- ETHPOW’s TVL has fallen to an all-time low.
- The number of active addresses on the network is less than 1% of the total address.
The total value locked (TVL) on the Ethereum proof-of-work (ETHPOW) network has fallen to its lowest level since launch, as the focus shifts completely from the Ethereum fork.
How much are 1,10,100 ETHWs worth today?
ETHPOW is a fork of Ethereum that went live on September 15, 2022, following the transition of the Ethereum mainnet to a proof-of-stake (PoS) consensus mechanism. After the transition, ETHPOW continued to use a proof-of-work consensus mechanism.
However, having failed to gain the expected traction, decentralized finance (DeFi) TVL has steadily declined since then after peaking at $6.8 million on October 28, 2022.
According to DefiLlamaETHPOW’s TVL was less than $150,000 at the time of writing. At $110,771, the network’s TVL is down 98% over the past year.
Source: DefiLlama
Dead soon?
In terms of ranking, at the time of writing, the DeFi protocol with the highest TVL on ETHPOW was UniWswap, with a TVL of $66,646. As of October 2022, the project’s TVL was over $5 million.
In the past week alone, 14 of the 15 protocols within the chain recorded a TVL drop, with one even dropping by 10%.
Source: DefiLlama
As for mining on the network, data from 2Miners.com revealed a continued decline in ETHPOW’s hashrate. At 9.32 TH/s at the time of writing, the chain’s hashrate has dropped 45% since the beginning of the year and 86% since the launch date.
As expected, the drop in mining activity on EthereumPOW also culminated in a similar downward adjustment to the chain’s mining woes. At the time of writing, the network difficulty stood at 125.87 T, an 84% drop in network difficulty since the first block was mined on the network in September 2022.
A prolonged decline in a network’s hash rate and network issues could make the network less secure, centralized, and profitable. This could make it less attractive to users and developers, leading to a decline in the overall value of the network.
Read EthereumPOWs [ETHW] Price forecast 2023-24
User activity on ETHPOW
According to data from OKLink, ETHPoW saw an influx of new addresses over the past 24 hours. Information from the on-chain data provider showed that 99,000 new addresses were created on the blockchain during that period, bringing the total number of addresses on the chain to 374.71 million.
However, at the time of writing, only 0.053% of this total number of addresses were active in the chain. As for the ETHW coin, it was trading at $1.21 at the time of writing, having registered an 83% drop in value last year, according to data from CoinMarketCap.
Source: CoinMarketCap