In Q2 2023, Ethereum had 340,588 daily active users, with daily transactions limited to 1 million. Staked ETH represents 17% of the total supply, and Ethereum’s Q2 is now burning $5M worth of tokens per day, as per TechFlow. In Q2 of 2023, ETH had 340,588 daily active users, a 3% decrease year-over-year.
Ethereum’s Q2 2023 340,588 Daily Active Users and 5M Dollars Tokens Burned per Day
The daily active user growth has been stagnant since 2021. Over the past year, the number of DAUs in the ecosystem has grown from 400,000 to around 800,000, but this does not necessarily mean that more people interact. Instead, part of ETH’s DAU has also become the second layer of ETH’s DAU. However, the number of daily active users has been improving since Q1 2023 and Q4 2022, when it was down approximately 10%.
The ETH ecosystem includes its second-layer scaling solutions, which are growing healthily and show a healthy network. Layer-two scaling solutions drive its growth; their success is critical to Ethereum. The upcoming implementation of EIP-4844 will significantly impact layer 2 scaling solutions and Ethereum.
The average number of daily transactions on ETH is limited to about 1 million per day, and the number of transactions on Ethereum has almost quadrupled in the past year. The second layer adds up to 2 million transactions per day. Polygon’s PoS chain averages 2.4 million transactions per day. If these transactions were migrated to the Polygon zkEVM chain or another Ethereum’s Q2, it would nearly double the number of daily transactions in the Ethereum ecosystem.
The average daily transaction volume of the entire Ethereum ecosystem will reach 3 million in the second quarter of 2023, up from 2 million in the first quarter of 2023. Staked Ethereum’s Q2 represents 17% of the total supply, and the amount of staked ETH has grown dramatically before and after the successful implementation of Shapella. However, the trend of slowing growth suggests that the amount of staked ETH may not grow as fast as previously expected by more than 50%.
The lower the staking ratio, the higher the staking reward paid to validators and, therefore, the higher the ETH rate of return.
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