ETH 2.0 Contract Exceeds 6 Million Ethers, Data Shows Ethereum Outperformed BTC in Q1 and Q2 – Blockchain Bitcoin News

Statistics show that the Ethereum 2.0 deposit contract exceeded 6 million ethers this week, as Ethereum is held in excess of $ 12.4 billion worth in the contract today. Onchain metrics show that Ethereum has seen some significant declines recently and decentralized finance (defi) activities have slowed compared to last summer’s statistics. Despite the onchain slumps, Ethereum markets outperformed Bitcoin in Q1 and Q2 this year.

Ethereum 2.0 contract now includes 6 million ethers valued at $ 12.4 billion, onchain ether statistics slide

Lately, the Ethereum (ETH) network has come under heavy focus as the Ethereum 2.0 deposit contract now covers more than 6 million ethers. In the meantime, Ethereum participants are preparing for the much-anticipated EIP1559 upgrade and the London hard fork.

ETH 2.0 contract exceeds 6 million ethers, data shows Ethereum outperformed BTC in Q1 and Q2
Statistics from Glassnode and researcher Lars Hoffmann show that the onchain break-ins and defi-activity of the Ethereum network have slowed lately. “Despite declining volumes, the monthly growth is growing year-on-year [decentralized exchange] Volume stays up to 5600% +. The volume has consolidated around the daily level of USD 2 billion, with considerable fluctuations in times of increased volatility, otherwise it is silent, ”states the study by Glassnode.

Bitcoin.com News recently reported on the three Ethereum testnets moving to the London upgrade and if all goes well the mainnet fork will follow suit. With more than $ 12.4 billion into the ETH 2.0 contract, a newly released report from Glassnode shows that defi activity has decreased significantly, but growth remains strong from an overall perspective.

“The growth of new and existing activity throughout the Defi has taken a blow as many attendees move into a risk-free mindset amid -60% + slumps in ATH on most governance tokens. While the on-chain activity is no longer increasing in% compared to the month, the year-on-year growth remains massive, ”according to the Glassnode-Defin study.

ETH 2.0 contract exceeds 6 million ethers, data shows Ethereum outperformed BTC in Q1 and Q2
Even with the onchain drawdown data from Glassnode and Lars Hoffmann, Ethereum still outperformed Bitcoin in the first and second quarters of this year.

Although Ethereum has managed to make bigger profits compared to other crypto assets and climb back above the $ 2,000 handle, research shows the network has seen some large onchain drawdowns. For example Lars Hoffmann from The Block Crypto shared a few insights about Ethereum’s onchain activity on July 1st via Twitter.

“As expected, most of the metrics had strong drawdowns (with ETH metrics having a higher beta),” tweeted Hoffmann. “While we’re based on a high YoY level, the parabola is broken for most metrics. Total adjusted on-chain volume decreased 46.6% to $ 572.7 billion. “Hoffmann added:

As for [ethereum] Futures volumes fell 49.3% to USD 862 billion. [Ethereum] Monthly option volume declined 68.8% to $ 5.19 billion, but is still higher than ever in the first quarter.

Ethereum Active Address and market metrics still outshine Bitcoin in 2021

In addition to the noticeable drawdowns, there were some positive Ethereum metrics in addition to the 6 million Ethers that are tied to the ETH 2.0 contract. For example, the ether supply on exchanges is the lowest level since November 2018. Glassnode’s report shows that defigas prices have fallen significantly recently.

“The gas prices have returned to the level of the early Defi summer starting in 2020, so that traders who are willing to be patient can even get away with a single-digit Gwei gas fee outside of business hours,” explains the Defi study by Glassnode.

The newest Insights into the crypto market from Unfolded.io show that the Ethereum network on Sunday 27th. This was only the third day since January 1st, 2017 that ETH had more active addresses than BTC. “

In fact, the data from Unfolded.io shows that Bitcoin recorded its “worst Q2 performance in over 8 years” and “despite high correlation with Bitcoin, outperformed Ethereum BTC in Q1 and Q2”. As of Friday, Bitcoin dominance is around 45.7%, while Ethereum dominance is around 17.6% of the total crypto market cap of $ 1.358 trillion.

What do you think of the 6 million Ethers included in the Ethereum 2.0 contract? What do you think of Ether outperforming Bitcoin in Q1 and Q2 this year? Let us know what you think on this matter in the comments below.

Tags in this story

Bitcoin, BTC, DeFi, Dominance, ETH, Ether, Ether Stats, Ethereum, fees, glassnode, Lars Hoffmann, Onchain Dominance, Onchain Research, Onchain Revenue, Revenue, Unfolded.io

Photo credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Unfolded.io,

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