Research: NFTs accounted for 28% of the ETH gas usage in January

CryptoSlate analysts examined the gas usage shares of different transaction categories on the Ethereum (ETH) network and found that the NFTs category accounted for 28% in the first month of the year. The analysis divides all transactions on the ETH network into eight categories as Vanilla, ERC20, Stablecoins, DeFi, Bridges, NFTs, MEV Bots, and others. … Read more

Shift toward Liquid Staking Derivatives expected after ETH Shanghai upgrade

The Ethereum (ETH) Shanghai upgrade is due to release March, enabling withdrawals from beacon chain and allowing ETH currently staked in ETH 2.0 validators to be unstaked. With over 70% of ETH stakers currently at a loss with their ETH inaccessible, the Shanghai upgrade will enable stakers access to their ETH and decide whether to … Read more

Research: Bitcoin shrimp, crab cohorts aggressively buying; ETH equivalent cohorts selling

Glassnode data analyzed by CryptoSlate showed a significant trend difference between Bitcoin (BTC) and Ethereum (ETH) shrimp and crab cohorts. BTC fundamentals’ core narrative is the reason that so many investors believe in the asset — and buy regardless of the price. Evidence of this can be seen below as Shrimps (who hold one BTC or … Read more

ATOM and SOL beat BTC returns over the past 2 weeks

Altcoins often mirror the price movements of Bitcoin (BTC), the largest cryptocurrency by market capitalization. However, Cosmos (ATOM) and Solana (SOL), over the past two weeks, managed to outperform BTC. Cosmos is up nearly 15% compared to BTC over the past two weeks, Glassnode data indicates. On the other hand, SOL beat BTC by almost … Read more

Research: BTC and ETH bear market started in mid-2021, data suggests

On Nov. 10, 2021, (BTC) established an all-time high of over $68,600, according to CryptoSlate data. On the same day, Ethereum (ETH) reached an all-time high price of $4,864.11, CryptoSlate data shows. The peak in the price of the two largest cryptocurrencies by market cap would lead investors to believe that the market was still experiencing a bull run. … Read more

Research: Nearly $9B worth of ETH was burned in 1.4 years

The second largest cryptocurrency by market cap, Ethereum (ETH), implemented a token burn mechanism on Aug. 5, 2021, through the Ethereum Improvement Proposal (EIP) 1559 upgrade. Since then, nearly $9 billion worth of tokens have been burned cumulatively, data from Glassnode indicates. A total of around 2.8 million ETH tokens have been removed from the … Read more

Ethereum token issuance continues inflationary, deflationary swing

After years in the making, the Merge was finalized on Sept. 15, switching Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The roll-out enacted several benefits, including cutting the chain’s energy consumption by a reported 99% and setting the groundwork for sharding to improve scaling in a future hard fork. The Merge also picked up with … Read more

Research: How Ethereum is gradually becoming a store of value

Ethereum (ETH) might be gradually turning into a store of value based on the volume of the digital asset being held by long-term investors, CryptoSlate’s analysis of Glassnode data revealed. With Ethereum down by more than 70% from its all-time high during the current market cycle, one would think that investors would massively dump the … Read more

Ethereum becomes most deflationary in history as activity spikes amid FTX collapse

Ethereum became the most deflationary in its history, as the annual supply dipped below zero for the first time since the Merge. According to Ultrasound Money, the annual inflation rate has fallen to -0.032/year, which indicates that the network is now burning more Ethereum than its minting. The negative inflation rate has decreased Ethereum’s net … Read more

Ethereum supply concentration in smart contracts hits all time high

The amount of Ethereum’s supply concentrated in smart contracts has hit an all-time high post-merge. Smart contracts now create 0.45% of all Ethereum behind staked Ethereum at 0.57% and Exchange balances at 0.17%. The chart below presents an area view of some of the largest concentrations of the Ethereum supply. Supply regions are shown as … Read more