The number of active users of Ethereum has increased by 137%, and the average transaction fee has increased by 16 times
Data Analyst | Edited by Carol | Produced by Bi Tongtong | PANews
Data Analyst | Edited by Carol | Produced by Bi Tongtong | PANews
In 2020, the fifth anniversary of Ethereum, it has once again become a popular spicy chicken.
First, USDT "migrated" to Ethereum, and various stablecoins continued to "print money", and then liquidity mining "detonated" DeFi, and the total market value quadrupled within the year, and the Ethereum 2.0 test was launched smoothly, and the pledge rate was expected to be good... …These substantial positives have made Ethereum the focus of the market this year.
PAData Insights：
According to data from CoinMetrics, the price of ETH has exceeded $300, an increase of over 148% during the year. Under the prosperous market, what kind of ecological picture does the Ethereum network present? PAData comprehensively analyzed the currency price, on-chain transaction data and mining data of Ethereum in order to review the operation of Ethereum in the past seven months.
This year, the overall increase of ETH has reached 148.62%, the daily active addresses on the chain have increased by 137.93%, the number of daily transactions on the chain has increased by 170.39%, and the activity has increased significantly.
This year, the Gas Price has increased by 8 times. Under the fiat currency standard, the gas fee for each transaction on the chain has increased by 16 times, and the average gas fee per transaction has reached 1.92 US dollars.
The gas fees paid by USDT, Uniswap V2, 1inch, IDEX, Synthetix and other DeFi "multi-drivers" in the past 30 days have exceeded 100,000 US dollars, and USDT is close to 2 million US dollars.
In the past three months, the computing power of Ethereum mining is mainly concentrated in SparkPool and Ethermine, with a combined market share of 51.69%.
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The number of users and transactions increased by more than 100%, and the network activity increased significantly
Regardless of the currency price in the secondary market, or the number of transactions on the chain and the number of users, the activity of the Ethereum network has shown significant positive changes this year.
According to CoinMetrics’ corrected currency price data, ETH has risen from $130 at the beginning of the year to over $300 at present, with an overall increase of 148.62%. Moreover, except for the impact of the "new crown" epidemic from mid-February to mid-March, ETH, like other major assets in the world, experienced large fluctuations, the trend in the rest of the time is basically a unilateral upward trend, especially after mid-July, the upward trend The momentum is obvious, and the increase from July 16 to July 27 alone reached 38.42%. On August 2, Huobi Exchange even reached $415.78.
The trend of the secondary market can also be found in the data on the Ethereum chain.
According to data from Etherscan, the number of daily transactions on Ethereum continued to rise moderately, from 466,500 at the beginning of the year to 1,261,500 recently, an overall increase of 170.39%.
It is worth noting that on June 16, the lending product Compound officially launched the governance token COMP, which opened a new stage of DeFi liquidity mining, and the number of daily transactions on the Ethereum network exceeded 1 million. On June 16, the daily transaction volume of the entire network was about 904,900. About a week later, on June 22, the daily transaction volume of the entire network had reached 1,092,100, and it has basically stabilized at more than 1 million since then. Moreover, this has significantly increased the average daily transaction volume of Ethereum this year. Before June 16, the average daily transaction volume of the entire network was about 737,900 transactions. After June 16, the average daily transaction volume of the entire network reached 1.053 million transactions, an increase of 42.70% from before.
Since July, with the good performance of the ETH market, the number of daily active addresses on the chain has basically remained at more than 500,000, and it has only reached this level of user activity for 6 days before.
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Gas fee increased by 16 times DeFi became a "big household" of Gas
With the daily transaction volume on the chain soaring, is the Ethereum network congested?
A side indicator to measure the congestion of the Ethereum network is the gas fee. It is generally believed that the higher the average Gas fee, the more congested the network may be. From the calculation formula of Gas fee, it can be seen that it is affected by two factors, Gas Price and Gas Used. According to statistics, in the first half of this year, under the currency standard, Gas Price showed an upward trend, from an average of 11.7Gwei on January 1st of the beginning of the year to an average of 96.7Gwei on July 27th, an increase of about 8 times.
Among them, the extremely high average price of more than 500Gwei once appeared on June 10 and 11, or it was due to the "Ethereum sky-high price transfer incident". According to PeckShield analysis, this is a GasPrice extortion attack launched by hackers to the South Korean fund project GoodCycle.
If the user pays 96.7Gwei, how fast can the confirmation speed be obtained? According to the statistics of ETH Gas Station on July 30, it takes 82Gwei to reach the "Fastest" level, 75Gwei to reach the "Fast" level, and only 69Gwei to reach the "Average" level. This means that the current average Gas price paid by users on the entire network has exceeded "Fastest".
As the Gas price paid by users goes straight to the 100 Gwei mark, the Gas fee of Ethereum is also rising rapidly. In the extreme case of ignoring June 10 and 11, the current gas fee of Ethereum has hit a new high, reaching an average level of $1.92 on July 27, an astonishing 16% increase from the $0.12 at the beginning of the year. times.
