Ethereum’s main blockchain has seen a sharp resurgence in activity, with daily active addresses now exceeding those of all major layer-2 networks. This shift comes amid significantly reduced gas fees, making transactions on the mainnet more accessible than in recent years.
Ethereum Network Activity Trends
Daily active addresses on Ethereum surged to approximately 1.3 million in mid-January before stabilizing near 945,000 addresses per day. This level of activity places the mainnet ahead of popular scaling networks such as Arbitrum, Base, and Optimism. The increase followed a recent protocol upgrade that lowered transaction costs, encouraging renewed on-chain participation.
Token Terminal said on Thursday;
However, analysts caution that not all activity reflects genuine user demand. The decline in fees has also made it economically feasible for malicious actors to execute address poisoning and dusting attacks, which artificially inflate transaction counts.
Security researchers indicate that a significant portion of recent transactions may be linked to coordinated spam campaigns rather than organic usage. Behavioral analysis suggests these attacks are now a material contributor to transaction volume, not a marginal factor.
Ethereum’s Role in Tokenized Assets
Despite inflated activity metrics, Ethereum continues to dominate on-chain asset tokenization, securing over $400 billion in digital assets. The network maintains a majority share of stablecoins and tokenized real-world assets, reinforcing its position as the leading settlement layer for digital finance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.