Ethereum Weekly Active Wallets Surpass 10 Million: Will the Bull Market Multiply by 10?
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Ethereum Weekly Active Wallets Surpass 10 Million: Will the Bull Market Multiply by 10?
This milestone is a direct result of the successful implementation of the Dencun upgrade in mid-March 2024.
Navigating Web3 tides with focused insightsSource: Bitcoinist
Compiled by: Blockchain Knight
Network activity has significantly increased across the broader Ethereum ecosystem.
According to data from Dune Analytics, more than 10 million wallets are actively using the mainnet and Ethereum Layer 2 solutions such as Base, Optimism, and Arbitrum—excluding addresses related to Ordinals.
This milestone is a direct result of the successful implementation of the Dencun upgrade in mid-March 2024.
This upgrade, one among many for Ethereum, effectively addressed pressing challenges, particularly those related to scalability and gas fees.
With active wallets connecting to various protocols deployed on the mainnet, sidechains, or off-chain rollups surging, an analyst on X optimistically predicts this number could grow from 10 million to 100 million during the upcoming bull cycle.
The enhanced capabilities brought by Dencun will accelerate this surge, making Layer 2 transactions via rollups significantly cheaper.
To achieve this, Dencun uses "blobs"—a new type of transaction—to store data not processed by the Ethereum Virtual Machine (EVM).
Blobs can be seen as new data storage channels within blocks, helping streamline block validation.
Notably, it achieves this without compromising data availability—a significant boost for Ethereum Layer 2 solutions integrated with Dencun.
With lower gas fees and more efficient Layer 2 platforms, Dencun has helped attract new users, revitalizing the broader Ethereum ecosystem. This is also reflected in the rising total value locked (TVL) across Layer 2 gateways and the mainnet.
According to L2Beat, leading Layer 2 platforms like Arbitrum and Optimism have seen double-digit growth on average over the past week.
So far, all Layer 2 platforms combined manage over $39 billion in assets.
Parallel data from DefiLlama also highlights this growth. Over the past six months, TVL across leading decentralized finance (DeFi) protocols has risen from around $20 billion to over $54 billion today.
Despite these advancements, challenges remain. Ethereum remains vulnerable and struggles to scale efficiently during traffic spikes.
Therefore, during the next bull run—especially when Ethereum's price rebounds past $4,000 and reaches new all-time highs—gas fees are highly likely to rise again.
Moreover, users, especially meme coin deployers, may prefer alternatives like Solana or Avalanche, potentially dampening activity.
Nevertheless, supporters of Ethereum remain positive.
As crypto asset prices stabilize, it is highly likely they will maintain momentum consistent with the gains seen in the first quarter of 2024, encouraging more users to explore top-tier protocols launched on the mainnet or through Layer 2 platforms.
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