速览以太坊供应动态：总体供需情况有利
Original author:Evanss 6 ,Crypto KOL
Original compilation: Felix, PANews
Key observations on Ethereum supply dynamics:
ETH pledge
Gas usage
Exchange balance, ETH in smart contract
Re-staking, Liquidity Re-staking and Eigenlayer
ETH pledge
The total ETH pledge situation has shown a sharp upward trend as a whole and is right at the ATH level. Celsius/Figment had the largest deposit ever, approximately 573,000 ETH.
On the other hand, a large amount of new ETH is being staked, a large portion of which is driven by Eigenlayer.
Gas usage
ETH has been deflationary for the past 30 days and for the past 493 days (since the merge), with gas consumption driven primarily by Uniswap, ETH transfers, Tether/USDC, L2s, MetaMask, and OpenSea/Blur.
It is worth mentioning that L2’s share of total gas consumption is on an upward trend, rising from 8.49% to 13.5%, and the statistical time is mostly in the bear market/market recovery stage. Dencun’s EIP-4844 may change some trends.
Exchange balance
ETH on exchanges fell from 19.6 million to a low of 14.9 million last year; ETH in smart contracts continues to grow, approaching the ATH value.
re-pledge
Eigenlayer holds approximately 745,000 ETH. This number has been growing steadily even though major LSTs have hit their caps, driven by protocols like EtherFi, Kelp, and Renzo.
These protocols have added approximately 220,000 ETH since early December and were still growing ahead of EigenDA’s launch. In addition, the amount of ETH pledged by Frax Finance and Mantle may also continue to increase.
In addition to Eigenlayer, market enthusiasm was further ignited when Altlayer (invested by Polychain Capital, Jump Crypto, and listed on Binance Launchpool) announced an airdrop to Celestia and Eigenlayer stakers.
Altlayer will launch the token on January 25th. This airdrop announcement undoubtedly sparked speculation about future airdrops to Eigenlayer restakers from other Active Validation Services (AVSs) and similar projects.
All in all, both supply and demand sides look favorable. DeFi, L2s, Eigenlayer, etc. continue to absorb more and more ETH, the supply is showing net deflation, Celsius finally stopped selling, and the ETH spot ETF speculation continues to heat up.
