The activity of Ethereum addresses has set a new record. It is not an all-time record, but the highest in two years. In fact, it was since May 2018 that the number of Ethereum addresses active within 24 hours had not been so high.
This was revealed on Twitter by Santiment, that shared a chart showing how in the last 24 hours there were more than 486,000 active public addresses on the Ethereum blockchain.
The number of daily addresses interacting with $ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses! The last time Ethereum's address activity was this high was on May 5th, 2018. 😮👀 https://t.co/Dh6jyQ2v1X pic.twitter.com/XsQB1jmx07
— Santiment (@santimentfeed) June 30, 2020
In addition, they have almost never dropped below 350,000 in the last month, revealing that this is not an isolated peak, but a maximum achieved during a very active period.
It is enough to consider that at the end of January there had been a minimum peak below 160,000, or three times less than yesterday’s maximum peak.
Not even during the short bull run in mid-2019 had there been such activity: it is necessary to go back to the first half of 2018 to find similar volumes.
It is likely that this recent increase, not related to the growth of the ETH price, is due to DeFi or stablecoins like USDT since Ethereum addresses can receive, store and send any ERC20 token.
In particular, it seems that the USDT ERC20 token is primarily responsible for these volumes. After all, Tether has been growing continuously for several months, and now the vast majority of USDT tokens run on Ethereum.
However, alongside Tether, decentralized finance protocols are certainly the other major contributors to this growth.
But it is not only the number of active addresses that have recorded sustained volumes on the Ethereum blockchain.
Even the number of daily transactions is very high.
When making a comparison with the Bitcoin blockchain, for example, it turns out that it has not only been consistently higher for some time now, but has even surpassed it by a factor of three in the last few days.
For example, on June 23rd more than 1.1 million transactions were recorded in a single day on the Ethereum blockchain, while on the Bitcoin blockchain only 355,000 transactions were recorded.
Such volumes were recorded only during the speculative bubble at the end of 2017, and show how the Ethereum blockchain is becoming increasingly used.