According to data from glassnode, the number of Ethereum addresses holding more than 0.1 ETH has just achieved a new all-time high, indicating that the network is doing well. The total number of these addresses is presently around 6.823 million.
Ethereum’s popularity and use has surged in recent years, owing to the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs). The number of these addresses increased dramatically in 2021, from around 3.5 million to 6 million.
Ethereum’s mining hash rate recently surpassed 1.1 PH/s, setting a new all-time high. This comes as the network moves closer to adopting a proof-of-stake method.
In the last two years, though, it hasn’t all been good news for Ethereum. For many users, gas fees have become a big issue because they cannot afford to conduct transactions that would result in hundreds of dollars in penalties.
The fact that the average transaction fee on Ethereum has reduced by nearly 50% in the last two weeks provides some hope. Layer-2 scaling solutions, such as Loopring, Confidence, and Arbitrum One, have also given rise to a lot of optimism in this respect. Transaction fees are negligible with these networks.
With the ETH 2.0 version, Ethereum is transitioning to PoS, though developers are considering changing the name.
This is to avoid confusion among new users, with the ‘consensus layer’ being the replacement name under consideration.
In the latest market crisis, ethereum, like the rest of the crypto market, has suffered a significant damage. But, according to Pantera’s CIO, the future looks bright.
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