Ethereum appears to be sustaining its 2021 gains by maintaining a significant number of new unique addresses created on the network.
According to data compiled by the cryptocurrency trading simulator Crypto Parrot, a daily average of 149,843 new unique Ethereum addresses have been created in 2021 on a year-to-date basis.
The highest number of addresses was recorded on June 5th at 332,094 amid the cryptocurrency market bull run.
Furthermore, within the first two weeks of September, a total of 1,389,999 new unique addresses have been created.
Overall, since the inception of the Ethereum network, a total of 169,296,775 new unique addresses have been created. Notably, the significance of the network’s 2021 momentum is highlighted by the fact that as of September 2021, 38,256,193 new Ethereum addresses were created in 2021, accounting for 22.59% of all ETH addresses to date.
Growing interest in Ethereum network
Amid the surging value of Ethereum in 2021, the platform has registered an influx of retail investors with the asset increasingly earning use cases in the DeFi and NFT sectors.
The use case has positioned Ethereum at a vantage point, with more users aiming to get a share of the asset with a focus on future price gains.
Furthermore, the number of Ethereum’s unique addresses is complemented by the significant number of daily active addresses, a metric that is placing Ethereum as a formidable replacement for Bitcoin.
In July, Ethereum, at one point, saw its daily active addresses surpass Bitcoin, highlighting the demand in the second-ranked crypto.
It is worth noting that the number of new Ethereum addresses also plunged, correlating with the correction of the entire cryptocurrency market. Besides the crypto market correction, the figure was likely impacted by the ongoing network upgrades.
Impact of network upgrades
In August, Ethereum implemented the London upgrade that introduced the deflationary system. In the future, the Ethereum network upgrade is expected to create deflation as it modifies the auction process.
At the same time, with Ethereum moving towards the proof-of-stake protocol, the network will likely experience an influx of new users who want to cash in on the staking. Notably, the staking industry is projected to be a significant hit in the crypto circles, and Ethereum is already positioned to benefit.
As previously reported by Finbold, the value of ETH2.0 contract deposits hit record levels at $20.7 billion in August.