The number of daily active addresses associated with Ethereum, the second-largest cryptocurrency, has recently broken a record high.
In Advance of the Merge Event, Ethereum Achieves a New and Significant Milestone
The number of daily active addresses associated with Ethereum, the second-largest cryptocurrency, has recently broken a record high.
The explanation of the unexpected surge in daily active addresses on the Ethereum network is currently unknown. The network suffered a significant increase in the number of active addresses.
Yesterday, more over 1.1 million different addresses participated in ETH transactions, which is an incredible 48 percent more than the previous record. It is now uncertain what exactly caused the unexpected uptick in activity to occur.
According to the findings of a researcher at CoinMetrics named Kyle Waters, the significant growth can be ascribed to sending addresses. The total number of addresses that were capable of receiving mail did not significantly change.
In addition to this, the number of Ethereum transactions ranging from $100 to $1,000 in value increased significantly. About 621,691 incoming Ethereum transactions were received by Binance.
The rapid increase can be ascribed to Binance executing a maintenance sweep rather than expanding adoption, according to Conor Grogan, head of strategy at American cryptocurrency exchange Coinbase. Grogan made this assertion based on information provided by Binance.
In the interim, the price of the cryptocurrency experienced a meteoric rise of over 15 percent shortly after the Federal Reserve of the United States increased the benchmark interest rate by 75 basis points.
On the verge of the Merge event, which will mark the completion of Ether’s shift to the proof-of-stake consensus method, the cryptocurrency has enjoyed a revival in its value.
According to a recent article published by U.Today, the Chief Executive Officer of Digital Currency Group, Barry Silbert, recently tweeted that he was “genuinely pleased” about the long-awaited network improvement.
On the other hand, it is important to keep in mind that Ethereum will not be able to solve all of its scaling problems immediately after implementing the Merge.
Following the event, the blockchain will only be partially complete, and it will be necessary for it to go through additional upgrades before its true potential can be realised.
