Ethereum’s (ETH) much-awaited Merge sees continued bullish developments as far as ETH 2.0 deposit contract is concerned. Nevertheless, unlike during the previous scenario, the primary ‘OG’ coin (ETH) has created belongingness. Here is the latest report card.
Higher Highs
ETH 2.0 is an Ethereum network upgrade that would improve the blockchain’s efficiency, scalability, and speed. These bullish anticipations have triggered an optimistic atmosphere from what market players await.
Ethereum 2.0 deposit contract still printed new ATH in total value locked. The latest report displayed a massive number beyond 13 million by August 8. Meanwhile, the staking Ether 2.0 deposit contract address count hit 13,212,933 (Glassnode data).
ETH 2.0 saw deposits surging from about 8 million to press time past 13 million since the highs to when ETH-USD touched the mid-May 2022 lows of $2K.
Beacon Chain’s deposit contacts (introduced in Nov 2020) allow Ethereum holders to lock assets while waiting for the consensus switch. Most individuals predict that the upgrade would affect ETH’s price, triggering bullish signs to purchase the second-largest crypto.
Attention Please
Ethereum changed hands beyond $1.7K during this publication as the altcoin has led the top ten gainers within the past day. Surging demand amidst supply burn and ETH addresses contributed to the asset’s move beyond fear.
CryptoQuant data shows active ETH addresses hiked to new highs compared to previous figures. On the demand front, the burning strategy supports the narrative. EIP-1559 has been in the Ethereum ecosystem for a year (as of today).
Meanwhile, the blockchain burnt over 2.57 million ETHs during that timeframe. Among them, ETH transfer remains the leading Ethereum-burning action. OpenSea, USDT, and Uniswap V2 follow.
Besides that, the DeFi and NFT battlegrounds printed a vital signal. While publishing this content, Ethereum-based non-fungible tokens had their daily trading volume exploding by 690% to hit 290 ETH ($495,000). Meanwhile, the Dickbutts project contributed to this.
Dickbutts registered over 400% and 790% surges on OpenSea in seven days and 24 hours, respectively. Also, the previous week saw volume gaining by 135%. Meanwhile, the points highlighted above might be a game-changer for Ethereum. That’s despite considering pre and post-Merge actions.