Monday Gwei | December Week 4

From the average gas fee, to ETH burned, Monday Gwei covers it all.

This week,

  • Top Ethereum News
  • Top Layer 2 Solution
  • Funding
  • ETH stats that matter

Monday Gwei is a weekly account of what is happening in the Ethereum ecosystem.

Top Ethereum News

  • Vitalik’s Ethereum Vision: Vitalik Buterin supports Single Slot Finality to strengthen Ethereum PoS design, demonstrating his dedication to network improvement.
  • Buterin’s Cypherpunk Revival: Vitalik wants to return to Ethereum’s cypherpunk beginnings, igniting the community’s spirit.
  • Tether’s USDT Move: Tether mints a massive $1B USDT for ‘stocking restock’, as verified by CEO Paolo Ardoino, indicating confidence in the stablecoin’s demand.

Top Layer 2 Solution

  • Total Value Locked (TVL):: At $2.5B, Layer 2 solutions continue to grow, bolstering Ethereum’s scalability narrative.
  • Unique Active Wallets (UAW): With 363.3K active wallets, Layer 2 platforms are gaining popularity.
  • Fees: Due to its $1.6M fee revenue, Layer 2 networks are not a passing trend.

Funding

This week witnessed few fundraising events.

Farcana’s Financial Injection: With $10M, Farcana can expand in the blockchain field.

GoDID’s Financial Milestone: $30M fundraising round launches new growth and development phase.

Formless Funding Surge: Formless raises $2.2M on the investing wave.

Source: Coingecko

The cryptocurrency price experienced a significant uptrend in the week of December 25, 2023, to January 1, 2024, reaching a peak before undergoing a correction towards the end of the period.

ETH stats that matter

Gas Fee: Starting the year, the average petrol charge has been $6.5, indicating a user-friendly network.

ETH Burned: Ethereum’s deflationary narrative continues with $38.17M in ETH burned.

Revenue: Protocol revenue this week is $39.75M, demonstrating the network’s resilience.

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