Ethereum users continue to accumulate despite DeFi hack, ETH 2.0 uncertainty

Ethereum investors continue to stack millions worth of the crypto.

According to blockchain analytics firm Glassnode, the number of Ethereum addresses holding over one coin recently reached a new all-time high of 1,074,282 addresses.

Notably, there has also been growth in the number of addresses holding over 32 and 100 coins, but some of this growth is a byproduct of PlusToken's Ethereum mixing.

Ethereum's recent setbacks: DeFi hack, high fees, ETH 2.0 uncertainty.

Tangentially related, Ethereum users have had to deal with extremely high fees over recent weeks.

Former Messari executive Qiao Wang says that these fees could threaten Ethereum's efficacy as the foremost smart-contract blockchain.

"So long as ETH 2.0 is not fully rolled out, there's an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.".

There's also uncertainty about ETH 2.0.

"Ethereum 2.0 is exceptionally complicated. With so many committees, shards and voting types it seems reasonably likely that something will go wrong and that there will be significant further delays."

Namely, the picture around ETH becoming more viable as an investment once Ethereum 2.0, EIP-1559, and other improvements become implemented, which will lead to increased adoption and more monetary like properties for the asset.