Ethereum

Recently, the on - chain activities on Ethereum L1 have been on the rise. There are several driving factors, and one of the most important is the growing adoption of stablecoins. Stablecoins have been the biggest hot topic in the entire cryptocurrency field recently. Ethereum is also one of the biggest beneficiaries, with the usage rate of stablecoins on the Ethereum network reaching an all - time high. Just in the past week, the number of active users exceeded 750,000 for the first time. In addition, there are other reasons:
 
1. With the growth of stablecoins, DeFi activities have also increased. The overall activity of various old and new lending, staking, trading, and PerP protocols has increased, which in turn has increased the trading volume on L1 and gas consumption.

2. In terms of L2, the overall activity is still developing. For example, the promotion of the Virutals ecosystem on BASE. In addition, Virtuals is also involved in L1. Transaction activities like these have increased the number of active addresses and gas consumption.

3. The previous Pectra upgrade has also played a promoting role. It allows validators to increase their staking amount from 32 ETH to 2048 ETH and supports the smart - contract functions of external accounts, etc. These have increased the trading volume on L2 and are also conducive to promoting on - chain activities on L1.