Ethereum (ETH), the second-largest digital asset by market capitalization, is drawing renewed attention following a significant surge in network activity. Recent data reveals a record-breaking number of 20.2 million weekly active addresses, marking the highest ever recorded on the Ethereum network.
This surge in user engagement underscores a growing confidence in Ethereum’s utility and long-term potential—especially as usage expands beyond the base layer into Layer 2 ecosystems like Arbitrum and Optimism, which have seen activity spike by 75% over the past week.
More than 658,000 active users are now interacting across Ethereum’s multiple layers, suggesting that adoption is not just wide—but deep. The usage multiplier, currently at 8.8x, indicates users are performing more actions per wallet than ever before. This shift signals active participation rather than simple address creation, further emphasizing the network’s growing traction.
This momentum follows the successful Dencun upgrade in March 2025, which introduced significant scalability enhancements. In parallel, Ethereum appears to be absorbing users from rival ecosystems, particularly following security issues on the Solana network earlier this month.
With Ethereum trading around $2,429.16, many analysts are revisiting the four-year market cycle theory, noting similarities to price patterns observed in 2017 and 2021. Historically, ETH has posted major gains every four years, and while past performance doesn’t guarantee future results, the current setup has caught the attention of both investors and traders.
Reports from the Wilson Center show that Layer 2 network growth outpaced Layer 1 by 60% in Q2 2023, and this trend is gaining steam once again. Layer 2 solutions are critical in making Ethereum more scalable, cost-efficient, and usable for applications ranging from decentralized finance (DeFi) to real-world asset tokenization.
Adding to the bullish narrative is the broader regulatory clarity in Europe, where MiCA (Markets in Crypto-Assets) legislation recently came into full effect—further encouraging institutional engagement with Ethereum-based platforms.
June 2025, Cryptoniteuae