Spencer Noon, a crypto veteran, is examining what he considers Ethereum’s (ETH) ridiculous growth” over the last six year. His research suggests that ETH’s fundamentals and on-chain measurements have been improving over time. Noon is sharing four Ethereum charts which show the progress ETH has made, with his 71,800 Twitter followers.
The first graph shows that annual ETH network transactions increased from practically nil in 2015 to over 300 million in 2020. Ethereum, according to Noon, will have completed half a billion transactions by the end of 2021.
“The Ethereum network is on pace to do more than 500 million transactions in 2021.”
The quantity of gas consumed to complete transactions on the Ethereum network is depicted in Noon’s second graph. No transaction fees were received in 2015, according to the graph, but Noon predicts that by the end of 2021, ETH gas will have surpassed 3.50 million ETH – worth nearly $9.13 billion at the time of writing.
“3.5 million ETH is projected to be used for gas this year.”
“Even with 5 months left in 2021, ETH yearly active addresses are already at all-time highs (~30 million).”
According to Noon’s final graph, the number of smart contracts created on the Ethereum network increased from less than 5 million in 2017 to more than 7.5 million in 2019, and then surpassed 15 million in 2020. Ethereum, according to Noon, will set a new record for deployed contracts by the end of 2021. With only 5 months until the year officially ends in 2021, the figure might well surpass 60 million.
Ethereum is on pace to hit ~50 million smart contracts deployed all-time by the end of this year.”