Ethereum adds 500,000 new addresses per week And Its Developers Successfully Activate the Merge on the Ropsten Testnet

Despite the cryptocurrency Market alternating between bearish and bullish, struggling to hit a bullish streak, one of its major assets, Ethereum (ETH) has been continuing to accumulate hundreds of thousands of new addresses.

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Specifically, the network has been adding around 500,000 new addresses each week, surpassing 200 million cumulative addresses, as stated by the data on the crypto analytics platform Dune.

In reality, the chart above demonstrates that the total number of addresses on June 6 amounted to 207,606,780, as it has been adding an average of 500,000 new addresses weekly over the past few months. The dashboard was assembled by Dune’s data scientist Hildebert Moulié aka Hildobby.

Other Ethereum metrics in the downfall

At the same time, Ethereum’s total value locked (TVL) in decentralized finance (DeFi) shrunk 35% in May despite the increase in new addresses, as reported by Cryptolifedigital initially. On top of that, its market capitalization dominance has also declined sharply, dropping to 17.74% on June 6, the lowest since October 2021.

Notwithstanding, Ethereum transactions dropped to their 18-month low in late May, as their number (according to their seven-day moving average) stood close to 43,000 on May 30. On June 8, Glassnode’s alert Twitter channel published that the number of Ethereum transfers reached a 19-month low of 41,458, as the number continued to drop.

As things stand, Ethereum is trading at $1,808, a 1.37% gain on the day but a 5.20% drop across the previous week. 

Ethereum Hashrate Hits New ATH, While New Investors Inflow Network

Glassnode analytics agency has brought out on the 7th June that Ethereum Hashrate has made seen another spike, rising to a new ATH of 1,255,783,319,785,900 H/s.

As stated by a chart from coinwarz, this is quite a substantial rise as the ETH hash rate surged from 1.1838 PH/s to 1.2995 PH/s since Friday, June 3.

However, Ethereum mining difficulty has also spiked, reaching 5,703,436,743,435,700. Mining difficulty rises once in a while after an inflow of new miners who come after profits making it harder for them to solve mining problems.

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Ethereum developers have successfully activated the Merge on Ethereum’s Ropsten testnet. The event happened today, June 8th, and involved the Merge of Ropsten’s proof-of-work chain with the proof-of-stake Beacon Chain.

Successful Activation of the Merge on the Ropsten Testnet

According to Ethereum senior developer Tim Beiko, some transactions have already been included in Ropsten’s post-merge blocks, as announced through the following two tweets.

What Next After Ethereum’s Merge on Ropsten

A successful merge on Ethereum’s Ropsten testnet is the first concrete sign that the transition from proof-of-work to proof-of-stake will eventually happen on the mainnet.

However, the Merge will also be activated on two more testnets (Goerli and Sepolia) before the Mainnet activation. The other testnets of Rinkeby and Kovan may be maintained as is or upgraded separately by the community. The latter two will, however, no longer be monitored by client developers.

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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.