Ethereum address creation hits 35-month high: Did XRP offer the Spark?

Dec 16, 2020 06:35 UTC

| Updated:

Dec 16, 2020 at 06:35 UTC

By Clark

A shot for the Spark delivery might have caused a record spike in Ethereum address creation.

Ethereum address creation hit a 35-month high on Gregorian calendar month fourteen once 177,000 new addresses were supplementary to the network in step with analysts from Santiment.

The analytics supplier according that its network growth metric showed Ethereum adding 177,500 addresses in a very single-day on Saturday, Dec. 12.

The number of active addresses additionally surged on Dec. 14 to 714,081, although its uncomparable high came throughout the crypto boom in Gregorian calendar month 2018 once it flat-topped one.1 million in step with Bitinfocharts.com.

There may well be variety of reasons for the dealing in address creation and active addresses in recent months as well as the surge in DeFi liquidity mining providing sensible returns with ETH as collateral.

The anticipation of staking rewards on the recently launched ETH two.0 Beacon Chain might have additionally driven address growth as investors purchase ETH to stake on the new blockchain. And in fact Bitcoin costs square measure back close to all time highs, serving to lightweight a hearth underneath alternative cryptocurrencies too.

But a Reddit thread concerning the milestone, mentioned the likelihood that a token delivery from Flare Networks for XRP holders was an enormous contributor to the address creation spike. Flare may be a new protocol that intends to bring localized finance to the XRP scheme by creating it compatible with existing sensible contracts with the Ethereum Virtual Machine. Redditor SoundofCreekWater said:

“Could be B.C. of the XRP/Spark/Flare delivery, which needs Associate in Nursing ethereum-compatible address”

Flare’s native FLR token are accustomed pledge the provision of FXRP, a completely trustless illustration of XRP on the network. The delivery took a shot of XRP balances on Dec. 12, that coincided with the Ethereum address creation spike.

Flare explained that forty five billion Spark tokens are distributed, with V-day claimable at the time of network launch that has been slated for 3 to 6 months’ time. the remainder are distributed over ensuing 2 years.

“If you self custody, the strategy of claiming the Spark token is just to line the Message Key field on your XRP LEDGER address to your Flare address.”

It goes on to elucidate that the Flare address is Associate in Nursing ‘Ethereum compatible address’ that should be created inside six months of the shot date.

While major exchanges like Coinbase and Binance square measure supporting the delivery and automating the method, people who hold their XRP off a centralized exchange can have required to form a Flare address so as to be eligible for the delivery. XRP costs have tanked twenty second since the shot occurred.

Clark

Head of the technology.