Protocols and Layer 2 solutions on Ethereum continue to improve
However, Ethereum’s condition is declining as network growth and speed decline
Ethereum is still recovering from its post-Merge blues, while protocols on the Ethereum network experienced growth. This is reported by the crypto analysis company MessariGraph Protocol, a query network protocol for Ethereumhuge progress in terms of activity.
Curators, Delegators, and Indexers grew on the network, indicating greater potential for scaling.
The number of Indexers (+32%), Delegators (+10%), and Curators (+2%) continues to grow quarter on quarter as more mainnet subgraphs are deployed.
— Messari (@MessariCrypto) November 27, 2022
Read Ethereum [ETH] Price prediction 2022-2023
But it’s not just protocols that have increased in terms of activity, multiple L2 chains have also made their presence felt on the Ethereum network. Consider this – tThe amount of L2 gas released in November was 97 billion units, growing by 170% in the last year.
L2s such as Optimism and Arbitrum played a major role in gas consumption. One reason for this was that the number of transactions made on both L2 chains was increased. The number of daily trades on Optimism was 366k after a growth of 50% over the past month, according to data from Dune.
Although L2s on the Ethereum network performed well, stakers on the Ethereum network failed to monetize.
The image below shows that the total revenue generated by strikers has dropped dramatically by 25% in the past 30 days. Despite this, validators on Ethereum continued to grow, rising 5.67% in the past month, according to data from Turn off rewards.
There is still a long way to go for Ethereum
Unfortunately, Ethereumthe future continued to look bleak. As shown in the picture below, the platform‘Email network growth has slowed significantly over the past week. So, implying the number of new addresses transferring ETH for the first time had decreased.
The speed of Ethereum also decreased, indicating that the number of times Ethereum was exchanged between addresses had decreased.
It remains to be seen whether Ethereum’s growing ecosystem could improve its current state.
At the time of writing, ETH was trading at USD 1,174.92. Although the price fell by 3.12% in the last 24 hoursto be volume valued by 35.69% in the same period
This post Protocols on Ethereum attest to high activity, but what does this mean for ETH
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