Ethereum ahead scheduled EIP-1559 upgrade, adding over 5 million unique addresses


The world’s largest smart contract development platform, Ethereum (ETH), has added over 5 million more unique addresses in just 30 days as the asset continues to gain momentum ahead of its scheduled EIP-1559 upgrade.

According to data compiled by Finbold, Ethereum added 5.37 million new unique addresses in the last 30 days (June 6th, 2021 – July 6th, 2021). This means that on average, the Ethereum network added 173,235 new unique addresses daily.

The total number of distinct Ethereum addresses has grown to 162,231,196. Lately, ETH has indeed experienced a drive-in demand, which has contributed to its cumulative address growth after the asset experienced massive capital outflows last month.

Data table (scrollable):

Date Total number of unique ETH addresses    
6/13/2021 158,520,465 192,931
6/14/2021 158,676,633 156,168
6/15/2021 158,837,482 160,849
6/16/2021 158,972,149 134,667
6/17/2021 159,125,516 153,367
6/18/2021 159,265,573 140,057
6/19/2021 159,443,017 177,444
6/20/2021 159,662,079 219,062
6/21/2021 159,793,975 131,896
6/22/2021 159,913,477 119,502
6/23/2021 160,047,366 133,889
6/24/2021 160,211,657 164,291
6/25/2021 160,358,790 147,133
6/26/2021 160,584,759 225,969
6/27/2021 160,818,895 234,136
6/28/2021 160,995,219 176,324
6/29/2021 161,142,753 147,534
6/30/2021 161,263,607 120,854
7/1/2021 161,375,348 111,741
7/2/2021 161,530,175 154,827
7/3/2021 161,752,953 222,778
7/4/2021 161,969,886 216,933
7/5/2021 162,116,090 146,204
7/6/2021 162,231,196 115,106

ETH demand on the rise 

Recently, Celsius Network CEO Alex Mashinsky stated that Ethereum ‘flippening’ Bitcoin is happening now and will become more widespread. Broader adoption of Ethereum is expected as Mashinsky believes that layer two solutions will fix ETH’s issues in the near future. 

ETH 2.0, on the other hand, will be a substantial and gradual enhancement on layer two solutions, but both systems will function in tandem in the future, according to Mr. Mashinsky.

A week ago, Ethereum overtook Bitcoin in total daily active addresses for the first time in crypto history, suggesting that demand for the world’s second-largest cryptocurrency is rising. The active addresses on a crypto network show the total number of senders and receivers for a given coin.

Since Ethereum has notably surpassed Bitcoin in terms of daily active addresses, it might signal that the world’s second-largest cryptocurrency by market capitalization is on its path to becoming the most popular.

For example, U.S. investment bank Goldman Sachs, considers the Ethereum blockchain network to have the capability to usurp Bitcoin as the main store of value cryptocurrency. 

The multinational financial institution believes that ether’s use cases now have the most “potential,” as it is the most popular smart contract development among the crypto community, according to a Business Insider report published on Tuesday,  

Ethereum EIP-1559 upgrade

On August 4th, the long-awaited London EIP-1559 upgrade for the Ethereum network will commence.

In a block activation proposal on Github on July 6th, Ethereum principal developer Tim Beiko stated on Twitter the mainnet upgrade will take place around block 12,965,000.

Since the mainnet upgrade is scheduled to deploy at block 12,965,000, the London hard fork will take place on August 4th, rather than the mid-to-late July date as expected initially. If the different Ethereum client teams agree to the proposal, the target will become official. 

Before deciding on a mainnet launch date, developers are monitoring the testnets to see how the updates function. 

On June 24th, the first block was generated on the Ropsten testnet, and the hard fork was deployed to the Goerli testnet on June 30th, and the final Rinkeby testnet launch is scheduled for today.

Deployment of the deflationary Ethereum upgrade 

The London upgrade named after the second-annual Ethereum development conference, which took place in 2015, is intended to bring the network into a deflationary mode; however, the EIP-1559 upgrade will not necessarily result in lower gas fees. 

EIP-1559 upgrade modifies the auction process for the charge calculation structure and burns a portion of the transaction fees. The upgrade will cause asset deflation over time, which will increase once mining ends, and proof-of-stake becomes the dominant consensus method later next year. ConsenSys, an Ethereum software solutions business, estimates that the yearly ETH supply will be cut by 1.4%.

On the Ropsten testnet; a web page has been put up to observe this in action, it burnt 89,148 ETH during the brief testing time, which is almost $208 million at current rates.

The Goerli testnet has burned 79 ETH, while the Rinkeby testnet is anticipated to debut on July 7th at some point. 

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