- For the second time, the daily active addresses of a roll-up surpassed those of Ethereum.
- Sentiment around ETH remained negative last week, but network growth and funding rates were high.
Ethereum [ETH] daily active addresses stood still for several months. While ETH’s metric scale remained at a plateau, roll-ups, on the other hand, flourished.
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Artemis posted a tweet on May 17 saying that for the second time in its history, the daily active addresses of the Ethereum mainnet were flipped by a roll-up landing directly on it.
For the second time in its history, the daily active addresses of the Ethereum mainnet have been flipped by a roll-up landing directly on it
DAU
🏅 zkSync era: 358K
🥈 Ethereum Mainnet: 323K
🥉 Arbitrum: 218K pic.twitter.com/iryoDVmgvo— Artemis 🏹 (@Artemis__xyz) May 17, 2023
Who Outperformed Ethereum?
The roll-up that overtook Ethereum was zkSync era. For starters, zkSync Era is a Layer-2 protocol that scales Ethereum.
It was interesting to see that not only did zkSync outperform ETH in terms of daily active addresses, but their daily transactions were also very close together.
Source: Artemis
However, Ethereum was way ahead of zkSync on other fronts. For example, while ETH had a TVL of over $27 billion, zkSync’s TVL was only about $108 million.
In addition, Ethereum’s DEX volume also remained significant higher than zkSync’s.
Does zkEVM stand a chance?
Polygons [MATIC] zkEVM recently hit the headlines when transaction volume reached new levels always high. Not only that, but also the TVL of the roll-up registered a growth of more than 100%.
However, when put head to head ETH and zkSync, the performance of zkEVM was not comparable. According to Artemis, zkEVM’s daily active addresses and daily transactions were both significantly lower than those of the other two.
Source: Artemis
A look at the state of Ethereum
ETHThe price action has become sluggish lately. According to CoinMarketCapthe price of ETH has increased slightly over the past week.
At the time of writing, ETH was trading at $1,824.01 with a market cap of over $219 billion. Ethereum’s social dominance has remained low most days this past week.
Negative sentiment around the token dominated the market as evidenced by the weighted sentiments. However, it was interesting to see that the investors had confidence in ETH as the supply of top addresses increased.
Source: Sentiment
Read Ethereum [ETH] Price prediction 2023-24
The health of ETH remains fine
Although the market sentiment around ETH were negative, network status looked fair. For example, Ethereum’s network growth has been high, suggesting that new addresses have been created.
Moreover, the speed followed the same trend. A higher speed means that a token is used more often in transactions within a given time frame. ETH’s Binance funding rate was also green, reflecting demand in the futures market.
Source: Sentiment
