Ethereum Adds 500K New Addresses per Week Despite Market Downturn

Ethereum Adds 500K New Addresses per Week Despite Market Downturn

Ethereum adds about 500,000 new wallet addresses per week despite the downturn in the cryptocurrency market. This indicates wider public attention to cryptocurrencies and in particular to Ethereum.

Despite the fact that the cryptocurrency market is in decline, Ethereum continues to accumulate hundreds of thousands of new addresses. In particular, the network adds about 500,000 new wallet addresses every week, surpassing 200 million cumulative addresses, according to cryptanalytic platform Dune, reported Finbold. This shows that the public is paying more and more attention to cryptocurrencies, and those like Ethereum are attracting the most.

Ethereum continues to evolve and is preparing for the launch of the Merge, during which the network will move from Proof-of-Work to Proof-of-Stake consensus. In preparation for the Ethereum merge coming later this year, the developers activated the merge on the Ropsten testnet that happened on June 8. Ropsten's proof-of-work chain was merged with its proof-of-stake beacon chain by combining their codes into one. This merge is critical to verifying that client software running Ethereum nodes works without any glitches. The merger involved client software teams including Lighthouse, Lodestar, Prysm, Teku, Besu, Erigon, go-ethereum (geth), and Nethermind.

At the same time, Ethereum’s total value locked (TVL) in decentralized finance (DeFi) dropped by 35% despite an increase in the number of new addresses. In addition, its dominance in market capitalization has also declined due to the slump in price. On June 8, Glassnode/Twitter reported that the number of Ethereum transfers hit a 19-month low. Ethereum is currently trading at $1,808 as the bear market continues to dominate.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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