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The data tells you how intensely ETH "burns"

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As currently used, it will only take 11 years for ETH supply to be below 100 million

Original author: croissant

Original compilation: 0x9F, Rhythm BlockBeats

This article is compiled from encrypted KOL croissant’s views on personal social media platforms, Rhythm BlockBeats organizes and translates them as follows:

ETH is the fuel of Ethereum, when It is used when you execute transactions on smart contracts, and it is destroyed once used. On average, more than 1 million transactions occur on Ethereum every day, worth about $20.1 billion. Are you surprised?

Look at a set of statistics first: There are 193 million wallets in Ethereum, and the number of daily active wallets is about 500,000. There are about 100,000 new addresses. These people are looking forward to buying NFT, earning income and participating in DeFi.

These users execute millions of transactions every day. By looking at all the transactions on the chain, we can find some numbers that look fake:

ETH daily transaction volume: 100 More than 10,000

Uniswap daily trading volume: 70,000

OpenSea daily trading volume: 66,900

External contract calls: 658,000

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What are these transactions for? The answer is smart contracts, 400,000 contracts are deployed every month, including DEX, NFT, Token, etc. When this article was written, the highest gas consumption was:

OpenSea: 1 hour gas fee 23 ETH

Uniswap: 1 hour gas fee 31 ETH

Wrapped ETH: 1 hour gas fee 12 ETH

NFT is hot, and the average sales in the secondary market are 22 per week Ten thousand ETH up and down. What’s more, minting sales alone amounted to 42,808 ETH this week. 246,232 users traded NFTs this week, resulting in a total of 636,125 transactions.

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The above activities coupled with EIP-1559 resulted in the destruction of a huge amount of ETH. $6.6 billion worth of ETH has been burned in 257 days, and $9.3 billion worth of ETH will continue to be burned this year. At this rate, it will take only 11 years for the supply of ETH to be below 100 million.

Not only they are devouring ETH, but also Stablecoin. Stablecoin has changed the entire gameplay, and users no longer think about "cash out". Stablecoins such as USDC, USDT, and DAI have absorbed hundreds of billions of dollars in funds.

Don't forget, we haven't talked about staking yet. The ETH 2.0 deposit contract has accumulated 11.7 million ETH from 364,000 validators, which is almost 9.75% of the entire ETH supply. That number will grow exponentially as the merger approaches.

Finally, Layer 2 is also expected to see growth, currently they The total lock-up volume (TVL) of more than 6 billion US dollars. On average, Arbitrum has 64,000 trades per day and Optimism has 45,000 trades per day. And how much are they paying for L1 security? Arbitrum is $43,000 per day, dYdX is $16,700 per day, and Optimism is $16,000 per day.

You can see that many things have happened unknowingly, and Ethereum is no longer what it used to be.