Active addresses on the Ethereum network fell to the lowest level in the last four months.
The development comes after the second largest blockchain switched from proof-of-work to proof-of-stake. This means that the upgrade has not started to take full effect yet.
Drop in Ethereum Active Addresses
According to data from Santiment, the lowest number of active addresses has been reached on the Ethereum network since June 26. The number of active addresses has dropped below 400,000.
However, ETH value also declined below the $1,300 level.
Although there was a great increase in the number of Ethereum active addresses at the end of July, a decrease was observed in the number of addresses in the following months.
Ethereum founder Vitalik Buterin has repeatedly stressed the importance of the merge upgrade. Emphasizing decarbonization in particular, Buterin pointed out that the world’s energy use has decreased by 0.02% thanks to the merge upgrade. The network’s significant reduction in energy use could pave the way for corporate companies to invest in ETH in the long run.
ETH is trading at $1,282 at the time of writing, according to CoinMarketCap data.
