Monday Gwei | March Week 3

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 Buterin’s Call to Action: Vitalik Buterin urges a major mindset shift for the Ethereum ecosystem to achieve a global impact.
  • L2 Fee Reduction: Following the Dencun upgrade, Ethereum L2s see a significant decrease in median transaction fees, in some cases by as much as 99%.
  • Ethereum’s Creative Use Case: In a lighter note, the Ethereum community is engaging with the network in novel ways, with the Bee Movie being put on blobs for as little as $5.

Top Layer 2 Solution

  • Total Value Locked (TVL): Arbitrum has a total of $3.4B in TVL, which shows that they are still trusted and investing.
  • Unique Active Wallets (UAW): The number of UAWs has hit 341.8K, which shows that more and more people are using ZkSync.
  • Fees: A lot of money—$3.1M—has been paid in fees across Arbitrum.

Funding

Ten’s Strategic Funding: Ten secures $9M in funding, aimed at expanding its technological footprint.

Elixir’s Development Push: Elixir raises $8M, underscoring its potential in the blockchain market.

NFTfi’s Growth Investment: NFTfi receives $6M, fueling its mission to merge NFTs with financial applications.

Source: Coingecko

The graph shows that ethereum is likely to go down in the short term while continuing to rise in the long term.

ETH stats that matter

Gas Fee: A slight increase in gas fees to $21.9 reflects heightened activity on Ethereum.

ETH Burned: The burn rate remains high with $127.6M worth of ETH removed from circulation.

Revenue: Ethereum protocols have generated an impressive $125.6M in revenue.

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