• The number of Ethereum addresses holding more than 0.1 ETH has reached a new high

  • According to glassnode data, the number of Ethereum addresses holding more than 0.1 ETH has reached a new all-time high.

    According to glassnode data, the number of Ethereum addresses holding more than 0.1 ETH has just achieved a new all-time high, indicating that the network is in good shape. The total number of such addresses is presently approximately 6.823 million.

    Ethereum’s popularity and use have skyrocketed in recent years, owing largely to the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs). These addresses increased dramatically in 2021, rising from approximately 3.5 million to 6 million in that year.

    Ethereum’s mining hash rate has reached a new all-time high of 1.1 PH/s. This comes as the network moves closer to implementing a proof-of-stake system.

    However, Ethereum has not had all good news in the last two years. Gas fees have become a big issue for many customers, who cannot afford to make transactions that would incur fees in the hundreds of dollars.

    The fact that the average transaction fee on Ethereum has reduced by more than 50% in the last two weeks provides some hope. Layer-2 scaling solutions, such as Loopring, Optimism, and Arbitrum One, have also brought a lot of hope in this direction. Transaction fees on these networks are negligible.

    2022 will be a watershed moment for Ethereum.

    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 new name under consideration being the ‘consensus layer.’

    Ethereum, like the rest of the crypto market, has suffered a significant damage in the current market crisis. But, according to Pantera’s CIO, the future looks promising.

    Other networks, such as Solana and Fantom, are also improving their offerings to entice consumers to migrate, although the latter remains the market’s dominant smart contract and dApp platform. JPMorgan Chase, on the other hand, believes that Ethereum has lost ground to Solana in terms of NFTs.

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