Ethereum Sees Doubling of New Users and Record Daily Transactions

Ethereum network activity has surged, with on-chain analytics platform Glassnode reporting that “activity retention” nearly doubled over the past month, driven by a sharp spike in first-time interacting addresses. Glassnode said the new cohort indicates a notable influx of new wallets engaging with the network rather than activity being driven solely by existing participants.

It reported new activity retention — new network addresses — rising from just over 4 million to around 8 million this month, and noted that activity retention measures how many users continue to be active over time. Etherscan data cited in the report shows active addresses more than doubled from about 410,000 this time last year to over 1 million on January 15, while daily transactions on Ethereum hit an all-time high of 2.8 million on Thursday, a 125% increase year over year.

Macroeconomics outlet Milk Road attributed the spike to an explosion of stablecoin usage on Ethereum alongside collapsing fees, and Token Terminal said stablecoin usage is at an all-time high amid record-low fees. Industry observers said sentiment and confidence around Ethereum are improving.

Justin d'Anethan of Arctic Digital and Nick Ruck of LVRG Research highlighted stronger on-chain fundamentals, ETF inflows and scaling upgrades, and MN Fund founder Michaël van de Poppe said compression in ETH could lead to a near-term breakout.

Key Topics

Crypto, Ethereum, Glassnode, Etherscan, Stablecoins, Etfs