As a crypto investor with several years of experience in the market, I’ve witnessed Ethereum’s remarkable growth firsthand. The daily active users on the Ethereum network have increased nearly ninefold in just four years, reaching over 2.25 million in Q1 2024. This is a testament to Ethereum’s resilience and adaptability in the face of increasing demand.
Over the past four years, the user base of the decentralized blockchain platform Ethereum has grown significantly, surpassing 2.25 million active users per day as of the first quarter in 2024, based on statistics from Bitwise.
ETF or not, the Ethereum ecosystem is growing. Fast.
— Bitwise (@BitwiseInvest) June 5, 2024
As a crypto investor looking back at Q1 2020, Ethereum and its associated solutions like Arbitrum and Polygon had an impressive average of over 250 thousand daily users. Fast forward to the present day in Q1 2024, and the user base has expanded significantly, reaching approximately 2.25 million. This growth can be attributed to the adoption of Layer-2 solutions such as Optimism, Base, and zkSync, among others.
The transition to layer-2 solutions has led to a decrease in Ethereum’s mainnet to around 378,000 active users, whereas Polygon boasts over 1.3 million users, and the other layer-2 networks collectively have approximately 1.5 million active users.
According to Ethereum co-founder Vitalik Buterin, layer-2 scaling solutions are a crucial aspect of Ethereum’s growth roadmap. He likens this approach to the sharding concept that was part of Ethereum’s earlier development strategy. By fostering advancements in various Ethereum subcommunities, this strategy aims to facilitate Ethereum’s evolution.
VanEck, the organization behind a widely-used crypto ETF, now predicts that Ethereum’s price could reach $22,000 by 2030. This optimistic outlook stems from Ethereum’s substantial revenue per user and its potential to draw in financial market heavyweights and tech giants.
Ether’s price is at $3,862 right now, and there are whispers about upcoming spot Ethereum Exchange-Traded Funds (ETFs). This news has fueled optimism among investors, who believe Ethereum could hit new record highs. Yet, some voices of caution remind us that the inflow of funds into these new crypto ETFs might not be as substantial as what Bitcoin ETFs experienced.
The widespread adoption of layer-2 technologies on Ethereum has led to a user base expansion exceeding 2.25 million daily active users in Q1 of 2024. This substantial growth will significantly transform Ethereum’s scale and enhance its openness.
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2024-06-06 08:38