Ethereum Hits Highest Level in the Last 2 Years

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Analysis shows that the use of gas in Ethereum rose to a two-year high, with the number of retail ETH wallet holders increasing as well.

Glassnode analytics data provider announced in its recent tweet that the use of gas on the Ethereum blockchain has increased and reached a two-year high. However, on-chain fundamentals for ETH retail wallet holders have also evolved. Glassnode announced today that average gas usage in Ethereum reached a two-year high.

This metric showed the latest activity on the Ethereum network that could result from a huge transaction jump in DeFi. These are mostly associated with yield farming, where users lock their ETH on Ethereum-based decentralized platforms to receive and invest or trade in ERC20 tokens, or just stake their stake.

One of the most popular DeFi platforms lately is Uniswap. On September 16, the exchange announced a massive gift of the newly released UNI token, which raised ETH miner fees to $ 1 million in a single hour. In addition, the ETH gas fee has increased to 700 Gwei. So around $ 5.66.

There was also an increase in addresses

On-chain ETH wallet data also showed that the amount of ETH wallets with a small amount of ETH and retail ETH wallet holders with 0.01 ETH and 0.1 ETH increased significantly, reaching an all-time high. The metric value of the first two has increased by about a thousand addresses since October 4.

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