Analyst and research firm CoinMetrics tweeted that Ethereum user adoption continues to expand rapidly, and its scale has not been affected by the drop in ETH prices.
According to a recent CoinMetrics tweet, a staggering number of over 6.2 million ETH wallets have been added since the beginning of the year with 0.01-1 ETH in them.
Liquidation cascades have dramatic effects on price but don’t change underlying fundamentals. #Ethereum added more than 6.2M addresses holding 0.01-1 ETH year to date.
— CoinMetrics.io (@coinmetrics) September 10, 2021
The team notes that despite the negative impact of the recent Ethereum liquidations, the fundamentals of the coin remain strong.
Meanwhile, validators continue to deposit ETH to the Ethereum 2.0 contract. According to data provided by Glassnode, The total value locked in ETH 2.0 has reached a historic peak of 7,534,146 ETH.
— glassnode alerts (@glassnodealerts) September 9, 2021
Earlier this week, SkyBridge Capital founder and CEO Anthony Scaramucci shared his views on the future development of Ethereum. He believes both ETH and Cardano will continue to grow as there are many use cases for them now and will be in the future.