Ethereum network continues to grow as the gargantuan community anticipates the official launch of Ethereum 2.0, which is expected to vastly improve the scalability of the network and drastically reduce the ever-rising gas fees.
There are now more addresses on the Ethereum network and those with non-zero balance is on the increase, indicating a surge in the adoption of the second-largest cryptocurrency by market capitalization.
Ethereum Addresses with Non-Zero Balance Hit All-Time High
According to the on-chain data provided by Glassnode, the number of Ethereum addresses with a non-zero balance has reached an all-time high of 71,364,788, as of 29th December 2021.
Glassnode tweeted, “Ethereum ETH Number of Non-Zero Addresses just reached an ATH of 71,364,788.”
— glassnode alerts (@glassnodealerts) December 29, 2021
What Could Be the Reason for the Increase?
Although Ethereum price action can be attributed to the notable increase in the number of addresses with non-zero balance, the surge can also be linked to the rate at which the smart contracts platform is being used in the booming sectors such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
At the moment, the Ethereum network is obviously dominating the DeFi sector. The Network currently accounts for 62% of the total DeFi value locked.
The rising active Ethereum addresses might also point to more investors accumulating the asset in anticipation of a bull rally. This argument is partly backed by the fact that more Ethereum is increasingly being moved from various exchanges.
ETH Total Value Locked in Ethereum 2.0 Deposit Contract Hits All-Time High
Glassnode has also reported that the total value locked in the Ethereum 2.0 deposit contract has just reached a new all-time high of 8,820,802 ETH worth 32.5 Billion at current prices.
Glassnode tweeted, “Ethereum ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 8,820,802 ETH.”
— glassnode alerts (@glassnodealerts) December 30, 2021
The number is seen as an indication of the Ethereum community’s commitment toward the success of the much-awaited transition to proof-of-stake (PoS) consensus algorithm.