Published: 01.05.2022
Article reading time:
2 minutes.
Experts from the analytical resource Bankless note that against the backdrop of an increase in the value of assets in scaling services on Ethereum, Arbitrum and Optimism blockchains attracted the most fees.
The Bankless report says that in the first quarter, the value of assets locked on second-tier blockchains or Ethereum-based scaling services increased by 964%, reaching $7.3 billion, up from $686.9 million in the first quarter of 2021. The authors of the report note that activity on the popular second-tier blockchains Arbitrum and Optimism generated just over $15 million in fees for Ethereum.
Bankless notes that second-tier applications have shown one of the highest growth rates in the Ethereum ecosystem. The turnover of stablecoins increased by 188%, to $122 billion, and the volume of spot trading on decentralized exchanges (DEX) last year exceeded $3.9 trillion. Most of it came from Tether (USDT), whose supply increased from $50 billion to $83 billion.
Volumes on DEXs that use smart contracts to process user trades increased by 667%, the report said. DEX trading volumes for spot assets increased by $3.9 trillion over the past year, and futures trading volumes increased by 2,704%, from $7.4 billion to $209.1 billion. Part of the transactions fell on second-level DEXs, such as dYdX and Loopring.
However, the number of active addresses interacting daily with Ethereum increased by only 4%. This could mean that most of the existing activity on Ethereum has come from old users rather than new market entrants.
This week, analysts at CoinShares reported that for the third week in a row, investors have withdrawn funds from Ethereum. The outflow amounted to $16.9 million. In total, since the beginning of 2022, the outflow from ETH amounted to $169 million.
Source: Bits
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