According to blockchain information company IntoTheBlock, 18.36 million new addresses with balances were added to the Ethereum network in 2021 alone. However, on-chain daily trading volume and the number of whales appear to be declining.
According to a Cointelegraph report on the 16th (local time), Intotheblock tweeted, “The Ethereum network is showing an amazing growth rate, with 1.53 million new addresses added every month.” However, he added, “these growth rates do not appear to have any particular correlation with the all-time high of Ethereum (ETH) in 2021.”
According to reports, the reason is that the percentage of active addresses on the Ethereum network has decreased as competition for market share has become increasingly fierce.
As of January 1st of last year, total addresses compared to all active addresses were 1.05%, and on April 25th of the same year, it grew to 1.66%, but on the 15th of this month, it decreased to 0.86%.
On-chain analytics firm Glassnode reported that the number of whales with more than 1,000 ETH began to decline from the beginning of last year, and as of the 13th, whale wallets reached a four-year low of 6226.
According to Ethereum statistics aggregator Ycharts, the average daily transaction volume of the Ethereum network since mid-December has stayed at about 1.2 million. This is because Ethereum’s layer 2 solution and sidechains are keeping the Ethereum network in check by promoting cheaper and faster speed as an advantage.
For this reason, Sameep Singhania of Quickswap built Quickswap on Polygon. It has doubled its trading volume.
In addition, the SpookySwap team, a DEX (Decentralized Exchange) based on the FTM (Fantom Opera) L2 solution, said, “If you use a sidechain other than the Ethereum mainnet, defi users will enjoy the high speed of Phantom and significantly lower gas rates. will benefit from it.”
However, according to on-chain statistics platform Defi Llama, Ethereum has a total value of $124.24 billion in total value locked, surpassing that of Terra (LUNA) with $15.04 billion in second place. .
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