Ethereum (ETH) is witnessing an accelerated adoption recently. In the last 30-days, it has added more than 5 million new and unique addresses. Recent data from June 6, 2021, to July 6, 2021, shows that 5.37 million new and unique addresses have been added to the Ethereum network. This means that in the last 30-days, 173,000 addresses were added on an average every single day.
This development comes at a time when the Bitcoin network witnessed a record decline in the total number of active addresses. Ethereum continues to remain the second-largest cryptocurrency (in terms of market cap) and the largest smart contracts network.
There are around 162.2 million unique Ethereum addresses currently. Reports say that the meteoric increase in the number of ETH addresses is due to the significant increase in the demand for Ethereum recently. With the ushering in of the new changes and upgrades, the network becomes more secure and efficient and at the same time, the customers get new opportunities for earning cryptocurrencies.
One of the main reasons due to which there is a huge surge in the demand for Ethereum is the upcoming London hard fork. This hard fork promises to bring in significant improvements in the ETH network. The London hard fork was scheduled to take place just after the Berlin hard fork that took place in April 2020.
The London hard fork promises to solve the long-time problem of the Ethereum transaction fee system. Currently, the transactions fees skyrocket, and the confirmation times get slowed down when there is high traffic and congestion in the network. After the London hard fork takes place, the difficulty associated with mining ETH coins will decrease.
Another major change that the London hard fork will bring in is the network’s long-pending shift from proof-of-work to proof-of-stake. Once this move takes place, the ETH network would become more energy-efficient for Ethereum miners as well as investors.
Another major reason for the massive surge in the demand for Ethereum is staking. Investors have latched up the chance to stake their ETH coins, mainly because of the shift to ETH 2.0. Staking gives the investors to become network validators and also the chance to earn ETH coins in return for providing service.
The number of Ether holders in the network has increased significantly as the move towards completing ETH 2.0 increased. To become a validator and run its own node, an investor needs 32 ETH. Even if you don’t hold 32 ETH, you can still pool Ethereum with other investors for making a complete node. In that case, the rewards for staking will be split amongst the owners of the ETH coins for that pooled node.
Staking has become a passive income source for many coin holders, where annual percentage yield (APY) can go as high as 13%. The APY decreases as the date for completing the staking process near the end. By 2025, the staking industry is expected to reach US$40 billion.
Reports say that August 4, 2021, is the schedule of the London hard fork for the Ethereum network.
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