The amount of new Ethereum addresses created in a single day has reached a 35-month high over the last weekend, with 177,500 new addresses being created at the time.

The data comes from on-chain analytics firm Santiment which pointed out on social media that such high growth in the number of new addresses in a single day hasn’t been seen since January 19, 2018, when ETH was trading close to its all-time high near $1,400.

Santiment points out in its tweet that more address interacting with the blockchain of the second-largest cryptocurrency by market capitalization is a “very promising indicator for bulls.” Data from TradingView shows that on cryptocurrency exchange Binance ETH is currently trading at about $585 per coin, far below its previous all-time high.

Analysts, however, believe that the launch of Ethereum 2.0 staking via the Beacon Chain, which triggered “phase 0” on the development roadmap of Ethereum 2.0, could be bullish for the cryptocurrency as supply is being locked in and taken out of circulation.

Year-to-date, data shows Ethereum is already up about 350%, despite seeing a dip to about $100 back in March.

Source: TradingView

The Ethereum Foundation’s Beacon Chain Guide points to the Beacon Chain as the chain that introduces proof-of-stake to Ethereum and is “like a public good that will make  Ethereum healthier and earn you more ETH in the process.” Stakers become validators that process transactions and create new blocks in the chain.

The Beacon Chain “can’t handle accounts or smart contracts,” but is essential for coordinating the “expanded network of shards and stakers” that will help Ethereum scale. Various exchanges have already launched Ethereum 2.0 staking services, with OKEx adding additional benefits and rewards for users who help support Ethereum 2.0.

In an announcement, the exchange detailed that users can stake ETH with one click, obtain Beacon ETH (BETH) at a ratio of 1:1 with ether, and received yield on a daily basis. The exchange covers operating expenses and distributes all earned on-chain profits.

Per its announcement, participating in Ethereum 2.0 staking on OKEx may give users additional rewards in USDT, on top of the estimated 6% to 20% APY they will earn from staking.

According to the rules of staking on Ethereum 2.0, staked assets will be locked and cannot be redeemed until the rollout of Phase 1.5, which is estimated to be launched in two years. A total of 100,000 USDT in rewards will be “split according to the percentage of ETH staked by a single user compared to the total amount of ETH staked by all users on OKEx.

Featured image via Pixabay.