Ethereum‘s much-anticipated Merge continues to see bullish developments over the ETH 2.0 deposit contract. However, unlike on previous occasions, the main ‘OG’ token too has been creating a sense of belonging. Here’s the latest record sheet –
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Ethereum 2.0 is an upgrade to the Ethereum network that focuses on improving network speed, efficiency, and scalability. Such bullish anticipation has indeed created a positive environment for the times to come.
The total value locked in the ETH 2.0 deposit contract continues to record new all-time highs. As of 8 August, the latest stats had recorded an impressive figure of over 13 million. The number of staking ETH 2.0 deposit contract addresses reached 13,212,933 on Glassnode.
From the top when ETH/USD hit a low of $2,000 in mid-May this year, ETH 2.0 deposits have grown from about 8M to 13M+ at press time. The Deposit contract on Beacon Chain, launched in November 2020, allows ETH holders to lock in their assets prior to the switch.
Many forecast that the upgrade could have an impact on the price of ETH, raising the bullish signals to buy Ethereum.
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Ethereum, the world’s largest altcoin, crossed the $1.7k-mark as it gained over 4% at press time. ETH addresses as well as increasing demand (decrease in supply) played a part in helping the token overcome its fears.
The number of active Ethereum addresses spiked up to a new high on CryptoQuant, when compared to its past. The chart below underlines ETH active addresses’ patterns over the last few years.
Moving on to the demand aspect, the burning mechanism remains a testament to support this development. To date, EIP1559 has been implemented for one year, and over 2.57m ETH has been burned. Among them, the biggest ETH-burning action is ETH transfer, which holds 237,000 ETH, followed by OpenC, Uniswap v2 and USDT.
In addition to this, both NFT, DeFi battlegrounds highlighted an important sign. Consider NFTs, for instance.
At the time of this writing, daily trading volume for Ethereum-based NFTs on OpenSea increased by 690% to 290 ETH (~$495,000). All thanks for a specific project- dickbutts.
The said project recorded more than 790% and 400% hikes on OpenSea within 24 hours and 7 days, respectively. Even the Volume was up by 135% over the past week.
Overall, the above points could turn out to be a game-changer for the world’s largest altcoin. This, taking into account the pre as well as post merger accounts.
