Monday, May 12, 2025
ModernCryptoNews.com
  • Crypto
  • NFTs & Metaverse
  • DeFi
ModernCryptoNews.com
No Result
View All Result

Ethereum’s Dencun fuels 5x hike over $25 billion – All you need to know

March 18, 2024
Reading Time: 4 mins read
0


  • ETH’s complete worth deposited surpassed $25 billion.
  • The heightened demand doubtless stemmed from the anticipation of the Dencun improve.

Over the previous 12 months or so, scaling options have performed a considerable function in boosting demand for the Ethereum [ETH] ecosystem.

Constructed atop the bottom layer of Ethereum, these so-called layer -2 (L2) chains have been envisioned to deal with Ethereum’s scalability downside.

It was deliberate that over time, these L2s would deal with the vast majority of low-value transactions, with the bottom layer caring for safety and decentralization.

Properly, the imaginative and prescient seemed to be turning into a actuality.

Based on a latest submit by on-chain analytics agency Token Terminal, the variety of property bridged from Ethereum to L2s has jumped dramatically within the first three months of 2024.

L1 to L2 deposits

Supply: Token Terminal

Customers capitalize on L2 advantages

Bridging, as you would possibly already remember, is the method of transferring funds from L1 to L2. That is accomplished to benefit from the high-speed and low-cost capabilities of the L2s.

As seen from the information above, the whole worth deposited has surpassed $25 billion as of the sixteenth of March, representing a 5x bounce from the identical time final 12 months.

Arbitrum [ARB] attracted 42% of the whole deposits, adopted by OP Mainnet [OP].

Dencun was the primary driver

The heightened demand in 2024 doubtless stemmed from the anticipation of the Dencun improve, which went stay final week.

The deployment has resulted in a pointy drop in fuel charges on L2s, in some chains by as a lot as 90%. Consequently, customers scurried to get their funds transported to benefit from the cheaper prices.

Win-win for ETH?

The rising demand has additionally spiked on-chain exercise, with L2s settling greater than eight instances the transactions at press time, AMBCrypto famous utilizing L2Beats knowledge.

L2 transactions

Supply: L2Beat

Word that after validation, L2s batch the transactions and ship a compressed model to the bottom layer for settlement.


Is your portfolio inexperienced? Take a look at the ETH Profit Calculator

RELATED POSTS

Will Bitcoin ETF flows turn negative again? What’s causing market jitters

Institutions Bullish on Ethereum despite Low Demand for Spot Ether ETFs

Price Rises Above Downward Trendline And Key MA Levels


For every transaction despatched by an L2, the Ethereum community burns a small share of the whole ETH provide. Consequently, excessive community exercise on Ethereum L2s instantly accrues worth to ETH.

As of this writing, ETH was exchanging fingers at $3,570 with a fall of 4.56% within the final 24 hours, in line with CoinMarketCap.

Earlier: Solana’s 22x hike from 2022’s low flips BNB – Is Ethereum next?
Subsequent: After a 150% pump in 6 hours, will BOME rally yet again?



Source link

ADVERTISEMENT
Tags: BillionDencunEthereumsfuelshike
ShareTweetPin
wpadministrator

wpadministrator

Related Posts

Will Bitcoin ETF flows turn negative again? What’s causing market jitters
Ethereum

Will Bitcoin ETF flows turn negative again? What’s causing market jitters

September 13, 2024
Institutions Bullish on Ethereum despite Low Demand for Spot Ether ETFs
Ethereum

Institutions Bullish on Ethereum despite Low Demand for Spot Ether ETFs

September 12, 2024
Price Rises Above Downward Trendline And Key MA Levels
Ethereum

Price Rises Above Downward Trendline And Key MA Levels

September 12, 2024
Ethereum Whales Increase Supply Share, Now Control 43% Of All ETH
Ethereum

Ethereum Whales Increase Supply Share, Now Control 43% Of All ETH

September 12, 2024
Secured no. 1 | Ethereum Foundation Blog
Ethereum

Secured no. 1 | Ethereum Foundation Blog

September 12, 2024
Vitalik Buterin’s L2 strategy: A closer look at Ethereum’s future
Ethereum

Vitalik Buterin’s L2 strategy: A closer look at Ethereum’s future

September 11, 2024
Next Post

Dogecoin (DOGE) and Tron (TRX) Investors Eye the Ultimate Presale

DeFi Liquidations Highlight Need for More Education and Better Solutions

Recommended

Ethereum’s next rally depends on breaking $2,850 ASAP – Here’s why

Ethereum’s next rally depends on breaking $2,850 ASAP – Here’s why

August 12, 2024
Cardano Price Tapping DeFi TVL Potential To $1

Cardano Price Tapping DeFi TVL Potential To $1

June 19, 2024
The 40+ best anti-Prime Day deals: Best Buy, Walmart, Costco, and more

The 40+ best anti-Prime Day deals: Best Buy, Walmart, Costco, and more

July 16, 2024

Popular Stories

  • What are rebase tokens, and how do they work?

    0 shares
    Share 0 Tweet 0
  • Crypto Whales Gobble Up Over $76,000,000 Worth of Ethereum-Based Altcoin in One Week, Says Analyst

    0 shares
    Share 0 Tweet 0
  • Coinbase CEO Brian Armstrong Says ‘Just Bitcoin’ the Best Option for US Crypto Strategic Reserve

    0 shares
    Share 0 Tweet 0
  • Crypto Trading Platform BitMEX Pleads Guilty To Bank Secrecy Act Violations

    0 shares
    Share 0 Tweet 0
  • Bitcoin, Ethereum, Dogecoin Edge Higher As Market Cheers Solana Spot ETF Filing: Analyst Forecasts King Crypto’s Bounce To $66K If This Condition Holds – Emeren Group (NYSE:SOL)

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Recent News

XRP Network Activity Jumps 67% In 24 Hours – Big Move Ahead?

XRP Network Activity Jumps 67% In 24 Hours – Big Move Ahead?

April 23, 2025
Crypto Industry Contributed $18 Million To Trump’s Inauguration, Ripple Among The Top Donors

Crypto Industry Contributed $18 Million To Trump’s Inauguration, Ripple Among The Top Donors

April 23, 2025

Categories

  • Altcoins
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • DeFI
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • NFTs
  • Regulations
  • Xrp

Follow us

Recommended

  • XRP Network Activity Jumps 67% In 24 Hours – Big Move Ahead?
  • Crypto Industry Contributed $18 Million To Trump’s Inauguration, Ripple Among The Top Donors
  • XRP Tops Weekly Crypto Inflows Despite Market Volatility – The Crypto Times
  • XRP Price Could Soar to $2.4 as Investors Eye Two Crucial Dates
  • XRP Eyes $2.35 Breakout, But $1.80 Breakdown Threatens Bearish Shift – TronWeekly

© 2023 Modern Crypto News | All Rights Reserved

No Result
View All Result
  • Crypto
  • NFTs & Metaverse
  • DeFi

© 2023 Modern Crypto News | All Rights Reserved