Crypto: Ethereum Activity Doubles With Influx Of New Users: Glassnode

Ethereum saw activity retention nearly double to 8 million addresses in a month while daily transactions hit an all-time high of 2.8 million amid soaring stablecoin use.

Ethereum network activity has shown a sharp increase in new users, with “activity retention” almost doubling over the past month, according to crypto on-chain analytics platform Glassnode.

Month-over-month “activity retention” shows a sharp spike in the new cohort, “indicating a surge in first-time interacting addresses over the past 30 days,” Glassnode reported on Thursday.

It added that this reflects a notable influx of new wallets engaging with the Ethereum network, “rather than activity being driven solely by existing participants.”

New activity retention, or new network addresses, has spiked from just over 4 million to around 8 million addresses this month.

Activity retention measures how many users continue to be active over time, essentially showing whether users stick around and continue using the network, rather than showing up once and disappearing.

Over the last year, the number of active addresses on the Ethereum network has more than doubled from around 410,000 accounts recorded this time last year to over 1 million on January 15, according to Etherscan.

Meanwhile, the number of daily transactions on Ethereum spiked to an all-time high of 2.8 million on Thursday, marking an increase of 125% since the same time last year.

Related: Efforts to bulletproof Ethereum are paying off in user metrics

Macroeconomics outlet Milk Road reported on Thursday that this was due to an explosion of stablecoin usage on Ethereum while fees are collapsing.

Source: CoinTelegraph