The Ethereum network has seen its biggest one-day growth so far in 2022, with the total number of wallet addresses on the network hitting a fresh all-time high over the weekend. The growth indicates that the real-world utility of the network is rising.
Per data from the crypto analytics firm Santiment, a surge in new addresses created on Ethereum was seen on Saturday, when as many as 135,780 brand new wallet addresses popped up on the network.
The firm noted in a tweet published this weekend that the increase was 11.1% larger than what was seen on January 3, which marked the second biggest day for network growth this year. As explained by Santiment, network growth means that the utility of the network is rising, which it said “commonly foreshadows potential asset breakouts.”
The large growth seen over the weekend also meant that the cumulative number of wallet addresses on Ethereum reached a new all-time high. As of Sunday, a total of 207.4m unique addresses existed on the network, data from Etherscan showed.
Growth in Ethereum’s utility – and ultimately the ETH price – is something the Ethereum community has wished for following the highly anticipated transition to proof-of-stake (PoS) on September 15, known as the Merge.
Among other things, the Merge is expected to bring huge improvements in terms of energy efficiency, with the Ethereum Foundation famously pointing to a potential reduction in the network’s energy use of 99.95%. As previously reported by Cryptonews.com, it is widely believed that this could also lead to large capital inflows from ESG-conscious investors.
So far, however, the price has not reacted in the way the community had wished for, with ETH still trading almost 17% lower than it did at the time of the Merge.
As of 11:10 UTC on Monday, ETH traded at $1,311. The price is down 0.9% for the past 24 hours but up 1.1% for the past 7 days.