Ethereum Flips Bitcoin by Active Addresses As DeFi Growth Remains Unabated

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Ethereum has once again flippened bitcoin by the number of active addresses following a 60% crash in the bitcoin network following the May 2021 market drawdown.

Ethereum now has roughly 200, 000 more active wallets than bitcoin, but there is no guarantee that this is going to last.

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SEE ALSO1% of All Bitcoin is Now on Ethereum

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Bitcoin addresses are now at their lowest since April 2020.

Mining hash-power continues to drop off the network during the largest migration of mining hardware in history as China crackdown on miners intensifies.

Coupled with the May capitulation, large volumes of underwater coins continue to get spent.

As a result of all this, the stats look like this:

  • Ethereum transaction fee revenue leads by more than 300%
  • Total transaction count is head by nearly 500%
  • Ethereum active addresses are roughly 200, 000 more

Behind all this burgeoning rise in Ethereum activity is DeFi which continued to climb since May 2021 despite the market crash. The number of unique addresses interacting with DeFi protocols has seen an upward trend with current figures now at more than 2.9 million users.

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RECOMMENDED READINGApproximately 90% of All On-Chain Activity on Ethereum was from UniSwap, May 2021 Dapp Report Reveals

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