Two Genesis Ethereum Wallets Reactivate After Nearly a Decade

Two Ethereum wallets that had remained untouched for almost ten years became active on Monday, transferring a combined 1,140 ETH valued at approximately $2.9 million

The wallets, starting with “0x27” and “0x7f,” were created on July 30, 2015, aligning with the network’s “Frontier” mainnet launch. Records on Etherscan indicate these wallets received their initial Ether through “GENESIS” transactions, confirming they were funded at launch.

When Ethereum debuted in 2015, it operated on a proof-of-work model similar to Bitcoin, allowing miners to earn rewards by securing the network. In September 2022, Ethereum transitioned to a proof-of-stake system during The Merge, reducing the network’s energy consumption while maintaining its security and decentralization.

Market data suggests that ETH has appreciated nearly 89,450% since these wallets first received their funds, reflecting Ethereum’s significant growth in value and adoption over the past decade.

A Wave of Dormant Wallet Activity Across Crypto

The activation of these Ethereum wallets is part of a broader trend of long-dormant wallets reawakening. Last Friday, three Bitcoin wallets inactive for 14 years moved billions in funds, and earlier this year, several Satoshi-era Bitcoin wallets transferred coins worth around $44 million, sparking renewed curiosity in the crypto community.

These movements often trigger speculation regarding their owners and the reasons behind their sudden activity after years of silence. While some view these reactivations as signs of early adopters securing profits, others see them as potential indicators of shifting strategies among crypto whales as markets mature.

Ethereum Pectra Upgrade and New Proposals

Meanwhile, Ethereum ecosystem continues to evolve with recent technological upgrades and governance proposals. On May 7, blockchain developers launched the Pectra upgrade, which introduced smart accounts, improved scalability features, and higher staking limits

Following the upgrade, the price of ETH climbed from $1,812 to $2,540, according to CoinMarketCap.

Vitalik Buterin, alongside researcher Toni Wahrstätter, proposed a gas cap for individual transactions at 16.77 million, aiming to improve the network efficiency and security. The proposal argues that this cap will enhance the network’s resilience against potential denial-of-service attacks and improve stability, while providing users with more predictable transaction costs.

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