Ethereum Active Surpasses 600,000 Ahead Of The Merge

The active ETH address increases ahead of the merge. As stated by Ali Martinez, a crypto analyst revealed on his Twitter handle on 25^th July that active ETH address surpassed 600, 000 according to Glassnode data.

As gotten from the Glassnode data, Ethereum now has over 604,888 active addresses. This increase in address might be an indication of network activity over time and this may be a result of the increasing demand for the native token of the blockchain.

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Although, the recent network utilization hasn’t impacted the price of Ethereum lately as the price of Ethereum at the moment is $1,392, down 9.22% in the last 24 hours. Ethereum also gave up its weekly gains, falling 10.70% over the past week.

Vitalik Proposed How Memory Gas Costs Can Be Reduced

Unfortunately, the increased adoption of Ethereum’s network has been seriously endangered due to the unbearable gas fees and scalability concerns.

For this reason alone, various DeFi projects consider to launching on the competing Layer 1 blockchain. For instance, Yuga Labs proposed that the ApeCoin DAO consider a migration to another Layer 1 blockchain. The vote was initiated then and the network voted against it narrowly. If not by now the project would have migrated to Avalanche.

The Ethereum CEO, Buterin, proposed earlier how the memory gas costs can be adjusted. He suggested solving efficient issues with how memory consumption is limited on the EVM.