Ethereum, The Diamond of Blockchains [Ecosystem or Project Analysis]

    Pick your favorite ecosystem or project and tell us why it’s your favorite using data! The most innovative, creative, and promising blockchain, e.g. Ethereum, the diamond of blockchains, has been chosen in this analysis.

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    It can be observed from this section of this analysis that the daily variation of the ETH staking deposits amount and transactions number as well as the number of depositors show a rather fluctuating trend. Moreover, As far as the distribution of the total ETH liquid staking for different platforms is concerned, it can be seen that Lido has the upper hand by far (97.63%).

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    Supplementary Information

    Author: NSA2000

    Twitter of the Author: @NSA2000C

    Discord of the Author: NSA2000#5651

    Data from the new FlipsideCrypto app (https://flipsidecrypto.xyz/)

    Link to this dashboard tweet: https://twitter.com/NSA2000C/status/1625058116382478338?s=20&t=z3RaHztwgX6L-lc2dhyGAQ

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    Introduction

    Ethereum is a technology for building apps and organizations, holding assets, transacting and communicating without being controlled by a central authority. There is no need to hand over all your personal details to use Ethereum - you keep control of your own data and what is being shared. Ethereum has its own cryptocurrency, Ether, which is used to pay for certain activities on the Ethereum network.

    What is the difference between Ethereum and Bitcoin?

    Launched in 2015, Ethereum builds on Bitcoin's innovation, with some big differences. Both let you use digital money without payment providers or banks. But Ethereum is programmable, so you can also build and deploy decentralized applications on its network. Ethereum being programmable means that you can build apps that use the blockchain to store data or control what your app can do. This results in a general purpose blockchain that can be programmed to do anything. As there is no limit to what Ethereum can do, it allows for great innovation to happen on the Ethereum network. While Bitcoin is only a payment network, Ethereum is more like a marketplace of financial services, games, social networks and other apps that respect your privacy and cannot censor you.

    Why would I use Ethereum?

    If you’ve ever sent money overseas (or plan to), or had to worry about the future of your assets due to external forces outside of your control where you live, or been fed up by the numerous restrictions and fees imposed by traditional financial institutions for everyday transactions, you might be interested in what cryptocurrencies have to offer. Bear in mind that Ethereum is a story that is still being written, and many more reasons to use it are being uncovered as it evolves and develops over time.

    Cheaper and Faster Crossborder Payments

    Stablecoins are a novel type of cryptocurrency that relies on a more stable asset as the basis for its value. Most of them are linked to the United States dollar and therefore maintain the value of that currency. These allow for a very cheap and stable global payment system. Many current stablecoins are built on the Ethereum network.

    Ethereum and stablecoins simplify the process of sending money overseas. It often takes only few minutes to move funds across the globe, as opposed to the several business days or even weeks that it may take your average bank, and for a fraction of the price. Additionally, there is no extra fee for making a high value transaction, and there are zero restrictions on where or why you are sending your money.

    [https://ethereum.org/en/what-is-ethereum/] [https://www.ledgerinsights.com/enterprise-ethereum-alliance-declares-public-ethereum-ready-for-enterprise/]

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    Methodology

    Tables

    The following tables are employed from the FlipsideCrypto database, in order to do this analysis on the Ethereum network:

    ethereum.core.fact_hourly_token_prices

    ethereum.core.fact_transactions

    solana.core.fact_token_prices_hourly

    osmosis.core.dim_prices

    flow.core.fact_prices

    ethereum.core.ez_dex_swaps

    ethereum.core.ez_dex_swaps

    ethereum.core.ez_eth_transfers

    ethereum.core.dim_labels

    The aim of this analysis:

    In this analysis, a comprehensive investigation on the Ethereum (ETH) blockchain as the second most important crypto network (after BTC) has been conducted in the most important terms such as swap transactions, transfers variations and trends, staking and liquid staking state, Users' behavior (variation of the number of transactions and users, Gas fee, Gas used and Gwei variation, and ETH price), and NFT market in order to see the differences and trends in different aspects from the first days of the new year until the current time (From 1 Jan to 12 Feb 2023).

    Results and Discussion

    These charts show the daily variation and distribution of the number of swap transactions in general and according to the type of swap transactions as well.

    These pie charts show the most popular DEXes according to the number of swap transactions and users as well as the swap transactions volume.

    These bar charts show the most popular pools according to the number of swap transactions and users as well as the swap transactions volume.

    According to these figures, 'uniswap-v2' and 'uniswap-v3' have the upper hand by far among the most popular DEXes regarding the number of swap transactions and users. As far as the swap transactions volume is concerned, 'uniswap-v3' is the hottest DEX.

    Regarding these charts, 'USDC-ETH 500 10' is the most popular pool according to the number of swap transactions and users as well as the swap transactions volume.

    These bar charts show the daily variation of the number of ETH transfers to/from CEX and users thereof.

