Ethereum Mainnet Daily Active Addresses Surpass All Layer-2s

Why It Matters

The resurgence of Ethereum mainnet usage signals renewed demand for L1 services, influencing developer allocation and market perception. However, if a sizable portion of activity is malicious, it could distort network metrics and affect fee dynamics.

Key Takeaways

• Ethereum daily active addresses near 1M, outpacing L2s.
• Fusaka upgrade cut gas fees, spurring activity.
• Address‑poisoning attacks may inflate activity metrics.
• Ethereum holds 56% stablecoin share, 66% tokenized assets.
• L2 total value locked fell 17% over past year.

Pulse Analysis

The post‑upgrade landscape on Ethereum’s base layer shows a clear shift in user behavior. By dramatically lowering gas costs, the Fusaka hard fork removed a long‑standing barrier to entry, prompting both casual users and high‑frequency traders to migrate back from layer‑2 solutions. This influx has revived on‑chain activity metrics, offering developers fresh data on transaction patterns and reinforcing Ethereum’s relevance in a market crowded with scaling alternatives.

Concurrently, the surge has attracted malicious actors exploiting the cheap fee environment. Address‑poisoning, a form of dusting attack, becomes economically viable when transaction costs are minimal, allowing scammers to broadcast thousands of deceptive micro‑transactions. Such noise skews analytics, inflates perceived demand, and forces security firms to refine detection algorithms. Network observers now stress the importance of distinguishing genuine usage from spam to maintain accurate health indicators for the ecosystem.

Beyond raw transaction counts, Ethereum’s dominance in tokenized assets remains unchallenged. Stablecoins alone represent a $400 billion portfolio on the mainnet, giving Ethereum a 56% share, while its control expands to 66% when accounting for real‑world asset tokens on layer‑2s. This breadth underpins DeFi liquidity, institutional interest, and future regulatory scrutiny. As layer‑2s grapple with declining total value locked, Ethereum’s foundational role in asset tokenization ensures it stays at the core of blockchain finance, even as scaling solutions evolve.