#Ethereum on-chain fees tell a story of protocol evolution, as DEXs overtake CEXs.
Phase 1: Exchange based trading, alongside retail led ICO mania dominates gas fees.
Phase 2: Trading activity slows in the bear whilst smart contract experimentation continues.
Phase 3: DeFi + DEXs + mass CEX withdrawals dominate gas fees with Exchange related gas fees falling to only ~5% dominance.
#glassnode
Phase 1: Exchange based trading, alongside retail led ICO mania dominates gas fees.
Phase 2: Trading activity slows in the bear whilst smart contract experimentation continues.
Phase 3: DeFi + DEXs + mass CEX withdrawals dominate gas fees with Exchange related gas fees falling to only ~5% dominance.
#glassnode
Forwarded from Canva
#Glassnode data
Bitcoin Whales Now Control 45.6% of BTC Supply & Continue to Aggressively Accumulate.
Bitcoin Whales Now Control 45.6% of BTC Supply & Continue to Aggressively Accumulate.