2023 Ethereum Ecosystem Review: Liquid Staking and L2 Lead Development

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Review and Outlook of Ethereum Development in 2023

In 2023, the development of Ethereum mainly revolves around two main lines: liquid staking and Layer 2 (L2).

In April, Ethereum completed the Shanghai upgrade, opening up staking withdrawals and entering the "interest rate control" era. Contrary to market expectations, the upgrade did not lead to massive selling pressure; instead, it attracted more deposits, making liquid staking the hottest DeFi track.

The L2 sector is developing rapidly. The Arbitrum airdrop continues the "wealth creation myth" while raising the airdrop expectations for other L2 projects. With the success of Base and the upcoming Cancun upgrade, concepts such as modularity, parallel EVM, data availability (DA), and decentralized sequencers are becoming increasingly popular. The rapid development of L2 has driven up the prices of related tokens, making it one of the most notable sectors in 2024.

The following are the main data performances of liquid staking and L2 in 2023:

  1. After the Shanghai upgrade until the end of the year, the total amount of Ethereum deposits is approximately 17.3061 million ETH, and the total amount redeemed is about 8.1135 million ETH. The cumulative staking total has increased by 10.8242 million ETH, an increase of about 60%, but the growth rate has明显放缓. This indicates that the attractiveness of staking deposits has decreased.

Data on Ethereum 2023: Staking amount +60%, Annual supply -0.28%, Average TVL of 12 L2s +333%

  1. The analysis of the relationship between Ethereum staking deposits and other DeFi activities shows that in the short term, when prices drop significantly, funds tend to flow from DeFi to staking deposits; when prices rise significantly, funds flow out of both staking and DeFi activities.

Ethereum Statistics 2023: Staking Amount +60%, Annual Supply -0.28%, Average TVL of 12 L2s +333%

  1. In 2023, Ethereum has burned a total of approximately 1.0935 million ETH in transaction fees. The supply has decreased by about 341,800 ETH, a reduction of approximately 0.28%. Overall, a slight deflation has been achieved, but the degree and trend of deflation are not obvious.

Ethereum 2023 in Numbers: Staking Amount +60%, Yearly Supply -0.28%, Average TVL of 12 L2s +333%

  1. Among the 34 L2s, Optimistic Rollup and ZK Rollup each account for 11. Most are in the early stages of technology, with 17 only implementing state submission functionality (STAGE 0), including popular ones like OP Mainnet, Base, zkSync Era, Starknet, etc.

Data on Ethereum 2023: Staking Amount +60%, Annual Supply -0.28%, Average TVL of 12 L2s +333%

  1. The highest TVL in L2 is Arbitrum One ($9.37 billion) and OP Mainnet ($6.05 billion). The ones with significant TVL growth this year include Manta Pacific, Starknet, and Polygon zk EVM.

Ethereum 2023 in Numbers: Staking Amount +60%, Annual Supply -0.28%, Average TVL of 12 L2s +333%

  1. The most traded networks in 2023 were Arbitrum One (over 275 million transactions) and zkSync Era (over 218 million transactions). By the end of the year, both had TPS that briefly surpassed Ethereum.

Ethereum Statistics 2023: Staking Amount +60%, Annual Supply -0.28%, Average TVL of 12 L2s +333%

  1. The number of independent addresses and daily active addresses for L2 has increased significantly. The highest year-on-year growth in independent addresses is Base (over 7166% growth), while the highest year-on-year growth in daily active addresses is Mantle (over 886% growth).

Numbers on Ethereum 2023: Staking amount +60%, Annual supply -0.28%, Average TVL of 12 L2s +333%

Ethereum Statistics 2023: Staking amount +60%, Annual supply -0.28%, Average TVL of 12 L2s +333%

  1. Among the main Rollup-type L2s, zkSync Era has the highest annual revenue ($22.26 million), followed by Arbitrum ($16.53 million). Both Base and Optimism have revenues of less than $6 million.

Ethereum Statistics 2023: Staking Amount +60%, Annual Supply -0.28%, Average TVL of 12 L2s +333%

  1. The cryptocurrency with the highest price increase in 2023 is IMX (up over 454%), followed by METIS and OP (both up over 300%). ARB performed moderately, with a total increase of only 14.81% for the year.

Data on Ethereum 2023: Staking Amount +60%, Annual Supply -0.28%, Average TVL of 12 L2s +333%

Looking ahead to 2024, more L2 projects may issue tokens. Balancing fee income and DA costs, as well as providing value support for tokens, will be important issues that need to be addressed in the development of L2.

Numbers on Ethereum 2023: Staked amount +60%, Annual supply -0.28%, Average TVL of 12 L2s +333%

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WhaleMinionvip
· 07-18 18:05
L2 told me to enter a position.
View OriginalReply0
PumpingCroissantvip
· 07-18 10:55
Oh dear, l2 is still not cheap enough.
View OriginalReply0
GasFeeBeggarvip
· 07-17 20:54
When will the gas come down?
View OriginalReply0
LiquidationAlertvip
· 07-16 10:14
L2bull is all it takes.
View OriginalReply0
OfflineValidatorvip
· 07-16 02:55
Why not stock up on some OP and ARB first?
View OriginalReply0
PermabullPetevip
· 07-16 02:54
Just do L2.
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ZKProofEnthusiastvip
· 07-16 02:47
Three layers are still acceptable.
View OriginalReply0
DeepRabbitHolevip
· 07-16 02:40
L2 is indeed a bull, just waiting to enter a position next year.
View OriginalReply0
gas_fee_therapistvip
· 07-16 02:37
L2 is really expensive, comparable to robbery.
View OriginalReply0
ChainSpyvip
· 07-16 02:33
Is this 60%? So exaggerated.
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