performance under four broad categories &#8211; Protocol, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and <\/span><span style=\"font-weight: 400;\">Layer 2. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ahead of the Ethereum 2.0 Merge, here is a look at the salient developments within the Ethereum Ecosystem over the previous quarter.\u00a0<\/span><\/p>\n<h4><b>Here&#8217;s what the network says<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Bankless found that as a result of the downturn of the general crypto-market between April and June, transaction fees paid to use the Ethereum Network saw a 33.4% decline &#8211; From $1.91B in Q1 to $1.28B in Q2.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to fueling a fall in the network\u2019s revenue, the bearish backdrop over the last quarter led the average daily active addresses index to fall by 20.6%. In the first quarter, this stood at 593,404. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the third quarter so far has been marked by a bullish correction. Hence, an uptick in daily active addresses on the Ethereum Network might be recorded by the end of the quarter.\u00a0<\/span><\/p>\n<figure id=\"attachment_245465\" aria-describedby=\"caption-attachment-245465\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_e03b6f4b-7f24-46fb-9be0-ca01ea153f44_1600x679.png\"><img decoding=\"async\" class=\"wp-image-245465 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_e03b6f4b-7f24-46fb-9be0-ca01ea153f44_1600x679.png\" alt=\"\" width=\"1600\" height=\"679\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_e03b6f4b-7f24-46fb-9be0-ca01ea153f44_1600x679.png 1600w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_e03b6f4b-7f24-46fb-9be0-ca01ea153f44_1600x679-300x127.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_e03b6f4b-7f24-46fb-9be0-ca01ea153f44_1600x679-1024x435.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_e03b6f4b-7f24-46fb-9be0-ca01ea153f44_1600x679-768x326.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_e03b6f4b-7f24-46fb-9be0-ca01ea153f44_1600x679-1536x652.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a><figcaption id=\"caption-attachment-245465\" class=\"wp-caption-text\">Source: Etherscan<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">With the Ethereum network&#8217;s planned transition from Proof Of Work (PoW) to Proof Of Stake (PoS), Bankless found that the amount of ETH staked on the <\/span><a href=\"http:\/\/ambcrypto.com\/the-much-anticipated-ethereum-merge-with-the-beacon-chain-might-occur-on\/\"><span style=\"font-weight: 400;\">Beacon Chain<\/span><\/a><span style=\"font-weight: 400;\"> grew by a whopping 116% from 6.01M in the first quarter to 12.98M last quarter. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">About 0.86% of the total supply of ETH was staked by the end of the second quarter. On 6 July, the network successfully completed its merge on the <\/span><a href=\"https:\/\/twitter.com\/terencechain\/status\/1544742281957212160?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1544742281957212160%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsepolia-testnet-merge-mostly-successful-hiccups-will-not-delay-the-merge\"><span style=\"font-weight: 400;\">Sepolia test net<\/span><\/a><span style=\"font-weight: 400;\">. With the merge with the <\/span><span style=\"font-weight: 400;\">Goerli Network<\/span> <span style=\"font-weight: 400;\">expected in the coming weeks, the final merge with the Ethereum mainnet is expected before the end of the year.\u00a0<\/span><\/p>\n<h4><b>Decentralized Finance (DeFi)<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Bankless found that the second quarter of the year was marked by a decline in the total locked value (TVL) of DeFi protocols housed on the Ethereum Network. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Within that period, TVL fell from $59.42 billion in Q1 to $34.21B in Q2 &#8211; A 42.4% decline.<\/span><\/p>\n<figure id=\"attachment_245474\" aria-describedby=\"caption-attachment-245474\" style=\"width: 1518px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/defi.png\"><img decoding=\"async\" class=\"wp-image-245474 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/defi.png\" alt=\"\" width=\"1518\" height=\"620\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/defi.png 1518w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/defi-300x123.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/defi-1024x418.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/defi-768x314.png 768w\" sizes=\"(max-width: 1518px) 100vw, 1518px\" \/><\/a><figcaption id=\"caption-attachment-245474\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Also registering a decline in Q2 was the total trading volume on decentralized spot exchanges built on the Ethereum Network. Between April and June, this fell by 9.0%, from $350.54 billion in Q1 to $319.13 billion by the end of June.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, Bankless noted that in the last quarter, there was a 177.5% increment in the share of ETH staked. These were staked with non-custodial protocols that issued liquid staking derivatives.<\/span><\/p>\n<figure id=\"attachment_245478\" aria-describedby=\"caption-attachment-245478\" style=\"width: 1328px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/beacon.png\"><img decoding=\"async\" class=\"wp-image-245478 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/beacon.png\" alt=\"\" width=\"1328\" height=\"740\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/beacon.png 1328w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/beacon-300x167.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/beacon-1024x571.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/beacon-768x428.png 768w\" sizes=\"(max-width: 1328px) 100vw, 1328px\" \/><\/a><figcaption id=\"caption-attachment-245478\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In its new report titled &#8220;State of Ethereum Report \u2014 Q2, 2022,&#8221;\u00a0 Bankless reviewed the performance of the Ethereum Network and its ecosystem in the second quarter of 2022. It touched upon the network&#8217;s performance under four broad categories &#8211; Protocol, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Layer 2. Ahead of the Ethereum 2.0<a href=\"https:\/\/ambcrypto.com\/ethereum-eth-identifying-how-good-or-bad-q2-was-for-the-network\/\">Continue reading <span class=\"sr-only\">&#8220;Ethereum [ETH]: Identifying how good or bad Q2 was for the network&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":245479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[],"class_list":["post-245455","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum [ETH]: Identifying how good or bad Q2 was for the network - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bankless found that as a result of the downturn of the general crypto-market between April and June, transaction fees paid to use...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/ethereum-eth-identifying-how-good-or-bad-q2-was-for-the-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum [ETH]: Identifying how good or bad Q2 was for the network - 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