Ethereum’s Growth Reflected in Unique Addresses
Ethereum (ETH) has experienced significant growth in adoption, usage, and value, making it the second-largest cryptocurrency by market cap and the leading blockchain for Web3 and DeFi applications.
One way to gauge this growth is by looking at the number of unique addresses on the Ethereum network. According to data from Etherscan on February 7, there are currently nearly 257.60 million unique addresses.
In 2024 alone, users created approximately 3.54 million new addresses, bringing the total from 254.07 million on January 1. On average, there was a daily increase of 95,570 Ethereum unique addresses in 2024, with 96,145 added on February 6 alone.
Ethereum’s Address Growth Over Time
Since July 30, 2015, Ethereum has been adding an average of over 82,000 daily unique addresses throughout its history.
The real surge in address growth began in 2018 when the number of unique addresses increased nearly 14 times from less than 18.5 million on December 31, 2017. This represents an increase of 239.1 million addresses since January 1, 2018, with a daily average of 108,000.
While the daily average since 2018 is higher than the averages between Ethereum’s mainnet launch and the latest data from 2024, there has been a recent decrease in address activation.
Factors Influencing Address Creation
The current price action of ETH may have affected the pace of unique address creation, following the bull markets of both 2017 and 2021.
However, Ethereum continues to thrive in DeFi metrics, dominating over 50% of the total value locked (TVL) across all chains. DeFi protocols built on Ethereum, such as Uniswap (UNI), lead in TVL and decentralized exchange (DEX) volume.
While layer-1 competitors to Web3 and DeFi have been making technological advancements and offering better user experiences, Ethereum can sustain its growth by attracting investments, builders, and users.
The Ethereum ecosystem must also evolve and adapt in the highly competitive cryptocurrency market.
Hot Take: Ethereum’s Unique Address Growth Reflects Strong Adoption
Ethereum’s consistent increase in unique addresses is a testament to its growing adoption and usage. While new addresses don’t necessarily mean new users or active usage, they indicate the expanding Ethereum community.
The surge in unique addresses since 2018 highlights the significant growth that Ethereum has experienced. However, recent trends suggest a slower pace of address activation, possibly influenced by ETH’s price movements.
Despite this, Ethereum remains a dominant force in DeFi, with its protocols leading in TVL and DEX volume. To stay competitive, the Ethereum ecosystem must continue to evolve and adapt to technological advancements and user demands.
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