The activity of the Ethereum main network exceeds all Layer-2 networks
Network activity on the Ethereum mainnet will now be lower as gas fees on Layer-2 scaling blockchains, although not all organic users may be.
Token Terminal said on Thursday that it is “returning to the mainstream” with daily active addresses on Ethereum surpassing all leading Layer-2s.
Active addresses peaked at about 1.3 million on January 16, Eterscan showed, but since then have fallen to around 945,000 daily active addresses, closing in on 1 million recently added addresses.
The figure is higher than all other layer-2 blockchains, including the popular networks Arbitrum One, Base Chain and OP Mainnet. According to L2Beat, the total value of all Layer-2s is currently at $45 billion, down 17% over the past 12 months.
Ethereum network activity increased this month following the Fusaka update in December, which significantly reduced gas fees. However, not all may be from real users.
Increase in address poisoning attacks
Security researcher Andrey Sergenkov said on Monday that the increase in network activity could be partly due to dusting or poisoning attacks.
Address poisoning involves fraudsters sending small transactions from legitimate-looking wallet addresses, tricking users into copying the wrong address when making a transaction.
This decline in network fees has become economically viable, making it cheaper to spam the network.
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“It is reasonable to conclude that the recent increase in Ethereum network activity is being materially driven by address poisoning campaigns,” analysts at blockchain security firm Syvers told Cointelegraph on Wednesday.
Syvers analysts strongly suggest that attribute classification and statistical correlation “is not a marginal factor but a major contributor to the recent increase in Ethereum transaction volume.
Ethereum is still the king of asset tokens.
Regardless of the fraudulent activity, Ethereum “remains the preferred on-chain asset,” ARK Invest reported on Wednesday. Assets on Ethereum are now over $400 billion, and the global market for tokenized assets could exceed $11 trillion by 2030, he added.
Stablecoins account for the largest share of those assets, with Ethereum accounting for 56% of on-chain stablecoins, and 66% of real-world assets when layer-2 networks are included, according to RWA.xyz.
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