February 4, 2023

  • 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.

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.

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.

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