Ethereum Ecosystem Sees Surge in Daily Active Users and Price Target Raised

• Ethereum daily active users grew from 250,000 in Q1 2020 to 2.25 million in Q1 2024.
• Layer-2 networks like Optimism and Base contribute to Ethereum's scaling.
• VanEck predicts Ethereum to reach $22,000 by 2030 due to high revenue per user.
• Taiko network spends $900,000 on blobs in two weeks, aiming for cheaper transactions.
• Base network by Coinbase generated $6 million in profits in May, leading in TVL. -
• Taiko's decentralized sequencing method aims to improve Ethereum's scalability.

Summary :

The Ethereum ecosystem has seen a significant increase in daily active users over the past four years, with the number now reaching around 2.25 million. This growth is attributed to the increasing demand for Ethereum and its scaling solutions. The Ethereum mainnet had 378,000 active users, while Polygon had 1.3 million, and the other layer-2 networks had a total of 1.5 million active users. Despite the lower user numbers, Ethereum still generates three times more in fees than the top layer-2 networks and Solana combined. Analysts from VanEck have raised their price target for Ethereum, expecting it to hit $22,000 by 2030. The launch of spot Ether ETFs is also expected to push the price of Ether to a new all-time high. However, some warn that inflows into the new crypto ETFs will be lower than those of Bitcoin ETFs. Taiko, an Ethereum layer-2 network, has spent $900,000 on blobs in less than two weeks, resulting in higher costs compared to its competitors. Taiko's design differs from other layer-2 networks as it sequences transactions on Ethereum itself, making it more decentralized but also more expensive. Despite the costs, Taiko believes that if fully utilized, it can reach a sustainable amount of gas fees.

Sources :

- CoinTelegraph
- Decrypt