The revenues accrued by the Ethereum network rose by 46% from $1.6 billion to $2.4 billion during the first quarter of 2022. Contributing to the growth in the network’s revenues were non-fungible token (NFT) marketplace sales, which rose by more than 19,000% during the period under review.
ETH Inflation Rate Drops to 0.51%
Ethereum’s revenues rose by 46% from $1.6 billion to $2.4 billion during the first quarter of 2022, a new report by Bankless has said. According to the report, about 87% or $2.1 billion of this revenue was removed from the ETH’s circulating supply through the burning mechanism.
The token burning mechanism was made possible by the network’s EIP-1559 upgrade that was carried out in August 2021. As a consequence of this token burning process, the ETH network’s inflation rate — a metric that measures the net change in the supply of ethereum tokens — dropped from 1.10% to 0.51% during Q1.
In terms of the average of daily active addresses, the report states
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