Ethereum’s Key Performance Indicators Show Decline in Network Activity
Despite a 50% increase in the amount of Ether staked since the Shanghai upgrade, Ethereum’s key performance indicators have taken a hit. Daily transactions, active user addresses, and the total value locked in DeFi platforms have all seen a downturn.
The recent collapse of cryptocurrency ecosystems like Terra and crypto exchange FTX has contributed to this decline in network activity. On September 24, 2023, Ethereum facilitated over 883,000 transactions, which is a decrease from the 1.93 million transactions recorded on December 9. The mean transaction fee currently stands at around $0.74.
Hot Take: Ethereum Struggles with Network Activity Despite Increased Staking
Ethereum’s underwhelming boost in network activity despite an increase in staked Ether raises concerns about the platform’s performance. The recent collapse of cryptocurrency ecosystems and the impact on exchanges like FTX have further affected Ethereum’s key performance indicators.
While the amount of Ether staked has grown significantly, it has not translated into increased network activity as anticipated. This decline is evident in daily transactions, active user addresses, and the total value locked in DeFi platforms.
It remains to be seen how Ethereum will address these challenges and regain momentum in its network activity.
Featured image via Pixabay.
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