ETH Wallet Activity and Discussions Hit Monthly Highs: The Merge Effect?

  • Ethereum daily active addresses hit a monthly high on Wednesday.
  • Social discussions about Ethereum also increased, reaching their highest level in two months.
  • The uptick in wallet activity and social chat can be attributed to the upcoming Ethereum merger.

Ethereum address activity has seen a sharp rise this week, with more than 592,000 unique interactions with wallets on Wednesday, reports behavioral analytics firm Santiment, adding that web talk about ETH has reached an all-time high. for more than two months.

According to Santiment’s measurement platform, the number of daily active addresses (DAAs) of Ethereum (ETH) reached its highest levels since March 18. Meanwhile, the crypto community has been very vocal about Ethereum, as claimed by Santiment.

ETH social volume (18019) and dominance (15.57%) reached their highest figures since February 20 this year. It just means that the crypto community has been very active in discussions about Ethereum on social platforms, including Twitter, Telegram, and Reddit.

Although the metrics tracker did not cite the reasons behind these spikes, the increase in activity and discussion on the Ethereum address can be attributed to the approach of “The Fusion”, among other factors.

Earlier this week, Ethereum developer Tim Beiko said Ethereum’s shift from PoW to PoS is “likely” to happen in the final months of the third quarter of 2022. A Bloomberg report has also surfaced. , in which he estimates that a 9% staking return from ETH and a 2% reduction will occur after the merger.

Additionally, the price of GPUs for Ethereum mining continues to drop ahead of the change that would make ETH mining obsolete. Meanwhile, Ethereum Foundation DevOps expert Parithosh Jayanthi updates his followers from time to time regarding what “the merge testing team did”.

“The goal of the Kiln fusion testnet was to allow the community to practice running their nodes, deploying contracts, testing infrastructure, etc. “Jayanthi explained in a tweet. “We hope this helps the community get a sense of the post-merger world! “.

As stated in a previous Mirror Mag article, the Ethereum merger is such a huge change that it would virtually change the blockchain ecosystem. The public can only wait for it to happen to find out if the movement will make or break the industry.


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