Ethereum Fees spiked 86% in Q1, 2022, $2.1 Billion in ETH Burned

The largest smart contract network Ethereum (ETH) is witnessing an Unmatched spike in activity, on-chain metrics say. Experts in t Bankless podcast shared impressive figures.

NFT trading volume spikes almost 200x year-to-year: Check out the statistics

Bankless, one of the most insightful podcasts on the blockchain, crypto, and Web3, shared some numbers from its State of Ethereum Q1, 2022, report. Almost every metric increased by orders of magnitude.

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To commence with aggregated network hash rate and staked ETH amount both added 111% compared to $1.7 billion one year ago.

Owing to the EIP-1559 implementation, the Ethereum (ETH) network destroyed $2.17 billion in equivalent which resulted in a 54% drop in the inflation rate.

Although, the most impressive data comes from the non-fungible tokens (NFTs) segment. Net trading volume from $0.6 billion to $116 billion, which is a more than 19,200% increase. CryptoPunks’ floor price rocketed more than sixfold.

Layer 2s are on fire

Trading on decentralized exchanges also printed several records. The net volume of perpetual contracts on Ethereum-based DEXes spiked more than 2,700%, while the spot trading volume witnessed a 667% increase.

Read Also: Ethereum drops to $2500, Spanish Taxi Company Accepts SHIB, Snoop Dogg NFT Collections Available on Cardano.

The overall volume of assets locked (TVL) across Ethereum-based Layer 2 solutions—including the likes of Arbitrum and optimism—increased by 964%. Upper segment heavyweights closed Q1, 2022, with seven-digit revenues: Arbitrum earned $9.4 million in revenue, while Optimism earned $5.7 million.

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