The Ethereum network records a two-year low on the influx of new addresses, which means there is no interest in updating the network
The upcoming upgrade of the Ethereum network is not causing a stir outside of the cryptocurrency community. This is the opinion of IntoTheBlock Senior Analyst Lukas Outumuro expressed on the firm’s blog.
He noted that the volume of new addresses created on the Ethereum network has reached its lowest level since 2020. Despite the fact that users can buy cryptocurrency on centralized exchanges bypassing on-chain surveillance, the growth of balances is not reflected in new addresses.
Lack of interest is also indicated by low search volumes. Ethereum. OGeneral interest both within and outside the cryptocurrency community remains low as ETH has failed to gain a foothold even above $2,000. However, Outumuro admits that in In general, it is normal for cryptocurrencies to fluctuate between periods of intense demand and periods of sluggish interest.
As a reminder, it is assumed that the Ethereum ecosystem will “move” from the Proof-of-Work algorithm to Proof-of-Stake on September 15th. This was announced on Twitter by an Ethereum developer under the pseudonym superphiz.eth. However, earlier Ethereum co-founder Vitalik Buterin warned that the “move” of the network to the new algorithm could be delayed until October of this year if the developers identify potential risks.
The cryptocurrency community has already warned that the failed upgrade could affect DeFi lending. If Ethereum starts having problems with the transition, investors may doubt their investments, which will affect the synthetic form of ETH – sETH.
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