Yet data shows that investors, at least investors in ETH, are shaking off the uncertainties in the markets, accumulating as fast as they can.
Ethereum investors continue to stack millions worth of the crypto
According toblockchain analytics firm Glassnode, the number of Ethereum addresses holding over one coin recently reached a new all-time high of 1,074,282 addresses. This metric has seen consistent growth since the start of the year.
This marks the first hack in an era where DeFi is quickly becoming crypto’s hottest trend, with a growing market influence and a swelling user count.
Tangentially related, Ethereum users have had to deal with extremely high fees over recent weeks. Former Messari executive Qiao Wang says that these fees could threaten Ethereum’s efficacy as the foremost smart-contract blockchain.
Referencing a personal experience he had with the blockchain and transactions, he wrote:
“So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”