Ethereum Fees Jumped 86% in Q1, 2022, $2.1 Billion in ETH Burned

The largest smart contract network Ethereum (ETH) is seeing an unmatched spike in activity, on-chain metrics say. Experts at Bankless podcast shared impressive figures.

NFT trading volume spikes almost 200x year-to-year: Check out the statistics

Bankless, one of the most insightful podcasts on blockchain, crypto and Web3, shared some numbers from its State of Ethereum Q1, 2022, report. Almost every metric increased by orders of magnitude.

Ethereum’s Q1 results are in…

And they are ?ish

A short ? breaking down the results which compare Q1’21 to Q1’22

— Bankless ? (@BanklessHQ) April 29, 2022

To start with, aggregated network hashrate and staked Ethereum (ETH) amount both added 111% compared to Q1, 2021. Ethereum (ETH) network participants raised $2.48 billion in fees compared to $1.7 billion one year ago.

Due to EIP-1559 implementation, the Ethereum (ETH) network destroyed $2.17 billion in equivalent that resulted in a 54% drop in the inflation rate.

However, the most impressive data comes from the non-fungible tokens (NFTs) segment. Net trading volume spiked from $0.6 billion to $116 billion, which is a more than 19,200% increase. CryptoPunks floor price rocketed more than sixfold.

Layer 2s are on fire

Trading on decentralized exchanges also printed a number of records. The net volume of perpetual contracts on Ethereum-based DEXes spiked more than 2,700%, while the spot trading volume witnessed a 667% increase.

The total volume of assets locked (TVL) across Ethereum-based Layer 2 solutions—including the likes of Arbitrum and Optimism—increased by 964%.

Top segment heavyweights closed Q1, 2022, with seven-digit revenues: Arbitrum earned $9.4 million in revenue, while Optimism earned $5.7 million.