Several new data reports indicate that Ethereum saw more than 18 million new ETH addresses joining the network last year alone – recording an outrageous 1.53 million new addresses for each month. While this impressive figure shows that the network is still going strong and steadily increasing, it is worth noting that the number of whales on-chain and its daily transactions numbers have dropped within the same period.
As bullish as seeing over 18 million new addresses is, experts point out that it isn’t directly related to the two instances where Ether (ETH) recorded new all-time highs last year. In fact, despite the massive influx of new addresses, activity within the network dropped. The number of active addresses compared to the overall number of addresses at the start of 2021 was at 1.05% and then peaked at 1.66% in April. However, as of February 15, 2022, the same metric is now only about 0.86%.
Baffling as it is to see several numbers still plummet despite the successful onboarding of over 18 million new ETH addresses, it is worth noting that Ethereum remains the leading smart contract platform regarding total value locked or TVL. According to the latest analytical reports, Ethereum currently stands atop of the list, possessing over $124.24 billion in TVL – a stark contr