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Using a customized Dune Analytics dashboard, Jack Gorman tracked the paradigm of new Ethereum (ETH) wallets that were activated in the last 12 months. Simply put, it looks like the "we are still very early" motto of crypto veterans is still valid in late Q3, 2023.
In past year, 27 million new wallets were activated on Ethereum (ETH)
In the last 12 months, over 26.69 million wallets were created. As such, every 30 days, over 2 million new Ethereum (ETH) addresses started showing activity on the network. Such calculations were made by Jack Gorman, a data scientist at Variant Fund, a VC team that was among early backers of Uniswap (UNI), Polygon (MATIC), Aptos (APT), Worldcoin (WDC) and Matter Labs.
Ethereum Address Stats in Past Year
— J.Hackworth (@jphackworth42) July 28, 2023
-Monthly active addresses ranges from ~4.5M - 7M on Ethereum.
-In the past year, more than 26.69 million wallets were created, averaging around 2 million new wallets per month.
-The retention rate of new wallets is relatively modest, with… pic.twitter.com/c8DmYhHQUX
However, only 4.5-7 million of Ethereum (ETH) addresses authorize at least one transaction every month. Over 70% of wallets are dropped after 30 days of activity, analyst says.
Three out of five Ethereum (ETH) addresses on the network only completed one transaction. On the other hand, 400,000 wallets show notable activity as they authorized over 100 transactions in the last 12 months.
This domination of wallets with low activity (66% of active transacting addresses were only active for one day, while 95.5% were active for less than 10 distinct days within the last year) should likely be attributed to euphoria around retroactive airdrops.
As covered by U.Today previously, top "airdrop hunters" managed to have their accounts qualified for 12 NFT and token airdrops.
Only 1.9 million wallets show sustainable activity
However, in order to optimize their strategies, "airdrop hunters" create hundreds of Ethereum (ETH) accounts with minimum activity. Sophisticated software is leveraged by the "abusers" of retroactive airdrops.
During the ARB airdrop, the most overhyped campaign of the last year, thousands of accounts were controlled by manipulators; over 2,400 wallets were hacked.
When the dust settles, activity on Ethereum (ETH) remains low. The total number of wallets that were active for over 10 days in the last year is around 1.9 million, the report says.