The Ethereum network and the growth of the applications built on the network have represented more than double the growth in the first quarter of the year.
The Ethereum network has also put front impressive progress year after year, which is evident from the progress seen in Q1 2022.
Ethereum’s growth in Q1 2022
The first quarter of 2022 has been kind to Ethereum. The network revenue went from $1.6 billion to $2.4 billion, which is a staggering 46% revenue growth over the year. The number of ETH staked has doubled as it rose to 10.9 million from 5.2 million, a 111% increase.
There has been an increase of 82% in the DeFi TVL, which rose to $89.5 billion from $49.1 billion. Also, the Layer-2 TVL increased a whopping 964% from $686.9 million to $7.3 billion.
Two of the most popular layer 2 networks, namely Arbitrum and Optimism, together generated $15 million in fees for the Ethereum network.
There has also been a staggering 188% increase in the circulating supply to $122 billion. Thanks to Tether for most of the growth.
There has also been a 667% growth in the volumes of decentralized exchanges that rely primarily on smart contracts.
Over the last year, DEX volumes for spot assets surged by $3.9 trillion, while futures volumes increased by 2,704 percent, from $7.4 billion to $209.1 billion. Layer 2-based DEXs like dydx and Loopring contributed to several of these deals.
Also, the average number of daily users and active addresses ascended from 4% from 507,662 to 529,018.
Analysts also claim that most of the activity on the Ethereum Network came from the existing users. The Ethereum community has enclosed into a booming economy creating new ways to earn money online. The network, which is home to global payments and applications, continues to grow.