The second quarter of 2023 brought significant challenges for the Ethereum network as its revenue experienced a sharp decline. Ethereum network revenue plummeted from $1.27 billion to $847 million during Q2, representing a staggering 33.3% drop.
The network revenue for Ethereum encompasses all transaction fees paid by users to Ether validators, as well as the portion of charges that are removed from circulation through burning.
Given this, the decline in revenue reflects the decrease in overall activity on the platform, especially in the Decentralized Finance (DeFi) market, where developments have been far from welcoming.
During Q2 2023, the DeFi market faced a lean period, characterized by a lack of significant growth and unfavorable events. Notably, hack incidents in the DeFi sector increased by a staggering 63% during the quarter, resulting in losses of $228 million across 79 hacks. This was confirmed by Arltduv, a Crypto Directory in a Twitter Post on July 20, 2023.
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