Ethereum

2024

Bitcoin ETF

<p>Despite a stagnant price around $3250, far from the hoped-for $4000, Ethereum continues to shine in the cryptocurrency universe. The Ethereum blockchain is experiencing impressive growing onchain activity, particularly thanks to layer 2 blockchains. These latter, in full growth, are transforming the transaction ecosystem and attracting more and more users and investors.</p>
<h2 id="h-a-spectacular-growth-in-onchain-activity">A spectacular growth in onchain activity</h2>
<p>Since the beginning of 2024, Ethereum and layer 2 blockchains (L2) have seen <strong>their onchain activity jump by 127%</strong>. This meteoric growth is explained by the <strong>increase in the number of users and transaction volumes</strong>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>According to a joint report by <a href="https://www.coinbase.com/institutional/research-insights/research/market-intelligence/q2-2024-guide-to-crypto-markets" target="_blank" rel="noopener noreferrer nofollow">Coinbase Institutional and Glassnode</a>, the <strong>average number of daily active addresses on Ethereum and <a href="https://www.cointribune.com/lexique/layer-2/" target="_blank" rel="noopener noreferrer nofollow">L2</a></strong> has seen an unprecedented increase.</p>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">Introducing the Q3 Guide to Crypto Markets by <a href="https://twitter.com/CoinbaseInsto?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CoinbaseInsto</a> and <a href="https://twitter.com/glassnode?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@glassnode</a>.<br><br>This third installment of our collaboration explores the ongoing bull market, the significant role of ETFs in the crypto space, and the surge in on-chain activity.<br><br>Download → <a href="https://t.co/X6fZdScUbq" rel="noopener noreferrer nofollow">https://t.co/X6fZdScUbq</a> <a href="https://t.co/WoxuKwldql" rel="noopener noreferrer nofollow">pic.twitter.com/WoxuKwldql</a></p>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1816400231304491049?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 25, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
 <figcaption class="wp-element-caption">
  The joint report by Coinbase and Glassnode – Source: Glassnode on X
 </figcaption>
</figure>
<p>Vitalik Buterin, co-founder of Ethereum, has described these L2 platforms as the “<em>ultimate playground for action</em>,” attracting not only individuals but also profit-hungry financial institutions.</p>
<p>These L2 blockchains, such as Linea, Base, and Arbitrum, have thus captured attention with <strong>1.8 million active daily addresses</strong>. These solutions allow for <strong><a href="https://www.cointribune.com/en/ethereum-layer-2-the-gas-fee-revolution-with-eip-4844/" target="_blank" rel="noopener noreferrer nofollow">low-cost transactions</a></strong> before transferring them to the main Ethereum blockchain for immutable recording, ensuring both efficiency and security.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://accounts.binance.com/en/register?ref=35547494" target="_blank" rel="noopener noreferrer nofollow">Buy cryptos with Binance</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-the-impact-of-the-ethereum-dencun-upgrade">The impact of the Ethereum Dencun upgrade</h2>
<p>One of the main reasons for this increase in activity is the <strong>Ethereum Dencun upgrade, <a href="https://www.cointribune.com/en/ethereum-dencun-the-planned-upgrade-for-march-2024/" target="_blank" rel="noopener noreferrer nofollow">deployed in March 2024</a></strong>. This update <a href="https://www.cointribune.com/en/crypto-25-billion-and-beyond-the-impact-of-dencun-on-ethereum/" target="_blank" rel="noopener noreferrer nofollow">significantly <strong>reduced transaction fees</strong></a>, dropping them by 58% in the second quarter despite an increase in the number of transactions.</p>
<p>This cost reduction has made <strong>Ethereum more accessible and attractive</strong> for users, thereby boosting onchain activity.</p>
<p>The variety of <strong>use cases</strong>, such as lending, <a href="https://www.cointribune.com/en/crypto-the-rise-of-ethereum-staking-attracts-investors/" target="_blank" rel="noopener noreferrer nofollow">staking</a> and trading, has also played a crucial role in this dynamic.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>The report’s authors predict continued adoption as existing applications mature and new innovative applications emerge.</p>
<p>This development is <strong>a clear sign of the rapid evolution of blockchain technology</strong>, which translates into increased adoption and the rise of Ethereum in the cryptocurrency field.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>
<h2 id="h-blackrock-and-its-ambitious-bet-on-ethereum">BlackRock and its ambitious bet on Ethereum</h2>
<p>The investment giant BlackRock has recently strengthened its presence in the cryptocurrency market with the <strong>launch of new Ethereum (ETH) spot ETFs</strong>.</p>
<p>Despite regulatory hurdles and initial skepticism, these ETFs have garnered significant investor interest, demonstrating strong institutional confidence in Ethereum’s long-term potential. <strong>In just a few days, the iShares Ethereum Trust ETF (ETHA) accumulated 77,000 ETH</strong>, approximately $277 million.</p> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:ETHUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:ETHUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">ETHUSD chart</span></a> by TradingView
 </div>
</div> 
<p>This strategic move by BlackRock, which already holds a <strong><a href="https://www.cointribune.com/en/bitcoin-etf-blackrocks-ibit-skyrockets-50-in-just-5-months/" target="_blank" rel="noopener noreferrer nofollow">dominant position</a> in the Bitcoin ETF market</strong>, underscores the evolving landscape of digital assets and the growing intersection between traditional finance and blockchain technology.</p>
<p>Nate Geraci, president of the ETF Store, stated that the integration of staking in Ethereum ETFs is a matter of “<em>when, not if</em>,” indicating a continued and positive evolution for the Ethereum ecosystem.</p>
<p>Nonetheless, Tron is positioning itself as <a href="https://www.cointribune.com/en/crypto-tron-surpasses-ethereum-with-8-1-billion-transactions/" target="_blank" rel="noopener noreferrer nofollow">a major competitor to Ethereum</a> with its 81 billion transactions. As blockchains continue to develop and innovate, competition in the cryptocurrency space intensifies, promising exciting developments to come.</p>

Ethereum and Layer 2 blockchains: Spectacular surge in on-chain activity in the first half of 2024

Table of Contents

Cointribune EN

Другие статьи, опубликованные 28 июл. 2024 г.

FLOKI’s Breakout Potential: Major Exchanges and New Projects Propel Growth

JASMY Sees 111% Spike in Trading Volume and Breaks Above 50 Daily Moving Average, Eyes $0.05 Pric...

Harris’s Team Reaches Out to Crypto Industry to Repair Relations

Trump Fuks Kamala (TRUMPKAM) Memecoin Will Explode Over 19,000% Before Exchange Listings, As SHIB...

Spot Ethereum ETFs Up To A Slow Start, Record $341 Million Net Outflow In First Week

Shiba Inu’s next move: Key SHIB signs point to a breakout above…

Join our free newsletter for daily crypto updates!