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@kroeger0x / Introductory Ethereum Metrics 📈📊

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Blocks and Transactions

Two of the most basic units on Ethereum.

The Ethereum blockchain is a computer complete with its own memory, storage, and processor. Transactions are how users interact with the Ethereum blockchain. If you wish to modify or update the state of the Ethereum computer (such as sending ether from your address to someone else), you send a transaction with instructions on how to do so.

"Miners" verify that these transactions adhere to the rules of of the network and add them to Ethereum in groups of transactions known as blocks.

# of Blocks, by day

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# of Transactions, by day

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ETH Transferred, by day

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Ether (ETH)

Ethereum is the public blockchain and virtual computer described above. Ether, or ETH, is the native token of the Ethereum blockchain. It is used to pay for transactions (more on that below), and miners are rewarded newly minted Ether after mining a new block.

In addition to serving these two functions for the Ethereum blockchain, ETH is also a full-fledged financial asset in its own right. For instance, it is used for payments and as collateral for loans. You can see the volume of ETH payments per day on the chart to the left.

Gas

Getting a transaction confirmed on Ethereum isn't free. If it were, the network would be overrun very quickly. In order to get a Ethereum transaction confirmed, you have to pay a fee to cover the computations you're asking for. This fee is known as gas, and it varies depending on the complexity of the transaction. Sending Ether from account to another is relatively simple and costs 21,000 gas. More complex transactions, like a decentralized exchange trade, can cost much more. On the chart to the right, You can see that the average Ethereum transaction costs multiple times the gas of a simple ETH transfer.

The transaction fee is paid in Ether. It is determined by the amount of gas required by a transaction multiplied by another value called the gas price. Miners receive the transaction fees, so they select transactions with the highest gas prices first for inclusion in blocks in order to maximize their revenue. On the chart to the right, you can see that while the gas cost to send ETH is fixed at 21K, the actual transaction fee paid in ETH for a simple transfer varies based on prevailing gas prices.

In order to keep the Ethereum blockchain manageable to run for individual participants, there is a limit to the amount of computation (as measured by gas) that can be performed each block. This is the gas limit, and it's voted on by miners. You can see how the per block gas limit has evolved over time in the chart below.

Avg. Gas Spent Per Transaction

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Cost of an ETH Transfer, by day

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Daily Avg. Block Gas Limit

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Example Contracts

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Contracts

Also known as "smart contracts", contracts on Ethereum are simply pieces of code that are callable via transactions. Like the Ethereum address that underlies a wallet, contracts can send and receive ETH, own tokens, and even own other contracts.

Many of these contracts have their data decoded on Dune! You can find a short list of some of the contracts that are decoded to the left.

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