Ethereum seems to have been in hibernation since topping out back in November 2021, but the latest on-chain data from Etherscan points to restless network activity. Covered: Ethereum Unique Addresses Approaching 200 Million Average Gas Price Is Rising Ethereum Burn Is Growing Faster Smart contract protocols have been at the tip of the conversation throughout […] The post Ethereum On-Chain Data Shows That The Network Is Waking Up Again appeared first on CryptosRus.

Ethereum On-Chain Data Shows That The Network Is Waking Up Again

Ethereum seems to have been in hibernation since topping out back in November 2021, but the latest on-chain data from Etherscan points to restless network activity.

Covered:

  • Ethereum Unique Addresses Approaching 200 Million
  • Average Gas Price Is Rising
  • Ethereum Burn Is Growing Faster

Smart contract protocols have been at the tip of the conversation throughout the past two years. But Ethereum (ETH) seems to be getting old for a lot of the community, as other blockchains like Solana, Terra, and Avalanche have stolen the show. However, with the merge to proof-of-stake getting closer by the day, this on-chain data from Etherscan could be telling us that the conversation around Ethereum might be getting loud again soon.

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Ethereum Unique Addresses Approaching 200 Million

Being the most well-established smart contract protocol to date, it should come as no surprise that Ethereum has captured a lot of the crowd. But now that the blockchain is fast approaching 200 million unique addresses, it really puts into perspective just how large the network is growing for an asset class as nascent as crypto.

For reference, if Ethereum were its own country, it would be the 8th largest in the world, trailing behind Nigeria and Brazil.

At the time of writing, Ethereum hosts 192 million unique addresses.

Average Gas Price Is Rising

One of the primary reasons a lot of crypto natives have been flocking to alternative layer-1 (L1) blockchains is the fact that Ethereum simply can’t handle high amounts of traffic on the network. This is set to change with the protocol’s highly-anticipated merge to proof-of-stake, but as it stands, Ethereum’s proof-of-work foundation makes it nearly impossible to scale.

Thus, whenever Ethereum does get busy, that’s when we tend to see gas prices shoot up on the network. And funny enough, we’re starting to see a glimpse of that trend taking place right now, as gas prices have been on a steady rise since Mid March.

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Ethereum Burn Is Growing Faster

Lastly, let’s take a look at the amount of Ethereum getting burned on a daily basis. This is a very bullish indicator as it shows that more users are transacting on the network. With each transaction, an equivalent amount of ETH gets burned, reducing the total circulating supply.

It’s exciting to see that the daily amount of ETH getting burned is on the rise since mid-March, as this means that more and more ETH is getting burned with each passing day. Let’s hope this trend continues as we head deeper into 2022.

At the time of writing, ETH is trading at $3,249. Assuming the bull market stays afloat over the coming months, Ethereum’s time to shine may come back again as it upgrades to proof-of-stake and brings scalability back to the world’s largest smart contract platform.

The post Ethereum On-Chain Data Shows That The Network Is Waking Up Again appeared first on CryptosRus.