Monday Gwei | May Week 2

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

  • Regulatory and Business Shifts: Grayscale retracts its application for an Ethereum futures ETF amid a changing regulatory environment.
  • Layer-3 Development: Optimism announces plans to introduce new Superchain features, which will support innovations for layer-3 developers.
  • Token Launch: Eigenlayer unveils its EIGEN token, although it remains non-transferable until September, stirring interest in its governance and operational model.
  • Staking Strategy Changes: ARK and 21Shares decide to remove staking options from their Ethereum ETF proposal, reflecting strategic shifts in their product offerings.

Top Layer 2 Solution

  • Total Value Locked (TVL): Arbitrum reports a total value locked (TVL) of $2.6 billion.
  • Unique Active Wallets (UAW): Arbitrum currently has 1.9 million distinct active wallets, indicating a significant increase in user participation.
  • Fees: The cumulative fees collected by Base amount to $1.7 million.

Funding

  • Lagrange Lab’s Major Raise: Lagrange Lab secures a significant $13.5M funding, aiming to enhance its computational protocols.
  • BAC Games’ Development Boost: BAC Games receives $1.5M, funding that will likely propel its gaming projects on Ethereum.

Source: Coingecko


The Ethereum price chart depicts a sharp decline early in the week, followed by a stabilization and recent surge towards $3,000. Trading volume has remained consistently high, indicating active market participation.

ETH stats that matter

  • Gas Fees: The gas fees remained low this week at $2.5, further lowering the barrier for transactions on the Ethereum network.
  • ETH Burned: Ethereum burned $11.7M worth of ETH, indicating sustained network usage.
  • Revenue: Matching the ETH burned, the revenue this week also stands at $11.7M.

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