Leading market analyst Spencer Noon noted in his recent tweet that Ethereum has grown exponentially over the past six years. Nunn described the growth as “ridiculous.”
to the Report The Daily Hoodel tweeted four charts to its 71,800 followers, showing the tremendous growth of the Ethereum network. The first chart shows the annual transactions in the Ethereum network, which was close to zero in 2015 and reached more than 300 million transactions in 2020. Ethereum is projected to reach more than half a million transactions a year by the end of this year. He writes about this:
Ethereum Network is reaching 500 million transactions in 2021.
The second graph that Nun has published is related to the gas (fees) consumed in the Ethereum network. According to the chart, in 2015, almost no fees were paid in the Ethereum network. Meanwhile, according to Nun estimates, by the end of this year, more than 3.5 million ether units will be paid as fees in the network. That’s $ 9.13 billion (at Ethereum’s current price). Nunn wrote in the description of this chart:
By the end of this year, 3.5 million ethers are expected to be used as gas.
The chart below shows the growth in the number of Ethereum users from 2015 to 2021. Nunn wrote about this:
With five months to go until the end of 2021, Ethereum’s annual active addresses are at their all-time high (around 30 million).
In his fourth chart, the analyst looks at the number of smart contracts on the Ethereum network. This amount was less than 5 million in 2017 and reached about 7.5 million in 2019. As the chart shows, the number of smart contracts reached more than 15 million in 2020. According to Noon, by the end of 2021, the record number of smart contracts on the Ethereum network will be broken. He writes about this:
Ethereum is on track to reach a total of 50 million smart contracts by the end of this year.