Digital Asset Research has released a new, comprehensive 79 page analysis of the Ethereum network, including economic activity and valuation measures, insight into the scaling debate, notable milestones within the development roadmap, as well as potential technical and regulatory risks. The economic activity and valuation measures are based on our own proprietary Ethereum blockchain data. In summary:
- We view the Byzantium update positively as it increased the functionality & security of the network.
- Scalability is a crucial determinant in Ethereum’s success and we evaluate several technical proposals.
- Ethereum must scale well beyond the current 22.8 tps maximum to challenge centralized systems.
- Our analysis of on-chain transactions shows significant USD transaction value moving across the network, significantly more than Bitcoin, and more than $10B on some days.
- For valuation, Ethereum’s current Network Value to Transaction Value ratio is slightly above the historical average, but far from elevated.
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