• Ethereum on-chain activity has recently recorded a new high in the crypto market revival.
• Various metrics such as daily transfers, network usage and verified smart contracts have all seen significant growth over the past months.
• The digital asset is expected to become deflationary due to its transition into the proof of stake (PoS) mechanism.
Ethereum On-Chain Activity Records New High
Recent data from Etherscan shows that the total number of ETH transferred daily on the Ethereum network has surpassed 1 million once again in recent years, indicating that the network activity has not had any significant decline over the past three months.
Network Usage and Smart Contracts Surge
PrimeXBT’s report also revealed that there has been a 10% surge in unique addresses over the past six months and a 140% increase in verified smart contracts since last year. These figures demonstrate an active growth of Ethereum’s network use.
Ethereum Network Deflationary Token
With its transition into PoS mechanism, Ethereum is expected to become a deflationary token with no drastic decline. This is evidenced by crypto YouTuber Lark Davis’ tweet where he states that Ethereum has been fundamentally solid throughout bear market conditions.
Crypto Market Revival Benefits Ethereum Network
The revival of cryptocurrency markets has only continued to benefit various networks such as Ethereum, amassing new highs for these blockchains and pushing their global markets forward despite challenging market conditions. This positive trend suggests further potential for cryptocurrencies as more investors join their communities.
The steady increase of metrics under the Ethereum network is evidence of its success against bear market conditions, making it a reliable option for investors who are looking for long-term investments within this space. With more users joining these networks and further advancements within them, we can expect to see further benefits for crypto assets worldwide in 2021 and beyond.