According to data provided by cryptocurrency research firm Santiment, the number of active Ethereum addresses has increased to one two-year maximum of 486,000.
The last time the second largest blockchain saw this address king activity was in May 2018.
What is reinforcing the fundamentals of Ethereum?
In particular, the number of Ethereum wallets with at least 0.1 ETH recently hit a new all-time high.
Meanwhile, Ethereum continues to outperform Bitcoin for the third consecutive week in terms of daily fees paid on the translation network.
As recently reported, this is attributed to the rapidly increasing Tether (USDT) issuance growth.
Tether's ERC20 version accounts for most of the total stable coin supply. Tether users must pay gas fees (therefore interact with the network) to conduct USDT transactions.
With the value of the Decentralized Finance (DeFi) ecosystem reaching $ 1.66 billion, it is also a major stumbling block to Ethereum transaction growth.
Tether outshines Ethereum
It's worth mentioning that Ethereum's growing transactions aren't necessarily a foretaste of the price as users choose to send stablecoins instead of Ether.
In May, the total value of ERC20 tokens was about to surpass Ethereum on its blockchain.