It’s a beautiful day for Vitalik Buterin and the Ethereum team, as Ethereum has stacked nine times more users than it had just four years ago. Ethereum has been living in Bitcoin’s shadow for ages, but this recent news is a step in the right direction of aiming for that sweet top spot of being the number 1 crypto out there.
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Of course, news like this doesn’t come without analysts immediately chopping it up into verifiable pieces of information, and Bitwise has done just that. The crypto ETF issuer confirmed that Ethereum, in Q1 2020, had an average of more than 250,000 daily active users on the platform itself and its scaling solutions, Arbitrum and Polygon. The majority of the users, however, came from Ethereum’s layer-1 mainnet.
If you thought those were impressive numbers, as of Q1 2024, that number (including users on Ethereum layer-2 networks, Optimism, Base, and zkSync) has now become 2.25 million. If you grab your calculators and do the math, that’s nearly nine times more. That’s more than the population of Slovenia! How’s that for “impressive”?
For a random sample, on June 4 alone, Ethereum’s main net had 378,000 active users, Polygon saw 1.3 million, and the remaining four layer-2 networks had a combined 1.5 million active users. That’s a combined 3,178,000 million users!
VanEck Predicts Ethereum (ETH) to Reach $22,000 by 2030
Some have said the numbers are not too great for a platform like Ethereum. However, the focus on L2s has been part of Ethereum co-founder Vitalik Buterin’s plan, which is part of Ethereum’s roadmap. Vitalik has mentioned that a focus on L2s will help in the scaling of the main blockchain. He also likened L2s to the sharding concept of the old ETH 2 plan, which he believes will help all the subcultures in the Ethereum ecosystem to grow. Some people may not like this plan, but you can’t argue with the boss, can you?
One of the people loving the recent growth, however, is VanEck. The crypto ETF issuer, impressed by the numbers Ethereum is doing, now believes that ETHER might just reach a $22,000 valuation as soon as 2030. That is a bold claim for a six-year period. To put that in perspective, Ethereum sells at $3,848.04 at the time of this writing, so it will need to add $18,152 to match that price.
In a blog post published on June 5, VanEck’s head of digital research, Matthew Sigel and two of his colleagues expressed their belief in this new expectation. Just last year, their prediction was $11,800, but with Etheruem’s new user record and user revenue, which is more than most Web2 businesses, they are confident in their new prediction.
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One significant factor they also considered in making this prediction is that if Spot Ether ETFs get approved by the SEC, it will bring a new wave of investors. While this argument sounds plausible enough, we’ll just have to wait until 2030 to see if the prediction comes true or not.
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