Santiment Feed revealed in a tweet that the Ethereum network set a new record for the number of daily active addresses on Tuesday, reaching 1.06 million, 48 percent more than the previous record.
“Ethereum shattered records Tuesday after an incredible surge in address activity broke its All-Time High by a wide margin. 1.06M $ETH addresses made transactions, & the team is still investigating the cause of the +48% increase over the previous record,” Santiment tweeted.
While Santiment says their team is still investigating the cause of such an incredible sudden spike, the surge could be the result of the recent FOMC meeting where the FED raised the interest rate by 0.75 percent; WuBlockchain reports on Thursday that the Ethereum merger remains the current focus of speculation in the crypto market following the market rally on Wednesday, which saw Ethereum gain more than 15%.
“Coingecko shows that in this round of gains after the Fed announced a 75bps rate hike, the Ethereum merge concept is still the main target of speculation,“ WuBlockchain tweeted.
The Ethereum Merger
The long-awaited Ethereum merger would see Ethereum migrate to the proof-of-stake (PoS) Beacon chain, leaving Ethereum Classic as the largest programmable proof-of-work (PoW) network.
Notably, the merger promises to benefit the Ethereum network in various ways, including increased throughput and lower fees. It is planned to go live on the Ethereum main net on September 19.
Ethereum Classic (ETC), on the other hand, outperformed Ethereum once more as miners continue to migrate in anticipation of the upcoming merger. According to CoinDesk, AntPool CEO Leon Lv revealed on Tuesday that the mining pool had invested $10 million to support the development of the Ethereum Classic blockchain, with plans to invest more Ethereum’s founder Vitalik says mining enthusiasts can join ETC.