{"id":543732,"date":"2023-07-21T18:00:57","date_gmt":"2023-07-21T18:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=543732"},"modified":"2023-07-21T16:09:27","modified_gmt":"2023-07-21T16:09:27","slug":"ethereum-daily-users-plunge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-daily-users-plunge\/","title":{"rendered":"Ethereum Daily Users Plunge Amid Declining Network Revenue"},"content":{"rendered":"

The second quarter of 2023 brought significant challenges for the Ethereum network as its revenue experienced a sharp decline. Ethereum network revenue plummeted from $1.27 billion to $847 million during Q2, representing a staggering 33.3% drop.\u00a0<\/span><\/p>\n

The network revenue for Ethereum encompasses all transaction fees paid by users to Ether validators, as well as the portion of charges that are removed from circulation through burning.\u00a0<\/span><\/p>\n

Given this, the decline in revenue reflects the decrease in overall activity on the platform, especially in the Decentralized Finance (DeFi) market, where developments have been far from welcoming.<\/span><\/p>\n

Related Reading: Terraform Labs Appoints New CEO Following Do Kwon\u2019s Sentencing In Montenegro<\/a><\/div>\n

During Q2 2023, the DeFi market faced a lean period, characterized by a lack of significant growth and unfavorable events. Notably, hack incidents in the DeFi sector increased by a staggering 63% during the quarter, resulting in losses of $228 million across 79 hacks. This was confirmed by Arltduv, a Crypto Directory in a <\/span>Twitter<\/span><\/a> Post on July 20, 2023.\u00a0<\/span><\/p>\n

These incidents have had a negative impact on user confidence and contributed to the decline in the overall value locked (TVL) in DeFi protocols, with Ether-based protocols accounting for more than 90% of the total TVL.<\/span><\/p>\n

Ethereum’s Daily Active Addresses Decline<\/h2>\n

In addition to the revenue decline, Ethereum’s daily active addresses experienced a notable drop of 6% during Q2 2023. The metric measures the number of unique wallet addresses that have conducted transactions on the Ether blockchain per day during the quarter. Despite the ongoing bear market, the decline in daily active addresses hasn’t worsened significantly, indicating a level of resilience in user activity.<\/span><\/p>\n

\"Ethereum<\/p>\n

ETH price resting at $1,891 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Ethereum’s performance during the second quarter suggests that while it faced challenges in network revenue and daily user engagement, the platform remains a key player in the DeFi space. The continuous efforts to improve the network’s usability and scalability are crucial in attracting a broader user base, as demonstrated by Ethereum co-founder Vitalik Buterin’s recent proposal.<\/span><\/p>\n
ETH Still King Of DeFi<\/h2>\n
Despite the decline in daily users and network revenue, Ethereum has managed to maintain its spot as the leading blockchain when it comes to DeFi activity. The network currently <\/span>accounts<\/span><\/a> for more than 50% of Total Value Locked (TVL) across all blockchains, establishing it as the leader in this regard.<\/span><\/p>\n
Related Reading: Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion<\/a><\/div>\n
Layer 2 blockchains such as Arbitrum and Polyon built atop the Ethereum network are also doing incredibly well. Arbitrum is currently sitting at $2.649 billion in TVL, with Polygon trailing behind at $1.044 billion in TVL.<\/span><\/p>\n
In terms of price, ETH is still closely following the performance of Bitcoin. The altcoin is trading at $1,892 at the time of this writing, with meager gains of 0.07% in the last day.<\/span><\/p>\n
Featured image from Yahoo Finance, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The second quarter of 2023 brought significant challenges for the Ethereum network as its revenue experienced a sharp decline. Ethereum network revenue plummeted from $1.27 billion to $847 million during Q2, representing a staggering 33.3% drop.\u00a0 The network revenue for Ethereum encompasses all transaction fees paid by users to Ether validators, as well as the portion of charges that are removed from circulation through burning.\u00a0 Given this, the decline in revenue reflects the decrease in overall activity on the platform, especially in the Decentralized Finance (DeFi) market, where developments have been far from welcoming. Related Reading: Terraform Labs Appoints New CEO Following Do Kwon\u2019s Sentencing In Montenegro During Q2 2023, the DeFi market faced a lean period, characterized by a lack of significant growth and unfavorable events. Notably, hack incidents in the DeFi sector increased by a staggering 63% during the quarter, resulting in losses of $228 million across 79 hacks. This was confirmed by Arltduv, a Crypto Directory in a Twitter Post on July 20, 2023.\u00a0 These incidents have had a negative impact on user confidence and contributed to the decline in the overall value locked (TVL) in DeFi protocols, with Ether-based protocols accounting for more than 90% of the total TVL. Ethereum’s Daily Active Addresses Decline In addition to the revenue decline, Ethereum’s daily active addresses experienced a notable drop of 6% during Q2 2023. The metric measures the number of unique wallet addresses that have conducted transactions on the Ether blockchain per day during the quarter. Despite the ongoing bear market, the decline in daily active addresses hasn’t worsened significantly, indicating a level of resilience in user activity. ETH price resting at $1,891 | Source: ETHUSD on Tradingview.com Ethereum’s performance during the second quarter suggests that while it faced challenges in network revenue and daily user engagement, the platform remains a key player in the DeFi space. The continuous efforts to improve the network’s usability and scalability are crucial in attracting a broader user base, as demonstrated by Ethereum co-founder Vitalik Buterin’s recent proposal. ETH Still King Of DeFi Despite the decline in daily users and network revenue, Ethereum has managed to maintain its spot as the leading blockchain when it comes to DeFi activity. The network currently accounts for more than 50% of Total Value Locked (TVL) across all blockchains, establishing it as the leader in this regard. Related Reading: Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion Layer 2 blockchains such as Arbitrum and Polyon built atop the Ethereum network are also doing incredibly well. Arbitrum is currently sitting at $2.649 billion in TVL, with Polygon trailing behind at $1.044 billion in TVL. In terms of price, ETH is still closely following the performance of Bitcoin. The altcoin is trading at $1,892 at the time of this writing, with meager gains of 0.07% in the last day. Featured image from Yahoo Finance, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":543750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,88673,1946,88674,88676,88675,8686,78803],"class_list":["post-543732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-defi","tag-ethereum","tag-ethereum-activity","tag-ethereum-revenue","tag-ethereum-users","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Daily Users Plunge Amid Declining Network Revenue<\/title>\n<meta name=\"description\" content=\"The second quarter of 2023 brought significant challenges for the Ethereum network as its revenue experienced a sharp decline. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Daily Users Plunge Amid Declining Network Revenue","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-daily-users-plunge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-daily-users-plunge\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum.jpeg?fit=1000%2C563"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth defi","ethereum","ethereum activity","ethereum revenue","ethereum users","ethusd","ethusdt"],"dateCreated":"2023-07-21T18:00:57Z","datePublished":"2023-07-21T18:00:57Z","dateModified":"2023-07-21T18:00:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Daily Users Plunge Amid Declining Network Revenue\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-daily-users-plunge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-daily-users-plunge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Ethereum.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Ethereum.jpeg?fit=1000%2C563\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth defi\",\"ethereum\",\"ethereum activity\",\"ethereum revenue\",\"ethereum users\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-07-21T18:00:57Z\",\"datePublished\":\"2023-07-21T18:00:57Z\",\"dateModified\":\"2023-07-21T18:00:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum.jpeg?fit=1000%2C563","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543732"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=543732"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/543750"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=543732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=543732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=543732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}