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 the speed, efficiency, and scalability of the network. Such bullish anticipation has indeed fueled a positive environment for what’s about 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.
Source: Glassnode
From that top to when ETH/USD hit lows of $2,000 in mid-May this year, ETH 2.0 deposits rose from around 8M to 13M+ at press time. The deposit contract on the Beacon Chain, launched in November 2020, allows ETH holders to lock their assets ahead of 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, surpassed the $1.7k-mark as it surged by more than 4% at press time. ETH addresses as well as surging demand (supply burn) played a part in aiding the token to move past its fear.
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.
Source: CryptoQuant
Moving on to the demand aspect, the burning mechanism remains a proof to support this development. As of today, EIP1559 has been implemented for one year, and more than 2.57m ETHs have been burned. Among them, the biggest ETH-burning action is ETH transfer, with 237,000 ETHs, followed by Opensea, Uniswap V2, and USDT.
In addition to this, both NFT, DeFi battlegrounds highlighted an important sign. Consider NFTs, for instance.
The daily trading volume for Ethereum-based NFTs on OpenSea was up by 690%, at the time of writing, to 290 ETH (~$495,000). All thanks to one specific project- Dickbutts.
casual sunday afternoon and @CryptoDickbutts decide to casually flip @coolcatsnft pic.twitter.com/hsu8Rtq9HL
— misu (@BIGmisu) August 7, 2022
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.
Source: OpenSea
Overall, the aforementioned points could become a game-changer for the world’s largest altcoin. This, despite taking into consideration pre as well as post-Merge accounts.
