User activity on the Ethereum network has collapsed

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The number of active addresses on the Ethereum network is rapidly declining as market prices fall. About it in the blog of the company IntoTheBlock informed junior analyst Pedro Negron. He noted that since the beginning of the year, address activity on the Ethereum network has fallen by 28% from 0.87% to 0.62%.

However, despite the drop in the number of addresses, the volume of transactions has remained at the same level since the beginning of the year. According to Negron, the preservation of volume became possible only due to the increase in market volatility.

In general, as Negron writes, the cryptocurrency market is stuck in a state of uncertainty. No matter how the price of ETH changes over the next few months, on-chain indicators show clear signs of a decline in user activity in the Ethereum ecosystem.

However, despite the fact that macroeconomic uncertainty continues to affect the markets, the Ethereum community has much more important priorities, he notes.

For example, before the end of the year, the ecosystem plans to switch from the Proof-of-Work algorithm to Proof-of-Stake. Later, the developers want to carry out a number of other upgrade steps: the Surge (to scale the network and increase the number of transactions), the Verge (to simplify the deployment of nodes), the Purge (to optimize the nodes and the amount of data needed to synchronize with the network) and the Splurge (Ethereum Virtual Machine improvement, updates for EIP-1559, etc.).

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Source: Cryptocurrency

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