Litecoin (LTC) is experiencing significant network growth as it gears up for its highly anticipated halving event scheduled for August.

In recent weeks, the number of daily active addresses and new addresses on the Litecoin blockchain has seen a notable upswing, with a 28% and 54.6% increase over a 7-day period, respectively, as reported by IntoTheBlock data as of June 19, 2023.

This surge in network activity follows a remarkable milestone achieved by Litecoin, as its total addresses surpassed 200.7 million, surpassing even Ethereum’s (ETH) count of 181 million, according to on-chain market intelligence platform Glassnode on June 17.

The substantial rise in daily active addresses, new addresses, and total addresses on the Litecoin chain indicates a growing interest in one of the most prominent assets in the cryptocurrency market.

Furthermore, Litecoin made headlines in May when it outperformed Bitcoin in terms of new addresses created per day, as highlighted by on-chain analyst and LTC advocate Shan Belew. Belew’s Twitter thread also noted robust on-chain volume growth for Litecoin during that period.

While multiple factors may contribute to the recent surge in network activity, the upcoming Litecoin halving event scheduled for August 3, 2023, stands out as a significant driving force.

Halving events involve a programmed reduction in the rate at which new LTC coins are rewarded to miners. With the impending halving, the LTC block reward will be reduced from the current 12.5 LTC to 6.25 LTC.