Exploring the EVM activity on the new Flow Blockchain upgrade
Flipside AI
Flow's EVM integration demonstrates remarkable early performance, with a 99.01% transaction success rate and an extremely low average transaction fee of $0.00006. The ecosystem has attracted 11,250 unique wallets and processed 2,522,575 total transactions, showing promising stability and potential for blockchain interoperability. Transaction latency is gradually improving, with EVM performance trending towards optimization, while maintaining consistently low and cost-effective transaction fees.
The Crescendo Upgrade marks a pivotal moment in the evolution of the Flow Blockchain, introducing the long-awaited integration of Ethereum Virtual Machine (EVM) compatibility. With this upgrade, developers on Flow can now access Ethereum-like features, enabling greater interoperability, seamless gasless and scripted transactions, and reducing friction for users and builders alike. By bridging Flow's unique architecture with Ethereum's developer ecosystem, Crescendo aims to boost Flow's capabilities in DeFi, NFTs, gaming, and beyond.
Advantages of the Crescendo Upgrade:
- EVM Integration: Developers familiar with Ethereum can now deploy their dApps on Flow with ease, leveraging Flow’s high-throughput, low-latency performance and cost-effective environment.
- Gasless Transactions: A reduction in transaction fees, making it more accessible for users to interact with decentralized applications.
- Cross-Chain Compatibility: Allows projects to build applications that can seamlessly interact with both Flow and Ethereum ecosystems, opening doors to new DeFi and NFT use cases.
This dashboard is designed to provide a comprehensive comparison between EVM and non-EVM activities on Flow following the Crescendo Upgrade. By examining key metrics, the early impact of EVM integration and its potential to enhance Flow's ecosystem can be evaluated. The following metrics are analyzed:
1. Number of Transactions: Compare the volume of transactions occurring on the EVM layer with those on Flow's native chain, helping us gauge user adoption and transaction activity post-upgrade.
2. Success Rate: Evaluate the percentage of successful transactions for both EVM and non-EVM activities, allowing us to measure the stability and reliability of the EVM integration.
3. Average Transaction Fee: Examine the cost-effectiveness of transactions, comparing the fees required on EVM vs. non-EVM transactions to highlight the economic benefits of Flow’s native architecture.
4. Transaction Latency: Assess the speed at which transactions are finalized by comparing the average time taken for transaction completion across both environments.
5. Active Users: Track the number of unique wallets engaging in EVM and non-EVM transactions to see how the user base is shifting with the new capabilities offered by the Crescendo upgrade.
The Crescendo Upgrade has set the stage for a new chapter in Flow’s journey, positioning it as a leading blockchain for both developers and end-users. Through this dashboard, we've compared EVM and non-EVM activities on Flow, providing valuable insights into the impact of this upgrade. The following are the most interesting insights extracted from the analysis:
- EVM Activity vs. Non-EVM: General activity on EVM is still far lower than non-EVM, reflecting early adoption challenges as developers and users begin exploring the new functionalities.
- Success Rate: Despite the lower volume of transactions, EVM transactions have shown a significantly higher success rate compared to non-EVM activities, demonstrating early stability in the EVM integration.
- Transaction Fees: The average transaction fee on EVM is notably lower than on Flow's native chain, a clear advantage for users engaging with decentralized applications.
- Transaction Latency: While EVM latency is currently higher than non-EVM transactions, it is rapidly improving and moving closer to non-EVM latency levels, suggesting that performance optimization is already underway.
As EVM integration matures on Flow, the idea is to further explore block performance and transaction efficiency. The future analysis will dive deeper into:
- Block finality times on EVM vs. non-EVM.
- Gas efficiency and scaling solutions.
- Comparative analysis of smart contract execution performance across both environments.
- Patterns in NFT and DeFi activities to assess the impact on user behavior and application growth.
These insights will help shape the understanding of Flow's growing ecosystem and its evolution in the post-Crescendo era.