Ethereum blockchain, the most popular blockchain, and dApps ecosystem have some positive news. As per the latest media report, the blockchain is on course to cross an important milestone. The total number of unique wallet addresses on Ethereum has reached a new record high of 92.5 million.

The update has been seen as a positive development on account of the cascading trading interest in the wake of the 2022 bear market. Another major factor that affected the Ethereum traction was the collapse of a controversial crypto exchange called FTX.

It is important to note that the increasing number of Ethereum addresses consist of wallets with non-zero balances.

According to some crypto market analysts, the fact that Ethereum addresses with non-zero balances have kept increasing consistently is a good sign. The impression of this metric is an increasing adoption of ETH. On the other hand, some experts dubbed the rise of non-zero balance addresses for Ethereum as a long-term bullish indicator.

During the last 3 years, Ethereum has remained without the threshold of a 20 million address increase per year. In light of the average yearly addresses addition, the year leaves room for 7.5 million new addresses by the end of this year.

According to estimates, Ethereum can cover the remaining distance as soon as Q2 of this year which will take it to the 100 million addresses mark.

Ethereum’s Non-zero Addresses

Not everyone is sold on the idea that Ethereum addresses rise are indicative of positive price momentum. Another data projection by Alchemy has reported that the amount of smart contracts deployed on the Ethereum blockchain grew by 300% during 2022.

On the other hand, the total number of validators on Ethereum has surpassed 500K.

There are other more obvious changes in Ethereum such as its shift from PoW to PoS consensus mechanism. It is worth mentioning that the burn rate for Ethereum is under 1.2% while the issuance rate is at 0.55% this year. It means that the deflation rate for Ethereum is 0.65% in comparison when Ethereum was PoW, it had an inflation rate of 4-5%.