What is Ethereum?

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin.

What are gas fees?

A gas fee is a blockchain transaction fee, paid to network validators for their services to the blockchain. Without the fees, there would be no incentive for anyone to stake their ETH and help secure the network.

What is EIP 1559?

EIP-1559 introduced a more sophisticated and fair system of gas fees with a base fee per block and a tip for the miner. The base fee makes sure that the transactions get included in the blocks, and the tip is to reward the miners. With EIP-1559, the gas limit of the blocks doubled.

Introduction

Welcome to the Web3 industry dashboard! This dashboard will allow us to explore some key indicators of the health of the Web3 industry, including the projected ETH supply growth for 2023 based on various average gas prices, the highest value DEX swap by protocol, the location with the most DEX swaps by protocol, and the highest gas consuming NFT mints. By analyzing these indicators, we can gain a better understanding of the current state of the Web3 industry and identify trends and patterns that may be relevant for future development and investment. So let's dive in and see what we can learn about the Web3 industry!

Ethereum Dex Activity 2022

Analysis

Based on the graphs showing the DEX activity on Ethereum, we can draw the following conclusions:

1. Curve is the DEX with the highest swap sizes and most volume on Ethereum: This suggests that Curve is a popular and heavily used DEX on the Ethereum network, with a large number of users and a high volume of swaps taking place. This is a good indicator of the overall health and growth of Curve.
2. Uniswap is the most active DEX in terms of users, with more than 3x the number of users of other DEXs most days: This indicates that Uniswap is a popular and widely used DEX, with a large user base and a high level of activity. This is a positive sign for the growth and success of Uniswap.
3. In 2022, 2.69 million wallets swapped 15.6 trillion USD worth of tokens on ETH DEXs: This is a significant amount of activity on the Ethereum DEXs, and suggests that DEXs are an important and widely used component of the Ethereum ecosystem. It is important to continue monitoring this trend to understand the potential causes and implications for the future.

NFT Mints Gas Fees

Eth Supply Nov/Dec 2022

Analysis

Based on the graphs showing the number of transactions on Ethereum and the Gwei burn rate, we can draw the following conclusions:

1. Most days there are between 800k and 1.2 M transactions on Ethereum: This suggests that Ethereum is a highly active and popular platform, with a large number of users and transactions taking place on a daily basis. This is a good indicator of the overall health and growth of the Ethereum network.
2. If transactions continue at current rates, over 7 billion Gwei will be burnt in 2022: This is an important factor to consider, as the burn rate of Gwei is a measure of the resources being used on the Ethereum network. High Gwei burn rates can indicate that the network is being heavily utilized and may be reaching capacity, which could have implications for scalability and the overall performance of the network.
3. In November and December of this year, the average Gwei burn is between 15 million and 30 million per day: This is a significant decrease compared to the overall burn rate for the year, and could indicate a slowing in the activity on the Ethereum network or a shift in the types of transactions being processed. It is important to continue monitoring this trend to understand the potential causes and implications for the future.

\n

Analysis

Based on the graphs showing NFT mint gas fees and the most gas intensive NFT mints on Ethereum, we can draw the following conclusions:

1. The majority of NFT mint gas fees were paid in the spring and fall of 2021: This suggests that there was a significant increase in NFT minting activity during these time periods, possibly due to a surge in interest or demand for NFTs. It is important to continue monitoring this trend to understand the potential causes and implications for the future.
2. The 4 most gas intensive NFT mints have all had over 2K ETH spent in gas: This indicates that these NFT mints are highly active and resource-intensive, and suggests that they are popular or in high demand. It may be worth examining these NFT mints in more detail to understand their success and potential for future growth.
3. In total, 32K ETH was paid for minting NFTs on ETH: This is a significant amount of activity and suggests that NFT minting is an important and widely used component of the Ethereum ecosystem. It is important to continue monitoring this trend to understand the potential causes and implications for the future.

Conclusion

In conclusion, the Web3 industry has shown significant growth and activity in 2022, as indicated by various indicators such as the high number of transactions on Ethereum, the high volume of DEX swaps, and the popularity of NFT mints. However, it is important to continue monitoring these trends and indicators to understand any potential shifts or changes in the industry. The analysis provided in this dashboard offers valuable insights into the current state of the Web3 industry and can inform future development and investment decisions. Thank you for using this dashboard to explore the Web3 industry.