According to CryptoQuant CEO Qi Yang Ju, activity on the Ethereum network remains consistently high.
The number of addresses sending and receiving funds daily fell by only 7% despite the sharp increase in volatility after the collapse of the UST stablecoin.
As a result of the turbulence, the underlying asset of Ethereum, the altcoin ETH, fell below $2,000. Then the coin bounced back a little, but still, it is trading below this psychological mark. The price of Ether has collapsed by 56% from its peak of $4,868.
The number of active addresses on the network is more than 500,000. They transact daily with both Ethereum and tokens deployed in the DeFi, GameFi, and NFT ecosystems.
Ki-Young Joo emphasized:
The price of ETH fell by 56%, but the number of active addresses decreased by only 7%. Considering each address as a user, there are currently 551,705 daily active users on Ethereum.
The A16z team came to similar conclusions. According to her estimates, the number of users of the ETH blockchain ranges from 7 million to 50 million.
Ethereum is now at about the same level of development as the global commercial Internet was in 1995. Then the number of users of the World Wide Web was also approaching 50 million.