According to ChainCatcher, citing CoinDesk, data shows that Ethereum's daily active addresses rebounded in January, briefly surpassing major Layer 2 networks, driven by declining transaction fees. Token Terminal statistics indicate that Ethereum's daily active addresses approached 1 million this month, briefly rising to approximately 1.3 million on January 16th, before falling back to around 950,000.
However, analysts warn that active address data may be overestimated. Security researcher Andrey Sergeenkov points out that the January address growth is highly correlated with attacks such as address poisoning, where attackers send tiny stablecoin transfers to numerous wallets, causing fake addresses to appear in victims' transaction records and thus inducing them to transfer funds unnecessarily. Overall, Ethereum mainnet activity does show signs of recovery, but short-term data contains a large amount of non-genuine demand, and the quality of the on-chain "recovery" remains to be seen.
