Ethereum's month-over-month activity retention nearly doubled, with new active addresses rising from 4M to 8M.
Daily transaction counts hit a record 2.8 million, a 125% increase year-over-year.
Growth is attributed to significantly lower transaction fees and surging stablecoin usage, facilitated by Layer-2 networks.
Ethereum’s user base is exhibiting its stickiest behavior in years, with Month-over-Month Activity Retention nearly doubling in the last 30 days.
Data from Glassnode confirms the network added roughly 4 million new active addresses this month, bringing the monthly total to 8 million. Unlike previous spikes driven by airdrop farming, this surge coincides with a doubling in retention rates for the “New” cohort.
Ethereum’s Month-over-Month Activity Retention shows a sharp spike in the “New” cohort, indicating a surge in first-time interacting addresses over the past 30 days. This reflects a notable influx of new wallets engaging with the Ethereum network, rather than activity being… pic.twitter.com/h8Zw7hXOSX
The breakdown from on-chain analytics providers highlights a fundamental shift:
Active addresses surged from ~410,000 to >1 million year-over-year (Etherscan).
Daily throughput hit a record 2.8 million transactions, a 125% YoY increase.
Glassnode wrote:
“Ethereum’s Month-over-Month Activity Retention shows a sharp spike in the ‘New’ cohort, indicating a surge in first-time interacting addresses over the past 30 days.”
Execution vs. Settlement
The volume spike paradoxically correlates with lower average fees. This validates the roadmap efficacy. Mainnet is successfully offloading execution to Layer-2s (Arbitrum, Base, Optimism) while capturing value through final settlement and stablecoin transfers.
The 2.8 million daily transaction figure reflects the capacity expansion from the recent Fusaka upgrade, which increased block sizes by roughly 33%.
Confidence around Ethereum is improving, with indicators pointing to higher prices fueled by capital inflows into ETFs, stablecoins, and crypto protocols. Staking now locks over 50% of Ether’s total supply. Some market observers, however, note a disconnect between strong on-chain metrics and price action. They reflect skepticism about its value accrual model and macroeconomic headwinds.
The Institutional Take
For desk traders, the “New Address” count is usually a vanity metric often polluted by Sybils. The alpha here is the retention doubling.
High retention in a low-fee environment suggests these are actual users (likely interacting via stablecoins or DeFi front-ends) rather than bot nets, which typically exhibit high churn. If this cohort sustains activity through Q1, re-rate ETH’s valuation models to weight “network utility” higher than “deflationary supply,” especially as L2 blob revenue stabilizes.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
I’m a content writer and editor with extensive experience creating high-quality content across a range of industries. Currently, I serve as the Editor-in-Chief at Coinspeaker, where I lead content strategy, oversee editorial workflows, and ensure that every piece meets the highest standards. In this role, I collaborate closely with writers, researchers, and industry experts to deliver content that not only informs and educates but also sparks meaningful discussion around innovation.
Much of my work focuses on blockchain, cryptocurrencies, artificial intelligence, and software development, where I bring together editorial expertise, subject knowledge, and leadership experience to shape meaningful conversations about technology and its real-world impact. I’m particularly passionate about exploring how emerging technologies intersect with business, society, and everyday life. Whether I’m writing about decentralized finance, AI applications, or the latest in software development, my goal is always to make complex subjects accessible, relevant, and valuable to readers.
My academic background has played an important role in shaping my approach to content. I studied Intercultural Communications, PR, and Translation at Minsk State Linguistic University, and later pursued a Master’s degree in Economics and Management at the Belarusian State Economic University. The combination of linguistic, communication, and business training has given me the ability to translate complex technical and economic concepts into clear, engaging narratives for diverse audiences.
Over the years, my articles have been featured on a variety of platforms. In addition to contributing to company blogs—primarily for software development agencies—my work has appeared in well-regarded outlets such as SwissCognitive, HackerNoon, Tech Company News, and SmallBizClub, among others.
