Since last year Ethereum addresses have been on a steady and strong increase, but the daily number of whales and transaction volumes on-chain are on the decrease.
18.36 million Addresses are gained by the Ethereum network in 2021 revealed by new data with a balance greater than zero. That comes out to an astonishing 1.53 million new addresses growth rate per month, but for market share, the competition has become increasingly fierce.
In a Feb 15 tweet IntoTheBlock which is a Blockchain intelligence firm shared its findings of Ethereum.
The new addresses growth rate was particularly not correlated with the price spikes in 2021, despite Ether (ETH) reaching two all-time new highs in price. Since October about 10 million addresses were gained by the network.
The active addresses proportion has been decreased on the network, while overall numbers are up there. Active addressed overall were 1.05% of all addresses on Jan 1, 2021, and on April 25 peaked at 1.66%, have since fallen to 0.86% on Feb 15.
Since the beginning of 2021, the number of whales that are holding more than 1,000 ETH has been declining too. Glassnode which is an On-chain analytics firm has reported on Feb 13, that the whale wallets have reached a 4-years low of 6,226.
According to Ycharts which is an Ethereum statistics aggregator, the transactions daily average amount has been stagnated to around 1.2 million since mid-December. Gas high fees and alternatives in the form of faster and often cheaper Layer-2 and sidechains solutions on Ethereum could be the factors.
Polygon (MATIC) sidechain has averaged more than double from Ethereum in its daily volume of transactions following its tremendous spike in usage last May. Currently, Polygon enjoys almost 3 million transactions per day.
Opposed to the Ethereum main net, the SpookySwap team which is a DEX (decentralized exchange) that bases on the FTM (Fantom Opera) L2 solution, also benefited their users in building on a sidechain. Their team told today that a great break for defi users has been provided by Fantom with significantly lower fees of gas and faster transactions.
By TVL(total value locked) in the ecosystem, Ethereum is still the leader of the smart contract platform. Defi Llama which is On-chain platform shows that currently, Ethereum has $124.24 billion TVL, which is far ahead of runner-up Terra (LUNA) with $15.04 billion.