Ethereum (ETH) Transactions' Metrics Show Huge Upsurge of Network Usage

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Sun, 06/07/2020 - 15:06
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Vladislav Sopov
The Ethereum (ETH) network experienced a significant spike in terms of market demand and adoption. A new metric revealed by Glassnode proves it one more time.
Ethereum (ETH) Transactions' Metrics Show Huge Upsurge of Network Usage
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Q1 and Q2 of 2020 were particularly fruitful for progress and adoption announcements for both Ethereum (ETH) and Ethereum-based products. Rafael Schultze-Kraft, Co-Founder, CTO, and a member of Glassnode analytical team, demonstrated how this was reflected in Ethereum's on-chain metrics.

Ethereum (ETH) Addresses Transfer Activity More Than Doubled

Mr. Schultze-Kraft researched the new daily addresses that sent or received at least two Ethereum (ETH) network transactions. He looked at five groups from these addresses, ranging from 3+ transactions to 50+transactions.

Ethereum (ETH) transaction activity spikes
Image via Twitter

The most impressive upsurge was disclosed in the category of addresses with 3+ transactions. It spiked 2.6 times. The quantity of new daily addresses with 50+ transactions was above 2,000, which shows an almost 100% upswing.

Commentators on Glassnode CTO's Twitter account suggested that the DeFi sector could be responsible for the majority of this success.

They also emphasized that such progress is being achieved by Ethereum (ETH) amidst the overall collapse of the banking system.

Attack on Every Front

As previously reported by U.Today Crypto News, Ethereum (ETH) is one of the most prospective blockchains for the second half of 2020. Its price can reach a psychological level of $300 this July, says top-level crypto analyst Michael van de Poppe.

Midterm prospects also look amazing for investors. Dan Tapiero, head of the Gold Bullion International investment corporation, won't be surprised by an 'explosive upmove' when it comes to the price of Ethereum (ETH).

This prediction is based on strong fundamentals that involve mass adoption. Numerous and interesting Ethereum-based products, i.e. the OMG Network, have reached long-awaited milestones.

Ethereum (ETH) 2.0, the Proof-of-Stake version of the Ethereum (ETH) blockchain, will also be rolled out in 2020. Its core mechanism is already right around the corner, according to the Ethereum Foundation's team lead.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)