EthereumPoW: Interest in the network goes bust as…

  • EthereumPoW’S DeFi TVL has clinched an all-time low.
  • Community knowledge reveals a decline in on-chain exercise.

Because the chain turned operational 9 months in the past, the entire worth of property (TVL) locked by decentralized finance (DeFi) protocols inside EthereumPoW’s [ETHW] has declined by 97%, knowledge from DefiLlama confirmed.

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Following an inflow of DeFi protocols to the proof-of-work community a month after it launched in September 2022, the chain’s TVL rallied to an all-time excessive of $6.78 million by 29 October. Nonetheless, embarking on a downtrend ever since, EthereumPoW’s TVL has dropped by 76% this 12 months alone. 

Supply: DefiLlama

State of EthereumPoW

For context, the DeFi undertaking with the very best TVL on the EthereumPoW community is LFGSwap, with a TVL of $95,040. As of November 2022, this was above $2.5 million and has since dropped by 96%.

Within the final week alone, eight out of the fifteen protocols housed inside the chain logged TVL dips, with one declining as little as 85%. 

Supply: DefiLlama

Concerning mining on the community, knowledge from revealed a continued decline in EthereumPoW’s hashrate. At 11.06TH/s at press time, the chain’s hashrate has dropped by 33% because the 12 months started and by 83% since September 2022. 


As anticipated, the drop in mining exercise on  EthereumPOW additionally culminated in an identical downward pattern within the chain’s mining problem. At press time, the community problem was 147.47T. This meant an 82% decline in community problem because the first block was mined on the community when Ethereum transitioned right into a Proof-of-stake (PoS) consensus mechanism in September 2022. 

A lower in a community’s hashrate and mining problem can counsel a discount within the variety of miners. This may be attributable to various elements, akin to diminished rewards for miners or a decline within the worth of the cryptocurrency being mined.

Community exercise within the final 24 hours

Per knowledge from OKLink, EthereumPoW noticed an inflow of recent addresses within the final 24 hours. In keeping with the on-chain knowledge supplier, 426,681 new addresses have been created on the blockchain. This introduced the entire variety of addresses on the chain to 351 million. Notably, the chain has 351 million addresses, however lower than 1% have been energetic within the final 24 hours.

As for its ETHW coin, it traded at $2.02 at press time. It suffered a 2% dip in value within the final 24 hours and a 33% decline in buying and selling quantity


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