Ethereum fees increased by 86% in Q1 2022 and this is what was burned from Ethereum…

Ethereum fees increased by 86% in Q1 2022 and this is what was burned from Ethereum…

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Answer Ethereum fees increased by 86% in Q1 2022 and this is what was burned from Ethereum…

Ethereum, the largest smart contract network, is experiencing an unparalleled rise in activity, according to network data and metrics.

Crypto experts shared their opinions and analyzes on the “Bankless” podcast and provided great numbers about Ethereum and some disappointing ones.

Ethereum-based NFT trading volume has increased nearly 200 times from year to year.

Bankless shared some numbers from the Ethereum Q1 2022 report, revealing an increase in the volume and movement of Ethereum.

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The numbers also showed an increase in the network’s total hash rate and the amount of Ethereum (ETH) allocated by 111% compared to the first quarter of 2021.

Participants in the Ethereum network collected $2.48 billion in fees, compared to $1.7 billion one year ago.

Due to the implementation of the EIP-1559 burning mechanism, the Ethereum network destroyed the equivalent of $2.17 billion resulting in a 54% reduction in the inflation rate.

However, the most impressive data comes from the non-fungible tokens (NFTs) sector.

The net trading volume increased from $0.6 billion to $116 billion, which is an increase of 19,200%.

The minimum price of CryptoPunks tokens has increased more than six times.

Demand is rising for the second layer of Ethereum:

Trading in decentralized trading platforms has also printed a number of records.

The net volume of perpetual contracts on the Ethereum-based decentralized trading platform increased by more than 2700%, while the spot trading volume saw an increase of 667%.

Total volume of locked assets (TVL) across Ethereum-based Layer 2 solutions including Arbitrum and Optimism protocols increased by 964%.

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The heavyweights in the sector closed in the first quarter of 2022, with seven-figure revenues.

Arbitrum earned $9.4 million, while Optimism posted $5.7 million.

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