    These bar charts show the daily variation of the ETH staking deposits and depositors. Moreover, the pie chart show the distribution of the total ETH liquid staking for different platforms.

    The following bar charts show the daily variation of the total ETH liquid staking amount and depositors. As it can be observed from these charts, the trend of the daily variation of the total ETH liquid staking amount is fluctuating while the daily variation of the total number of the ETH liquid staking depositors is rather constant with some fluctuations.

    In this section, a comprehensive review of the users' behavior in different terms such as variation of the number of transactions and users, Gas fee, Gas used, Gwei variation, and ETH price is reported as follows:

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    The following charts show the daily variation of the number of NFT sales, buyers, and sellers as well as the NFT sales volume. Moreover, the most popular NFT projects according to the number of NFT sales, buyers, and sellers as well as the NFT sales volume have been introduced in this section.

    The daily variation of the number of swap transactions shows a rather increasing trend in general with fluctuations, it must be pointed out that the most number of transacions is reported to be on 10 Feb 2023 (about 3.998M). As far as the distribution of the number of swap transactions according to the type of swap is concerned, it can be concluded that the 'swap from' transactions (79%) have the upper hand by far compared to 'swap to' transactions (21%).

    As far as the daily variation of the number of swap transactions and users according to the type of swap is concerned, it can be observed that these trends for both swap to/from transactions and users is increasing and this is an important indication of the dynamism, vitality, and health of the Ethereum network.

    These charts show that the daily variation of the number of ETH transfers to/from CEX and users thereof has a significant increasing trend from the first days of the new year until the present time.

    The daily variation of the number of transactions and users shows a rather constant trend during the investigated period in this dashboard.

    The daily variation of the Gas fee and Gwei are rather fluctuating, but the trend of the daily variation of the Gas used is rather constant.

    The daily variation of the ETH price is slightly increasing during the past month, however, its price is rather constant after Feb 2023.

    These charts show that the daily variation of the number of NFT sales, buyers, and sellers as well as the NFT sales volume is rather fluctuating.

    'opepen edition' is the most popular NFT project according to the number of NFT sales, buyers, and sellers, however, as far as the NFT sales volume is concerned, 'sewer pass' has the upper hand by far among the other NFT projects.

    Summary

    This analysis aims to conduct a comprehensive review on the Ethereum (ETH) blockchain as the second most important crypto network (after BTC) by employing the new flipsidecrypto app.

    The daily variation of the number of swap transactions shows a rather increasing trend in general with fluctuations, it must be pointed out that the most number of transacions is reported to be on 10 Feb 2023 (about 3.998M).

    The distribution of the number of swap transactions according to the type of swap showed that the 'swap from' transactions (79%) have the upper hand by far compared to 'swap to' transactions (21%).

    The daily variation of the number of swap transactions and users according to the type of swap implied that these trends for both swaps to/from transactions and users are increasing and this is an important indication of the dynamism, vitality, and health of the Ethereum network.

    'uniswap-v2' and 'uniswap-v3' have the upper hand by far among the most popular DEXes regarding the number of swap transactions and users. As far as the swap transactions volume is concerned, 'uniswap-v3' is the hottest DEX.

    'USDC-ETH 500 10' is the most popular pool according to the number of swap transactions and users as well as the swap transactions volume.

    The daily variation of the number of ETH transfers to/from CEX and users thereof has a significant increasing trend.

    The daily variation of the ETH staking deposits amount and transactions number as well as the number of depositors show a rather fluctuating trend.

    The distribution of the total ETH liquid staking for different platforms revealed that 'Lido' has the upper hand by far (97.63%).

    The daily trend of the total ETH liquid staking amount is fluctuating while the daily variation of the total number of the ETH liquid staking depositors is rather constant with some fluctuations.

    The daily variation of the number of transactions and users shows a rather constant trend during.

    The daily variation of the Gas fee and Gwei are rather fluctuating, but the trend of the daily variation of the Gas used is rather constant.

    The daily variation of the ETH price is slightly increasing during the past month, however, its price is rather constant after Feb 2023.

    the daily variation of the number of NFT sales, buyers, and sellers as well as the NFT sales volume is rather fluctuating.

    'opepen edition' is the most popular NFT project according to the number of NFT sales, buyers, and sellers, however, as far as the NFT sales volume is concerned, 'sewer pass' has the upper hand by far among the other NFT projects.

    Conclusion

    It can be concluded that the activity of ETH users in different terms such as swap, transfers, and staking is increasing during this year. It seems that the ETH network is successful to attract the attention of new users in its different aspects and the investigated data in this dashboard revealed that the development and expansion of the ETH network are continuous. As a matter of fact, the results of this dashboard showed that this biocompatible, eco-friendly (after the MERGE upgrade project) and creative network, will significantly grow during the rest of the year 2023.