Blockchain

Ethereum Number Of Non-Zero Wallets Prints All-Time High

Although the Ethereum (ETH) price is still 75% down from its all-time high registered on November 10, 2021, one of its on-chain metrics spiked to record-breaking highs.

Ethereum, the most popular smart contracts network and second-largest blockchain, sees one of its most crucial metrics breaking a new record. The number of non-zero wallets on ETH sets a new record of over 83 million.

According to Glassnode, the top on-chain analytical service, approximately 83,662,470 wallets on the Ethereum blockchain have non-zero balances as of July 9, 2022.

This network typically grows in tandem with the adoption of DeFi and dApps. This measure tracks not just retail users’ wallets, but also automatically generated addresses used in DeFis.

Only once in Ethereum’s history has this indicator stopped rising: after the Ether price peaked in May 2021, the net number of non-zero addresses decreased.

Meanwhile, Ethereum inches closer to its most crucial milestone in years, The Merge. This upgrade is set to move Ethereum blockchain from a Proof-of-Work consensus to a Proof-of-Stake one.

On July 7, 2022, The Merge was activated in Sepolia, the new ETH testnet. In the coming weeks, The Merge is expected to come to Goerli – the last testing network before mainnet activation.

At the time of writing, ETH is changing hands at $1,218, down 0.16% in the last 24 hours.

ETH daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.