Recently, Ethereum's on-chain data has been extremely hot. The number of active addresses nearly doubled in just one month, now reaching the 80 million level. Even more exciting, the daily transaction volume has broken its all-time high—2.8 million transactions, a 125% increase compared to the same period last year.

This is not a small fluctuation. According to on-chain analysis data, the "activity retention rate" of the Ethereum network has also skyrocketed, essentially doubling. The key point is that these new activities are not from old users playing tricks, but from genuine new addresses flooding in. The number of addresses interacting for the first time in the past 30 days has surged, indicating a large influx of new wallets beginning to interact with the network.

Numbers speak even more clearly. The new network addresses, which were slightly above 4 million last month, suddenly jumped to about 8 million. What does this reflect? New users are continuously coming in, and they are not just testing the waters and leaving, but staying actively engaged. Activity retention essentially measures the number of users who truly stay and continue to use the network.

Looking at the trend over the past year, it becomes even clearer. Ethereum's active addresses grew from about 410,000 in the same period last year to over 1 million recently, more than doubling. Coupled with the new all-time high in daily transaction volume, the overall network activity has indeed reached a new height.

What is driving this phenomenon? Stablecoins. As Ethereum's transaction fees have significantly decreased, the demand for stablecoin-based transactions has exploded. This has further attracted fee-sensitive users and institutions to join. It seems that the value of Ethereum as a settlement layer is being rediscovered.