https://ethmrc.com/authors/coin-metrics/Recent content in Coin Metrics on Ethereum Market Research CenterHugoen-usTue, 27 May 2025 03:51:10 +0000https://ethmrc.com/pectra-after-effects/Tue, 27 May 2025 03:51:10 +0000https://ethmrc.com/pectra-after-effects/<h4 id="assessing-pectras-impact-on-ethereum-staking-and-layer-2-scalability"><em><strong>Assessing Pectra’s impact on Ethereum staking and Layer-2 scalability</strong></em></h4> <p>Author <a href="https://x.com/TanayVed">Tanay Ved</a> at <a href="https://coinmetrics.substack.com/">Coin Metrics</a></p> <p>Since going live on May 7, Ethereum’s Pectra upgrade has delivered meaningful structural improvements, most notably through EIP-7251, which raised the validator max effective balance from 32 to 2,048 ETH, and EIP-7691, which doubled blob space to better support Layer-2 scaling. In the weeks following the upgrade, more than 11,000 validators have consolidated, shrinking the active validator set by approximately 16,000 while keeping total staked ETH stable and increasing the average stake per validator to around 32.4 ETH. Blob activity has risen, with the number of blobs posted to Ethereum growing from about 21,000 to 28,000, although rollup usage still trails the new target capacity of six blobs per block. As blobspace costs have dropped, Layer-2 transaction volumes have climbed, driven by cheaper execution. However, total blob fees remain close to zero, indicating that further fee increases—and full utilization of blobspace—will depend on higher data demand from rollups.</p>https://ethmrc.com/the-evolving-relationship-between-ethereum-and-its-layer-2s/Tue, 08 Apr 2025 03:46:02 +0000https://ethmrc.com/the-evolving-relationship-between-ethereum-and-its-layer-2s/<p><strong>Author</strong> <a href="https://x.com/TanayVed">Tanay Ved</a> via <a href="https://coinmetrics.substack.com/">Coin Metrics</a></p> <p>*A data-driven look at how Ethereum’s Layer-2 growth is reshaping network economics and ETH’s value accrual.<br> *Ethereum’s shift toward a Layer-2-centric scaling model has expanded its ecosystem but reduced mainnet transaction demand, altering its economic dynamics. The Dencun upgrade introduced blobspace, significantly lowering L2 settlement costs and enabling highly profitable rollups like Base, which sparked debate over whether L2s benefit or extract value from Ethereum. As ETH’s returns increasingly hinge on network fundamentals—such as fees and token burn—its recent underperformance signals market unease over weakening value accrual. Upcoming upgrades like Pectra aim to double blob capacity, boost both L1 and L2 demand, and reestablish Ethereum’s long-term value proposition across its modular infrastructure.</p>