The data tells you how intensely ETH "burns"

This article is based on the views of encrypted KOL croissant on personal social media platforms, and BlockBeats organizes and translates them as follows:

ETH is the fuel of Ethereum, it is used when you execute transactions on smart contracts, and it is destroyed once it is used. On average, more than 1 million transactions occur on Ethereum every day, worth about $20.1 billion. Are you surprised?

Let’s look at a set of statistics first: Ethereum has a total of 193 million wallets, about 500,000 daily active wallets, and about 100,000 new addresses every day. These people are looking forward to buying NFT, earning income and participating in DeFi.

These users execute millions of transactions every day. By looking at all the transactions on the chain, we find some numbers that look fake:

ETH daily transaction volume: more than 1 million

Uniswap Daily Volume: 70K

OpenSea daily transaction volume: 66,900

External contract calls: 658,000

What are these transactions for? The answer is smart contracts, 400,000 contracts are deployed every month, including DEX, NFT, Token, etc. At the time of writing this article, the highest gas consumption is:

OpenSea: Gas fee 23 ETH for 1 hour

Uniswap: Gas fee 31 ETH for 1 hour

Wrapped ETH: 1 hour gas fee 12 ETH

NFT is hot, and the average weekly sales in the secondary market is around 220,000 ETH. What’s more, minting sales alone amounted to 42,808 ETH this week. 246,232 users traded NFT this week, resulting in a total of 636,125 transactions.

The above-mentioned activities coupled with EIP-1559 resulted in the destruction of a huge amount of ETH. In 257 days, $6.6 billion worth of ETH has been destroyed, and this year will continue to burn $9.3 billion worth of ETH. At this rate, it will take only 11 years for the supply of ETH to be below 100 million.

Not only they are devouring ETH, but also Stablecoin. Stablecoin has changed the entire gameplay. Users no longer think about "cash out". Stablecoins such as USDC, USDT, and DAI have absorbed hundreds of billions of dollars in funds.

Don't forget, we haven't talked about staking yet. The ETH 2.0 deposit contract has accumulated 11.7 million ETH from 364,000 validators, which is almost 9.75% of the entire ETH supply. That number will grow exponentially as the merger approaches.

Finally, Layer 2 is also poised to see growth, with their total locked volume (TVL) currently exceeding $6 billion. On average, Arbitrum has 64,000 trades per day and Optimism has 45,000 trades per day. And how much are they paying for L1 security? Arbitrum is $43,000 per day, dYdX is $16,700 per day, and Optimism is $16,000 per day.

You can see, a lot of things have happened without knowing it, and Ethereum is no longer what it used to be.