If you refer to the data of CoinMetrics, then this increase is even more astonishing. According to statistics, the average gas fee per transaction on the entire network on July 27 was about $1.90, which was 22 times higher than the $0.08 at the beginning of the year. Even compared to the gas fee in the 50th percentile, the increase is still amazing. On July 27, more than half of the transactions on the entire network had a single gas fee of more than $0.93, which was nearly 25 times higher than the $0.04 at the beginning of the year. The congestion of the Ethereum network can be seen.
According to the statistics of ETH Gas Station, USDT has paid a total of USD 1.97 million in gas fees in the last 30 days, Uniswap V2 has paid USD 649,000, and 1inch, IDEX, and Synthetix have paid more than USD 100,000 in gas fees. DeFi not only brings users to Ethereum, but also brings more income to miners. It is worth mentioning that among the top 10, SmartWay Forsage, MMM and Easy Club are all accused of being Ponzi scheme projects.
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Miners' income increased by 392%, Gas fees accounted for more than 30%
Bitcoin, which ushered in the third halving this year, failed to bring excess returns to miners. Moreover, the continuous growth of computing power made the competition of Bitcoin miners more intense, and their income was not as good as before. But on the contrary, the Ethereum mining market still has a lot of room for development, and miners have earned "excess profits" this year. According to statistics, since the beginning of this year, the computing power of the entire Ethereum network has risen from 147.41TH/s at the beginning of the year to 194.65TH/s recently, a moderate increase of about 32.05%, which is far lower than the 148.62% increase in currency prices. This means that Ethereum miners have earned "excess profits" this year.
So, what is the approximate income of Ethereum miners this year?
According to mining rules, the total income of Ethereum miners is mainly divided into two parts: Block Reward and Uncles Reward. Since not every block will pack uncle blocks, in order to observe the income of miners under a unified standard, this article only includes Block Reward in the analysis of miners’ income.
It can be seen from the browser of Ethereum that Block Reward mainly includes three parts: system reward, Gas fee and uncle block reward. Among them, the system reward and uncle block reward are fixed. In each block, the former is currently 2 ETH, the latter is 0.0625 ETH if it contains 1 uncle block, and 0.125 ETH if it contains 2 uncle blocks. .
According to statistics, without considering the abnormal conditions on June 10 and 11, since this year, the single-day total income of Ethereum miners has risen from US$1,335,100 at the beginning of the year to US$6,569,100 recently, an increase of 392.02%. If the Uncles Reward is included, the current total daily income of Ethereum miners is even higher.
Even compared with Bitcoin mining, the gas fee income of Ethereum miners is still very large. According to PAData's earlier analysis, the fee income of Bitcoin miners in 2019 only accounted for about 2.8% of the total income.
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Two major mining pools occupy half of the market, there is still room for Ethereum mining
In the Bitcoin mining market, in the last three months, four mining pools accounted for more than 10% of computing power, namely F2Pool, Poolin, BTC.com and AntPool, accounting for 56.71% in total. In the Ethereum mining market, the concentration of computing power shows a clear coexistence of "head aggregation" and "long tail extension". According to the statistics of BTC.com, in the past three months, the computing power of Ethereum mining is mainly concentrated in SparkPool and Ethermine, with market shares reaching 30.48% and 21.21% respectively, accounting for 51.69% in total. In addition, mining pools with more than 5% computing power share include F2Pool, SpiderPool and NanoPool.
But on the other hand, 136 miners participated in mining in the last three months, of which 47 miners only packed 1 block (including uncle blocks), in addition, 12 miners produced less than 10 blocks, 26 Miners produce less than 100 blocks. This long-tail dispersion may indicate that the current maturity of the Ethereum mining market is much lower than that of the Bitcoin mining market.
According to this market share calculation, SparkPool and Ethermine’s miners’ income in a single day exceeds 3.3956 million US dollars, 49 miners with more than 100 blocks share 3.1617 million US dollars, and the remaining 85 miners can only share 1.18 Ten thousand dollars, showing a clear two-level differentiation.
If Uncles Reward is included in miners' income statistics, then according to the uncle block rate, the income of SparkPool and Ethermine will be even higher. The uncle block rates of the two major mining pools reached 19.20% and 16.44% respectively, much higher than other miners. In addition, the uncle block rate of NanoPool also exceeds 10%, which is a relatively high level.
It is also worth noting that mining pools with a high market share also have a high rate of empty blocks. The highest SparkPool reached 23.87%, and the empty block rates of Ethermine, F2Pool and SpiderPool also exceeded 10%. Empty blocks are when miners receive mining rewards without actually including any transactions. Whether a high empty block rate is beneficial to miners is actually a question of whether it is cost-effective to sacrifice part of the gas fee in exchange for packaging more blockchains. The answer depends on whether the efficiency of packaging more blocks is high enough, which is related to computing power. shares are closely related. With the dynamic change of Gas fees, different mining pools may have different strategies. For example, the empty block rate of SparkPool has dropped recently, from 23.87% in the past 3 months to 16.84% in the past 3 days, while Ethermine’s The empty block rate has increased, from 10.83% in the past three months to 18.58% in the past three days.
the data shows
