Jack Gorman monitored the amount of new Ethereum (ETH) wallets that were activated over the course of the previous 12 months using a customised Dune Analytics dashboard. Simply put, it appears that the crypto veterans’ mantra of “we are still very early” will still be true in late Q3, 2023.
In past year, 27 million new wallets were activated on Ethereum (ETH)
Over 26.69 million wallets were produced in the past year. As a result, more than 2 million new Ethereum (ETH) addresses began to display activity on the network every 30 days. Jack Gorman, a data scientist at Variant Fund, a VC group that was one of the early investors of Uniswap (UNI), Polygon (MATIC), Aptos (APT), Worldcoin (WDC), and Matter Labs, performed these computations.
Only 4.5-7 million Ethereum (ETH) addresses, however, actually approve at least one transaction per month. According to an analyst, after 30 days of use, more than 70% of wallets are abandoned.
On the network, three out of five Ethereum (ETH) addresses only finished one transaction. However, 400,000 wallets exhibit noticeable activity as they approved more than 100 transactions in the previous year.
The frenzy around retroactive airdrops is probably to blame for the dominance of wallets with little activity (66% of active transacting addresses were only active for one day, and 95.5% were active for fewer than 10 separate days over the previous year).
As previously reported by U.Today, elite “airdrop hunters” were able to qualify their accounts for 12 NFT and token airdrops.
Only 1.9 million wallets show sustainable activity
However, “airdrop hunters” set up a large number of inactive Ethereum (ETH) accounts in order to optimise their techniques. The “abusers” of retroactive airdrops make use of sophisticated software.
Over 2,400 wallets were compromised, and thousands of accounts were taken over by manipulators during the ARB airdrop, the most overhyped campaign of the previous year.
When all is said and done, Ethereum (ETH) activity is still quite low. According to the data, there were over 1.9 million wallets that were open for more than 10 days in the past year.
