MARKETDEVELOPMENT

HODL? Prepare for ETH 2.0 staking mechanism, the number of addresses holding 32 ETH is steadily increasing

share
HODL? Prepare for ETH 2.0 staking mechanism, the number of addresses holding 32 ETH is steadily increasing

With the pending release of Ethereum 2.0, users are continuing to accumulate the required stake of 32 ETH for the staking mechanism. According to the cryptocurrency analysis firm Arcane Research, Ethereum addresses are continuously growing, and apart from price performance, there are also advancements in on-chain data.

Are Investors Getting Ready for Ethereum 2.0?

Although the launch schedule for Ethereum 2.0 is uncertain, a research report by Arcane Research indicates that the total number of addresses holding 32 Ether has reached nearly 120,000 addresses, showing a growth of about 13% over the past year.

Source: Arcane Research

In addition to investors seemingly preparing for Ethereum 2.0 staking mechanism, the total number of Ether addresses has also reached 39.96 million, surpassing Bitcoin's 30.9 million addresses.

Source: intheblock

Ethereum Gas Fees Surpass Bitcoin Network

The gas fees generated by Ethereum in daily transactions have been increasing since April. On June 7, Ethereum's gas fees reached $498,000, surpassing Bitcoin's $308,000.

Ethereum gas fee surpasses Bitcoin (source: glassnode)

However, it was previously reported that the surge in Ethereum transaction fees was mainly due to the stablecoin USDT and the famous Russian Ponzi scheme "MMM Financial Pyramid." According to ETH Gas Station, in the past 30 days, activities such as SmartWay Forsage, Million Money 2.0, and Easy Club still dominate the on-chain activities, while important projects in the ecosystem like IDEX, Kyber, and dYdX account for less than half of the total transaction fees.

Ethereum gas fee consumption ranking (ETH Gas Station)

Since the end of May, the price of Ether has been on the rise but has yet to break through the psychological barrier of $250, despite multiple attempts by the bulls. In comparison, Bitcoin has recovered half of its all-time high of $19,798, while Ether remains 80% below its peak of $1,440.

However, from the beginning of the year until now, Ether has outperformed Bitcoin by a significant margin. As of the time of writing, Ether's return rate has reached 86%, while Bitcoin's is at 34%. Additionally, the reported 725% premium of Grayscale's Ethereum Trust Fund indicates a growing number of Ether holders and investors.