In the first quarter of 2022, the income of Ethereum cryptocurrency (ETH) miners increased by 46% compared to the indicator recorded for the same period in 2021.
According to a Bankless report, miners earned $2.4 billion in the first trimester of 2022. 87% of the $2.1 billion in mined coins were removed from circulation through the burn mechanism, causing Ethereum’s inflation rate to drop from 1.10% to 0.51%.
From January to March, there was a significant increase in the popularity of stacking. The number of blocked ETH increased by 111% to 10.9 million. Demand for DeFi also increased because the value of Ethereum in smart contracts services increased by 82% to $89.5 billion.
Dynamics of change in the number of stacked ETH coins
In relation to the first quarter of 2021, the volume of traded NFTs issued in the ETH blockchain increased almost 192 times to $116.4 billion. Non-exchangeable tokens from the Bored Ape Yacht Club (BAYC) collection were the most expensive. At the end of the trimester, the minimum price of NFT BAYC reached 108.93 ETH ($351000 at the exchange rate at the end of March).