Ethereum (ETH), the world’s largest smart contract development platform, has added over 5 million more unique addresses in just 30 days. This development comes as the asset continues to gain momentum ahead of its scheduled EIP-1559 upgrade.
Data from Finbold shows that Ethereum added 5.37 million new unique addresses between June 6 and July 6, 2021. On average, this means the Ethereum network added 173,235 new unique addresses daily.
The total number of distinct Ethereum addresses has grown to 162,231,196. Recently, ETH has experienced what many call a drive-in demand, which has contributed to its cumulative address growth after the asset experienced massive capital outflows last month.
Demand for ETH is on the rise
Last week, 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 and could perhaps, become the most popular crypto in the crypto-verse.
Bitcoin, the world’s most valuable cryptocurrency, suffered the worst second quarter in its history in 2021, having fallen by half from record all-time highs in April.
For one thing, 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.
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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.
Also Read: Bitcoin Price Soars Again After Elon Musk’s Recent Tweet
The Ethereum EIP-1559 upgrade
EIP-1559 will introduce a gas fee burn on every transaction on Ethereum. It’s expected to make it easier to determine the price of a transaction (users currently have to enter a bid and often end up overpaying on gas).
In other words, the upgrade will adjust the auction mechanism for the fee calculation structure, burning a portion of the transaction fees. The fee burn will also act as a buyback that reduces the supply of ETH, in turn adding to the asset’s scarcity. If the network sees enough activity, the burn rate could surpass issuance, making ETH a deflationary asset–a process that will accelerate once mining ceases.
While the launch date for the EIP-1559 upgrade is not set in stone just yet, Tim Beiko, a key coordinator for the various researchers working on EIP-1559, suggests that it should be available in August.
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