- The Ethereum network continues to make strong progress in terms of address activity, DeFi, and NFTs.
- CNBC’s Mad Money host Jim Cramer recently gave a buy call on ETH expecting a 40 percent price surge.
Ethereum developers have been working hard for the full-scale launch of the Ethereum 2.0 network. Besides, they have also continued to make progress in this direction. However, the Ethereum Foundation has recently released the financial results and the network’s progress during the first quarter of 2022.
At the Ethereum Protocol Levels, the Ethereum Network revenue has surged by 46 percent from $1.6 billion to $2.4 billion. This basically refers to the value of transaction fees paid by users in ETH. The report from Bankless notes:
$2.1 billion of this revenue (87%) was removed from the circulating supply of ETH via the burning mechanism implemented via EIP-1559, which went live in August 2021.
At the same time, the Ethereum inflation rate has also dropped 54 percent from 1.10 percent to 0.51 percent. This measures the net change in the supply of Ethereum.
Similarly, the average daily active addresses on the Ethereum network surged 4 percent from 507,662 to 529,018. This represents the total number of addresses interacting with the Ethereum network each day throughout the last quarter.
As we proceed with the developments of Ethereum 2.0 “The Merge”, the total ETH staked surged 111 percent from 5.2 million to 10.9 million. As of date, over 9 percent of the total ETH supply has been staked with the Ethereum 2.0 Beacon Chain.
Ethereum’s DeFi and NFT ecosystem
The Ethereum blockchain network has been facing tough competition from other Layer-1 blockchains, in the DeFi space. Despite this, the total value locked (TVL) for DeFi on Ethereum surged 82 percent from $49.1 billion to $89.5 billion. This represents the total asset deposits by Ethereum-based DEXs, DeFi protocols, money markets, etc.
Simultaneously, the stablecoin circulating supply for both centralized and decentralized stablecoin surged by 188 percent. The stablecoin circulating supply dumped from $42.3 billion to $122.1 billion. The Ethereum-based DEX volumes also exploded by 667 percent from $513.4 billion to $3.9 trillion.
The NFT marketplace volumes on Ethereum surged 19,290 percent from $606.3 million to $116.4 billion. The two leading marketplaces were OpenSea and LooksRare. Simultaneously, the number of unique wallets holding NFTs jumped 306 percent from 981,315 to 3.98 million. Out of this, 226,176 unique wallets either purchased or sold an NFT during this quarter.
Ethereum (ETH) price can rally 40% from here
Jim Cramer, the host of CNBC’s Mad Money has recently given his bullish prediction on Ethereum (ETH). Cramer said that he expects the ETH price to surge 40 percent from the current levels which can take it past $4,000 levels.
However, the crypto community has been joking about it considering Cramer’s recent call on Netflix. After he suggested buying the NFLX stock, it has tanked by 60 percent since. Even after Cramer’s call on buying ETH, the price has dipped another 3 percent and is currently trading at $2,830 with a market cap of $340 billion.
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