The high activity of protocols on Ethereum is a positive sign for the future of the ETH

As protocols and Layer 2 solutions continue to improve on Ethereum, the network's state is unfortunately declining in terms of growth and velocity.

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Ethereum is still getting better after its Merge, and meanwhile, the protocols on Ethereum are doing well. The crypto analytics firm Messari reported that the Graph Protocol, a query network protocol for Ethereum, made significant progress in terms of activity.

As the network grew, more curators, delegators, and indexers appeared, showing that it has the potential to keep expanding.

Related: Ethereum turns deflationary for the first time in its history, which could cause the ETH price to drop by 50%.

There has been a lot of activity on the ETH network lately, with many different L2 chains (groups of computers that work together) becoming involved. The amount of L2 gas spent in November was 97 billion units. This is an increase of 170% from the previous year.

The gas spent on Optimism and Arbitrum was significant. The reason for this was that the number of transactions being made on both of these L2 chains had increased. The number of daily transactions on Optimism was 366,000 after a 50% increase over the last month, according to data from Dune.

Source: Dune Analytics

Stakers on the Ethereum network didn’t earn any money even though the network was doing well.

The amount of money that stakers have earned has decreased a lot in the last month. Although some people were worried about Ethereum, more people are using it than ever before. In the last month, the number of people using Ethereum grew by 5.67%.

Source: Staking Rewards

There is still a lot of work to be done in order to make Ethereum a successful platform.

Things aren’t looking good for Ethereum. The number of people using the platform has decreased a lot in the past week. This means that there are fewer new people who are transferring ETH than before.

Ethereum’s value has decreased because people are exchanging it less often.

Source: Santiment

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