Fundamentally Ethereum is going from strength to strength. Network activity is up, development is on track, an upgrade is imminent, and DeFi is hitting record figures. Yet ETH prices have fallen again so what is going on?
Ethereum Network Strengthens
Despite a flurry of FUD from Bitcoin maximalists and rival network supporters, Ethereum is still the second largest crypto asset for good reason. There are several methods to measure network health, hash rate is one and activity is another.
According to blockchain analytics research in just the past 24 hours over 70,000 new addresses were created on the Ethereum network. Additionally there were almost 245,000 active addresses which prove that things are still ticking along nicely.
A good measure of the healthiness of a crypto-asset is the network activity
In #Ethereum during the last 24hours:
70.71k New Addresses were created
23.94k Addresses left the network
There were 244.7k active addresses
— intotheblock (@intotheblock) December 2, 2019
A roundup of last month’s activity on Ethereum also shows things strengthening for overall network health. Positive metrics include over 9 million blocks mined on Ethereum, 15.6 million addresses with a greater than zero account balance, and solid growth in dApp usage including a record number of ERC-721 transactions on Gods Unchained, a popular digital trading card game.
#Ethereum by the Numbers:
9M+ blocks mined on @ethereum.
6 EIPs scheduled for Istanbul.
7M+ @GodsUnchained transactions.
4M+ $DAI locked in @MakerDAO.
$500M+ locked in #DeFi.
2.6M+ @trufflesuite downloads.
$2.7M+ @gitcoin platform value.
— Joseph Lubin (@ethereumJoseph) December 2, 2019
One of the biggest events in November was the MakerDAO protocol upgrade creating a Mulit Collateral DAI which now accepts both Ether and Basic Attention Token (BAT) as collateral for Dai generation.