Ethereum’s main network recorded more daily active addresses than all major layer-2 blockchains in January, helped by lower gas fees. However, security analysts say part of the surge may be driven by scam activity rather than real users.
Data from Token Terminal shows a “return to mainnet,” with Ethereum ranking above all leading layer-2 networks in daily active addresses. Activity peaked near 1.3 million addresses on Jan. 16, according to Etherscan, before settling at around 945,000 per day.
That level is higher than popular layer-2s such as Arbitrum One, Base, and OP Mainnet. Meanwhile, the total value secured across all layer-2 networks stands at about $45 billion, down 17% over the past year, based on L2Beat data.
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Lower Fees Drive Activity, But Not All Organic
Ethereum network activity rose after the Fusaka upgrade in December, which sharply reduced gas fees. Cheaper transactions made it easier for users to move back to the mainnet.
Still, analysts warn that not all activity reflects genuine usage. Lower fees can also make it cheaper to flood the network with small transactions.
Address Poisoning Campaigns Raise Red Flags
Security researcher Andrey Sergeenkov said part of the spike appears linked to address poisoning, also known as dusting attacks. These scams involve sending tiny transactions from addresses that look similar to trusted ones, hoping users copy the wrong address later.
Blockchain security firm Cyvers told Cointelegraph that analysis of transaction behavior suggests address poisoning is a “significant contributor” to the recent rise in Ethereum activity, not just a minor factor.
Ethereum Keeps Lead in Tokenized Assets
Despite concerns around spam activity, Ethereum remains the top network for on-chain assets. ARK Invest reported that assets on Ethereum now exceed $400 billion. It also projects that the global tokenized asset market could pass $11 trillion by 2030.
Stablecoins account for most of these assets. Ethereum holds about 56% of all on-chain stablecoins and roughly 66% of tokenized real-world assets when layer-2 networks are included, according to industry data.
