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