Ethereum's on-chain activity tremendously increased. However, new addresses did not contribute to the landmark as old guards took control.
As the name suggests, on-chain activity refers to blockchain transactions that exist and have been verified by validators or miners. Although on-chain activity increased, the daily trading volume of ETH fell.was down to 4.73 billion. The trading volume is a different metric from on-chain volume, in the sense that the trading volume only considers transactions on exchanges.
However, on-chain volume measures transactions involving external wallets. Therefore, the decrease in trading volume means that most of the activity on Ethereum occurred outside the shores of exchanges.To buttress the on-chain activity point, active addresses was one metric to go to. Active addresses show the number of unique addresses involved in transactions daily. In tracking this data, this metric indicates the daily level of crowd interaction with a token.
As of 14 September, there were over 1.1 million active addresses on the Ethereum blockchain. This meant that a lot of distinct addressesUnfortunately, the rise in active addresses could not save Ethereum’s network growth from a notable fall. At the time of writing, the network growth was down to 27,500. Network growth measures the number of new addresses interacting with a network.Therefore, the chart above means new addresses were not the main players in the rise in on-chain activity.
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