Stay Ahead of The Game With Ethereum or Get Left Behind

GM Readers!📪 It's BitDegree Insider, and let's go catch that Web3 wave.

⭐️Today's selection:

• 💎Ethereum Matters
• 😎Cool Facts Tuesday
• 👌Selected Meme of The Day
• 📰Bite-Sized News

ETHEREUM MATTERS

So, yesterday we described how the Shanghai Update allowed stakers to take back their locked funds.

We talked about how this opportunity was not slept upon by many stakers.

Yet, the ETH price didn't take a hit, and it seemed like the number of stakers is not going to decrease dramatically.

And, that was true.

Today the data confirms this prognosis, since today it's official: the amount of staked ETH has surpassed the number of withdrawn ETH.

Reminder: the Shanghai upgrade took place on April 12th. It allowed crypto validators to finally be able to withdraw their staked ETH from the Beacon Chain.

According to yesterday's numbers, the staking volume of 124,000 ETH exceeded withdrawals, which stood at 64,800 ETH.

Some more revealing data: in the past 24 hours alone, there was 94,968 ETH staked, while withdrawals totaled 27,076 ETH.

It looks like the gates were unlocked. But instead of escapees, the Ethereum castle received new arrivals.

ETH price reflects the positive changes really accurately, since, at the time of writing, it sells for over $2,114. 

There's joy and glee in the Ethereum Kingdom, and you can feel it.

Staying Ahead of The Game (Or Getting Left Behind)

Okay, now that was a dramatic sentence. But here this out.

Do you recall when blockchains strived for uniqueness, boasting about their superior speed and features compared to Ethereum?

EOS, Solana, Tezos, NEO, Cardano, TRON, Algorand, Polkadot, Zilliqa, and Waves - each of these blockchains developed distinct ecosystems that varied from Ethereum to a certain degree.

However, this changed in 2020 when Binance introduced its own blockchain, compatible with the Ethereum Virtual Machine (EVM).

This model proved to be more convenient and profitable than creating an ecosystem from the ground up.

The main requirement was to duplicate applications from Ethereum's ecosystem, rebrand them, and attract users through token giveaways or DeFi-protocol liquidity mining programs.

Ctrl+C, Ctrl+V, and a new ecosystem is born. And with zkEVM, migrating applications from Ethereum has become even simpler.

EVM-compatible blockchains are advantageous for both developers and users, who only need to switch the network in MetaMask and utilize familiar Ethereum applications.

But what are the consequences?

Non-EVM blockchains have lost nearly all users and liquidity, with many becoming zombie projects.

EVM-compatible projects have rapidly gained popularity in recent years.

EOS, Cardano, and TRON seem to recognize the trend and have announced plans for EVM-compatible networks.

As the saying goes, the market has spoken.

Increasingly, projects are opting for EVM compatibility rather than building an ecosystem from scratch. Ethereum has withstood the test of time.

TL;DR: The amount of staked ETH has surpassed the number of withdrawn ETH.

COOL FACTS TUESDAY

Today's cool fact is about the same subject. About how Ethereum walked so others could run.

Despite the fact that it already looks like that Ethereum is very much enjoying the momentum that it currently is on...

Ethereum Layer-2 will continue gaining popularity.

After significant growth in 2022, by the beginning of the year, the Ethereum Layer-2 handles on average the same number of transactions as Ethereum mainnet. 

What you see in this graph above, is the traffic that Ethereum mainnet, and Ethereum Layer-2 is currently dealing with.

Here's how the latest numbers compare. On 2023, April 17, the average TPS (Transactions per second) looked like this:

• Ethereum mainnet: 11.71 TPS
• Ethereum Layer-2: 40.65 TPS

As you can see, the numbers truly are eloquent.

We really do live in fascinating times. And to think that this is only the early stage of the whole DeFi world!

Things will continue changing, accelerating, and surprising us. But as always - stay tuned. We'll be here to let you know what's up.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Three Japanese Banks Integrate Ripple-Based MoneyTap to Their Services. Instant domestic bank-to-bank and P2P transfers are on the menu.
• Kyber Network Finds Vulnerability in Its Contracts and Urges LPs to Remove Funds. It's still unclear whether Kyber Network experienced any losses due to this discovery.
• United Arab Emirates to Start Accepting VASP Licensing Applications. 'VASP' stands for 'Virtual Asset Service Provider.'