By George Ward
The Ethereum network, which transitioned from the Proof-of-Work to the Proof-of-Stake algorithm through the Merge upgrade on September 15th, exhibits positive on-chain data before the upcoming Shanghai update in 2023.
Ethereum Added 3,766,229 New Addresses In January
According to data from Etherscan on Monday, ETH recorded an average addition of 129,869 new addresses daily. On January 1st, the number of addresses on the Ethereum blockchain was 217,599,463.
However, on January 29th, the number of addresses was 221,365,692. This indicates that 3,766,229 joined Ethereum from January 1st to 29th.
Furthermore, the number of unique ETH addresses has reached a record high, crossing 221 million. The number of ETH addresses has grown by nearly 10% in the past six months.
Meanwhile, the broader crypto market is gradually picking up momentum. Similarly, on-chain data shows that Ethereum’s activity is significantly increasing.
This is evident in the network’s growth usage and engagement. The combination of the factors mentioned has contributed to the increased demand for Ethereum since the beginning of 2023.
In addition, the daily transfers of ERC-20 tokens increased in January. Data indicates that there has been a significant increase in the utilization of the Ethereum network.
PrimeXBT tweeted that Ethereum has reached a new all-time high with 92.5 million addresses. Notably, the Ethereum network is gearing up for a major upgrade in March 2023.
The Shanghai upgrade will release all staked Ethereum tokens locked on the Beacon Chain.
Also, Ethereum developers have stated that the upgrade will reduce the gas fees for layer-2 solutions. This upgrade will also make working on the blockchain cost-effective and faster.
Ethereum’s ROI Increased By 5,163X Since 2014
Meanwhile, the daily transactions on the ETH network remain stable at approximately 1 million. This implies that the utilization and activities on the blockchain have not declined over the last three months.
Also, the cost of utilizing the blockchain has remained stable. According to recent data from CryptoRank, a crypto analytics firm, Ethereum ranks highest among all digital assets in terms of the return on investment (ROI) it has generated since its initial coin offering (ICO).
Since Ethereum’s ICO on July 22nd, 2014, it has experienced an ROI growth of over 5,163X. As of 2014, Ethereum’s sale price was about $0.311. Currently, data from CoinMarketCap shows the token is trading at the $1,500 region.
Ethereum has been performing well in 2023 after surpassing the $1,500 mark early this year. According to CoinMarketCap, the cryptocurrency has gained 1.6% in the past seven days.
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