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😱😲 Ethereum Has Reached 100 Million Non-Zero Balance Addresses
When Ethereum moved from Proof of Work (PoW) to Proof of Stake (PoS) consensus, the main goal was to reduce energy demands, reduce fees, and deepen global adoption.
Since the Merger on September 15, 2022, the energy consumption of the Ethereum network has decreased by a self-reported 99.988%. Average Transaction Fees fell to the lowest level in the last 3 years. And now, global adoption has quickly reached a new milestone.
According to on-chain data compiled by IntoTheBlock, Ethereum reached an all-time high on October 16 with 100 million non-zero balance addresses.
A deeper look at the data shows that the proportion of non-zero balance addresses has increased significantly since the Ethereum Merger.
The graph below shows that as of September 15, 2022, only 30% of the total Ethereum addresses (57.64 million out of 192 million) have a balance of at least 1Gwei.
As of October 19, 2023, 100.07 million of the total 270 million ETH addresses now have an active balance, this number has increased to 37%.
Non-Zero Balance Addresses are crypto wallets or accounts on a blockchain that currently hold a positive balance of the local currency.
These accounts currently hold some ETH units and are separated from empty or unused, zero-asset addresses.
This significant increase in Non-Zero Balance Addresses shows that the adoption of Ethereum and global interest are increasing. This apparent bullish signal could potentially increase the demand in the Ethereum Sunday and then the price.
In particular, the timing of this increase in Non-Zero balance addresses coincided with the Ethereum Merger. This shows that the reduced transaction fees and energy consumption optimization have successfully reduced the barriers to entry and attracted new active investors.
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