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>
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<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>
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     <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>
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<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>
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<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>
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<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>
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<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> 
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<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

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