The on-chain metrics company Santiment says he is still investigating the cause of a sudden spike in active ETH addresses, which have eclipsed the previous all-time high by 48%..
On July 27, the analytics firm tweeted that the number of daily active addresses on Ethereum had suddenly spiked to 1.06 million, shattering the previous high of 718,000 set in 2018.
An active address is one that has made a transaction in the last 24 hours. The number of active addresses can indicate the level of on-chain activityfrom developers and projects introducing updates to their work or platforms, to traders making simple token transfers.
However, Santiment says his team is still investigating the cause of the spike.. Cointelegraph also contacted Ethereum lead developer Tim Beiko to explain the unusual activity, but did not get an immediate response.
#Ethereum shattered records Tuesday after an incredible surge in address activity broke its #AllTimeHigh by a wide margin. 1.06M $ETH addresses made transactions, & the team is still investigating the cause of the +48% increase over the previous record. https://t.co/fRLNXkx0PR pic.twitter.com/oXhGvCTJef
— Santiment (@santimentfeed) July 27, 2022
Ethereum broke records on Tuesday after an incredible spike in address activity that broke its all-time high by a wide margin. 1.06 million ETH addresses transacted, and the team is still investigating the cause of the +48% increase over the previous record. https://t.co/fRLNXkx0PR pic.twitter.com/oXhGvCTJef
Coinbase chief strategist Conor Grogan posted in a Twitter thread that increased activity stems from a high number of token transfers per unit of gas rather than increased adoption.
He explained that the spike in active addresses is due to an increase in “mundane” send/receive activity, such as when “Binance does a maintenance sweep”, vs. more “productive” activity from decentralized finance (DeFi) and tokens non-expendable (NFT).
Ethereum reached an all time high in “daily active addresses” today.
Counter-intuitively, I don’t think this means that Ethereum has greater adoption than any previous time period. It means that send and receive addresses per unit of gas was at highs. pic.twitter.com/fjQbfdo0tb
— Conor (@jconorgrogan) July 28, 2022
Ethereum has reached an all-time high for “daily active addresses” today. Counterintuitively, I don’t think this means that Ethereum will have higher adoption than in any previous period. It means that the sending and receiving addresses per unit of gas were at maximum. pic.twitter.com/fjQbfdo0tb
Active addresses had been rising from a two-year low of 364,400 on June 26, with a notable minor spike on July 16 to 583,000according to data from Santiment.
The daily active addresses metric for Tether (USDT) has also seen a significant spike in active addresses over the past two days from July 26-27.possibly corroborating Grogan’s observations about increased activity coming from simple token transfers.
Goerli/Prater Merge Announcement
Prater will run through the Bellatrix upgrade on August 4th, and merge with Goerli between August 6-12th: if you run a node or validator, this is your last chance to go through the process before mainnet https://t.co/JAz5AJe12B
—Tim Beiko | timbeiko.eth (@TimBeiko) July 27, 2022
Goerli/Prater merger announcement. Prater will go through the Bellatrix update on August 4th, and will merge with Goerli between August 6th and 12th: if you have a node or validator, this is your last chance to go through the process before mainnet. https://t.co/JAz5AJe12B
The Goerli and Prater testnets for Ethereum are expected to merge into a single Goerli testnet between August 6 and 12according to a blog post from the Ethereum team on July 27. The Ethereum mainnet is expected to hold its own merger on September 19.
The spike in activity was followed by a 15.5% increase in the price of Ether (ETH) in the last 24 hours, from $1,425 to $1,648.according to CoinGecko.
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