Ethereum is witnessing a sudden influx of fresh faces, with on-chain data revealing that activity retention has nearly doubled over the past month, according to analytics firm Glassnode.
The firm noted a significant surge in first-time interacting addresses over the past 30 days, indicating that new users are flooding the network rather than existing participants hogging all the action. Glassnode reported that month-over-month activity retention has spiked in the newest user cohort, a sign that these shiny new wallets aren't just dipping their toes in but are sticking around for the long haul.
New active addresses have skyrocketed from just over 4 million to approximately 8 million in the past month. Activity retention tracks whether users stay engaged over time, offering a glimpse into whether network growth is sustainable or just another flash in the pan.
Broader network data shows similar momentum. Over the past year, the number of active addresses on Ethereum has more than doubled, climbing from about 410,000 to over 1 million, according to Etherscan. Daily transaction counts have also exploded, hitting a record 2.8 million on Thursday, roughly 125% higher than levels seen a year earlier.
Analysts attribute much of this growth to rising stablecoin usage and lower transaction costs. Macroeconomics outlet Milk Road said the increase reflects Ethereum’s shift toward moving execution to layer-2 networks while keeping settlement on the main chain. That design has helped drive fees down while maintaining security, making the network more accessible for everyday use—because who doesn't love paying less for more?
Data from Token Terminal shows stablecoin activity on Ethereum has reached all-time highs at the same time fees have fallen to multi-year lows. The combination appears to be encouraging more frequent use of the network, particularly for payments and decentralized finance activity—turning Ethereum into a bustling digital bazaar.
Market participants say the improved on-chain picture is feeding into more positive sentiment around Ether. Ether recently touched a two-month high near $3,400 before easing back to around $3,300 in early Friday trading, as investors weigh whether the surge in activity can translate into a sustained price move—or if it's just another wild ride in the crypto casino.
