Ethereum Mainnet Surges Past Layer-2 Networks with 1.3 Million Daily Active Addresses
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5h ago
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Source: Coinmarketcap
- Surge in Active Addresses: Ethereum's mainnet recorded approximately 1.3 million daily active addresses on January 16, surpassing the total of all major layer-2 networks combined, indicating a significant shift in user behavior, although activity later cooled to around 945,000, still reflecting renewed interest in the mainnet.
- Impact of Low Fees: Ethereum's transaction fees remain historically low due to the Fusaka upgrade, reducing friction that previously drove users to layer-2 solutions, making mainnet transactions viable for smaller transfers and routine activities, thus boosting mainnet usage.
- Increased Security Risks: Analysts highlight that the rise in address poisoning and dusting attacks significantly contributes to the recent spike in transaction volume, as these attacks mislead users through small transactions, indicating that the increased activity does not fully represent genuine user engagement.
- Slowdown in Layer-2 Ecosystem: While Ethereum's mainnet activity surges, the total value secured across layer-2 networks has decreased by 17% over the past 12 months, suggesting fluid user behavior and indicating that as mainnet costs fall, some activity naturally migrates back, especially for users prioritizing simplicity and liquidity.
Analyst Views on ETH
Wall Street analysts forecast ETH stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ETH is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
