Ethereum (ETH) Sets Impressive Record, Reports Unveil Monumental Milestone

• ETH locked in the ETH 2.0 deposit contract reaches a new peak of 25,937,766 ETH
• Despite some validators withdrawing, many continue to deposit or increase their ETH holdings
• The number of nonzero wallets for ETH hits an all-time high of 102,913,926,

According to analytics firm Glassnode, there has been a notable surge in the amount of Ethereum locked in the ETH 2.0 deposit contract, reaching a new peak of 25,937,766 ETH. This milestone was previously achieved after the Shanghai upgrade in April, allowing withdrawals from the ETH 2.0 deposit contract.

#Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 25,937,766 ETH

View metric:https://t.co/SzbMPqvhlb pic.twitter.com/zjXhEe8fPa

— glassnode alerts (@glassnodealerts) July 18, 2023

Validators continue to stake Ethereum

Despite some validators withdrawing their funds, many continued to deposit or increase their Ethereum holdings in the staking contract. This surge in deposits reflects a high level of confidence in the future potential of Ethereum and the opportunities it presents for validators, dApp builders, and other users.

Alongside the record-breaking Ethereum deposits, there have been other notable achievements, such as the number of nonzero wallets for ETH reaching an all-time high of 102,913,926.

The growing gas usage, measured as a 7-day moving average, has also seen a notable increase, reaching a one-month high of 48,074.464. This indicates a rise in activity on the Ethereum network, the second-largest blockchain platform.

Notably, the upward trend in Ethereum fees this year can be attributed to the popularity of meme coins like PEPE, Shiba Inu, LADYS, and others. The surge in gas usage demonstrates increased engagement and transactions taking place within the Ethereum ecosystem.