Ethereum’s network activity remained stable in Q2. However, the new quarter might look different, as the token is currently undergoing a bull rally.
Q2 2023 began on a good note as its price registered an uptick. However, things did not take long to turn sour, as its value plummeted over the next few weeks.As per Messari’s report, Ethereum’s network activity remained pretty consistent last quarter compared with the first quarter of the year. In Q1, Ethereum had an average daily address of 0.42 million, while in Q2, it declined slightly to 0.41 million.
However, its average daily transaction remained the same both in Q1 and Q2, as the number stood at 1.05 million. Additionally, the blockchain witnessed overall growth as the total number of unique addresses rose from 227 million to 237 million in the last three months.staking would witness a decline. However, the opposite turned out to be true. May and June saw the highest and second-highest monthly net inflows into the staking contract, respectively.
Regardless, layer-2s have posed a new challenge for ETH, as they have gotten considerably cheaper than the latter during the last quarter. Talking about NFTs, Q2 started with a spike in the metrics, which later declined. But the good news was that during the concluding weeks, ETH’s total NFT trade counts and trade volume in USD shot up considerably, reflecting ETH NFTs’ popularity.Ethereum’s weighted sentiment mostly remained on the negative side throughout the last quarter. This suggested that negative sentiment around the token prevailed in the market.
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