The sudden dramatic spike in active addresses on the network has left many guessing about the cause.
On-chain metrics firm Santiment says it is still investigating the
cause of a sudden surge of ETH active addresses, which have eclipsed the
previous ATH by a whopping 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 back in 2018.
An active address is one that has made a
transaction in the past 24 hours. The number of active addresses can
indicate the level of on-chain activity from developers and projects
inputting updates to their work or platforms, and traders performing
simple token transfers.
However, Santiment says its team is still
investigating the cause of the spike. Cointelegraph also reached out to
Ethereum core 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
Head of strategy at Coinbase Conor Grogan posted in a Twitter thread
that the increase in activity comes from a high number of token
transfers per unit of gas rather than from greater adoption.
He
explained that the spike in active addresses is due to an increase
"mundane" send/receive activity, such as "Binance doing a maintenance
sweep," as opposed to more “productive” activity from decentralized finance (DeFi) and nonfungible token (NFT).
Ethereum reached an all time high in "daily active addresses" today.
— Conor (@jconorgrogan) July 28, 2022
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
Active addresses had been increasing since their two-year low point
of 364,400 on June 26 with a notable smaller spike on July 16 up to
583,000 according to Santiment data.
Related: Will Ethereum Merge hopium continue, or is it a bull trap?
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 to 27, possibly corroborating Grogan’s observations
about greater activity coming from simple token transfers.
Goerli/Prater Merge Announcement
— Tim Beiko | timbeiko.eth (@TimBeiko) July 27, 2022
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
The Goerli and Prater testnets for Ethereum are set to merge together
into a single Goerli testnet beginning August 6 and to conclude by
August 12 according to a July 27 blog post from the Ethereum team. The Ethereum mainnet is expected to transition in its own merge on September 19.
The spike in activity was followed by a 15.5% pump on Ether (ETH) over the past 24 hours from $1,425 to 1,648 according to CoinGecko.
source link : https://cointelegraph.com/news/experts-yet-to-explain-massive-spike-in-eth-active-addresses
