The DeFi boom that started last summer became the fuse of this historical bull market that has not yet ended, and as time enters 2021, DeFi’s popularity shows no signs of abating. Although more and more people began to talk about the performance bottleneck of Ethereum, and began to hype that Ethereum is frustrated due to high interaction costs and other issues, causing capital to spill over to the new public chain, but from the first quarter summary of Ethereum announced by Messari In the report, we can see that perhaps the phenomenon of “spillover” does occur, but the premise is actually that the Ethereum network itself has achieved phenomenal growth.
Statistics from Messari show that in the first quarter of 2021, the transaction volume on the Ethereum chain exceeded US$1.5 trillion. Compared with the third and fourth quarters of last year, this data has achieved nearly three times the leaping growth and far surpassed it. The sum of the on-chain transaction volume in the past 8 quarters since the first quarter of 2019. Because of this, transaction costs on the Ethereum chain have increased significantly.
The data released by the Ethereum Gas quotation system GasNow shows that although the frequency of extreme highs in gas fees in the first quarter of this year has decreased compared to last summer, from the perspective of the overall performance of Gas, the median level of gas fees in the first quarter of this year Compared with the third and fourth quarters after the launch of “DeFi Summer” last year, it has achieved approximately double the growth.
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