A Look at the Ethereum Dappverse

Ethereum ranks second in market capitalization after Bitcoin, with a circulating supply of 117,959,821 coins and an infinite maximum supply of coins.

Ethereum’s uniqueness underlies in its being the pioneer of the blockchain smart contract platforms concept. Its interoperable features allows it to work as a base platform for launching numerous other cryptocurrency networks,  and also support the execution of various decentralised smart contracts such as NFTs and DeFi contracts.

Number of Contributors

Ethereum is an open source network with thousands of community contributors globally. Currently,  around 168 energetic code builders are actively engaged in building and updating code per month. 

Number of Issues

Issues let the community track work on the Ethereum network. Once an individual mentions an issue in another issue or a pull request, the issues timeline brings out all the work that is related to it, helping engineers keep track of related work.

Currently, there are 188 open issues on go-Ethereum  with 5801 issues having been closed. There are also 89 open pull requests with 6731 having already been acted upon.

Number of Commits

Commits help track staged changes being along a timeline to a code. Its simply points at a projects underlying health by showing how aggressive or committed the dev team is at updating their projects (a key consideration for the projects supporters) 

Ethereum has about 447 commits per month on Github code repositories and over 12,800 commits so far in 2021. Devs also have  an over 83% backlog clearance uptake which is great score when it comes to resolving bug and code problems on any particular blockchain network

Number of Releases

So far there are 88 core released working executables which mainly aim at lowering gas fees and streamlining the launch and execution of smart contracts on the Ethereum network. 

9 projects are in the “last call”  which is the final review window for an EIP before moving to FINAL. 15 projects are still under the community’s review, 208 stagnant while 22 have been withdrawn for various issues. To view more click here

Number of Forks

A number of forks have been implemented on the Ethereum enroute to transitioning Ethereum into a full Proof of Stake network. EIPs describe standards for the Ethereum platform, including core protocol specifications, client APIs, and contract standards. 

Currently there are 766 EIPs in total, and whereas some are still pending, in August 2021, the most notable upgrade, the EIP-1559 better known as the London Hard Fork went live on mainnet  resolving delay and fee problems experienced by miners.

In late October 2021, Altair, the first beacon chain network upgrade was also launched on the network and will later be merged with other smaller upgrades in moving Ethereum from a POW to POS consensus once all the work is completed. 

Ethereum Staking

Staking is the act of depositing a minimum of 32 ETH to activate validator software.These coins will be locked up on the network until the  Ethereum 2.0 upgrade is over.

Validators/Stakers are responsible for storing data, processing transactions, and adding new blocks to the blockchain. This keeps Ethereum secure for everyone as validators earn you new ETH in the process. This process, known as proof-of-stake, is being introduced by the Beacon Chain. 

Staking rewards on the Ethereum network are based on the participation of stakers. Whereas early stakers would rake in as much as 20% in rewards, this is set to be lowered annually to sit in the 7%-4% range. 

PN: “This data is not final and may be updated from time to time”