- Ethereum witnessed falling revenue per core developer
- Despite this, private investors and validators continued to support Ethereum
According to a tweet from Token Terminal on December 11, the amount of Ethereum [ETH] revenue per developer had fallen significantly since the start of the bull market. With ETH facing increasing volatility after the To mergeFalling revenues could create additional problems for Ethereum.
At the height of the bull market last year, Ethereum had a ‘revenue per core developer’ of ~$100 million 🤯
Right now the figure is ~$3 million pic.twitter.com/Q6eaTPt81w
— Tokenterminal (@tokenterminal) December 11, 2022
Read Ethereum [ETH] Price prediction 2023-2024
As shown in the image below, revenue per core developer dropped significantly. This was done as the total number of core developers being worked on Ethereum declined in recent weeks. The same cam can be seen in the chart below.
Source: Token Terminal
Despite this and other FUD surrounding Ethereum, private investors continued to show their support for the altcoin. According to data Sourced from Glassnode, a crypto analytics organization, the number of non-zero addresses on the Ethereum network reached an all-time high of 91.1 million on December 12.
📈 #Ethereum $ETH The number of non-zero addresses just reached an ATH of 91,104,236
View stats: https://t.co/beS1MtIgAZ pic.twitter.com/d859yPOaRI
— glassnode alerts (@glassnodealerts) December 12, 2022
In addition, activity on the network also increased. The graph below shows that the number of transfers on the Ethereum reached a four-month high on December 12.
Source: glasnode
Validators remain unfazed
In addition to the above information, the number of validators on the network has grown by 4.96% in the last 30 days. At the time of writing, there were 486,000 validators on the Ethereum network.
The network’s validators continued to support Ethereum despite revenue falling 25.66% in the past 30 days, according to Turn off rewards.
Source: Staking Rewards
Holders go to HODL
It wasn’t just validators showing support for Ethereum. From the image below, it can be seen that despite the rising prices of Ethereum, the daily transaction volume fell in profit.
This indicated that while many Ethereum holders had a chance to profit from this recent rally, they decided not to sell and hold on to the altcoin. In addition, interest in whales around Ethereum has grown in recent days, according to Santiment.
Source: Sentiment
While there is a lot of volatility surrounding the crypto market, it seems that the crypto community was in favor of sticking to their Ethereum Tokens.
