Network activity on the Ethereum mainnet has now exceeded that on Layer 2 scaling blocks as gas fees remain low, although not everyone may be an organic user.
Token terminal he said on Thursday that there has been a “return to the mainnet” and Ethereum’s daily busy addresses are surpassing all leading Layer 2 addresses.
The recent boost in the number of busy addresses reached 1 million per day thanks to Etherscan showing that on January 16, the number of busy addresses increased to about 1.3 million, but since then it has remained at about 945,000 busy addresses per day.
This number is higher than all Layer 2 blockchains, including the popular Arbitrum One, Base Chain, and OP Mainnet. Total value secured across all Tiers 2 is now $45 billion, down 17% over the last 12 months. According to to L2Beat.
Ethereum network activity has surged this month following Fusaka’s December update, which dramatically reduced gas fees. However, not all information may come from real users.
Deal with a sudden boost in poisoning attacks
Security researcher Andrey Sergeenkov said Monday that the boost in online activity could be partly attributed to address pollination or poisoning attacks.
Address poisoning is where fraudsters send tiny transactions from wallet addresses that look like legitimate ones, thereby tricking users into copying the wrong address when making a transaction.
This has become economically viable as network fees have fallen, making it cheaper to spam the network.
Related: Efforts to bulletproof Ethereum are paying off in user metrics
“It is reasonable to conclude that the recent surge in Ethereum network activity is significantly driven by address poisoning campaigns,” analysts at blockchain security firm Cyvers told Cointelegraph on Wednesday.
Cyvers analysts say the behavioral classification and statistical correlation “strongly suggest that address poisoning is not a marginal factor, but a significant contributor to the recent surge in Ethereum transaction volume.”
Ethereum continues to reign supreme in asset tokenization
Regardless of fraudulent activity, Ethereum “remains the preferred blockchain for on-chain assets,” ARK Invest said on Wednesday. Assets on Ethereum currently exceed $400 billion, and the global market for tokenized assets could exceed $11 trillion by 2030, he added.
Stablecoins make up the majority of these assets, with Ethereum having a 56% share of on-chain stablecoins and a 66% share of all real-world tokenized assets when layer 2 networks are included. According to to RWA.xyz.
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