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Amount of ETH Settled On The Network Surged To $536 Billion In Q3

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The amount of ETH settled on the network has skyrocketed to a new high of $536 billion in the third quarter of the year as we can see in our latest ethereum price news and analysis.

The amount of ETH settled on the network from July to September this year was a whopping $536 billion which represents an increase of 398% from teh same period in 2020. This is not the only impressive statistic to emerge from the biggest smart contract platform and its third-quarter results. The total transaction fees paid from the users to the miners increased 511% year on year which was great news for the miners but not so great for those that are using the network. The revenue for the period was whopping $1.96 billion which is an increase of $321 million for the third quarter of 2020.

ETH 24-hour Price Chart (Source: coingecko)

The report noted that 68% of the fees were burned after the deployment of EIP-1559 and at the time of writing, more than 710,600 ETH was burnt worth about $3 billion at current prices. Ethereum had its first beacon Chain upgrade dubbed Altair. The issuance rate of ETH fell by 29% and the report showed that the rate of expansion of the ETH supply over the same period fell from 1.11% to 0.79% in the third quarter. The Ultrasound.Money tracker now reports inflation of 2.1% per year which is expected to fall to -2% per year once the merge happens and the network switches from proof of stake.

The number of daily active addresses increased by 24% from the same time frame last year to 457,402 with the hash rate climbing by 180% from Q3, 2020 and there are currently record highs with an average daily hash rate of 785 TH/s. The ethereum ecosystem grew considerably over the period for NFTs and DeFi. The total value locked in Defi surged 1,242% year on year and decentralized exchange volumes grew by 242% for the period. Stablecoin issuance jumped 405% in Q3 compared to the same period a year ago. It reported that the amount of BTC tokenized on Ethereum increased 133% in Q3 2020 to 288,234 in the same period this year.

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ETH 1-Year Chart (Source: Coingecko)

Ethereum prices are now cooling off after hitting a new high of $4,467 and ETH is now trading down 3.2% on the day with $4300 according to CoinGecko. The asset made 1000% gains over the past 12 months last year at the same time with ETH changing hands for under $400.

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