Ethereum's weekly active wallets exceed 10 million. Will the bull market increase it tenfold?

Source: Bitcoinist

Compile:Blockchainknight

Across the wider Ethereum ecosystem, there has been a noticeable increase in network activity.

According to Dune Analytics, there are more than 10 million addresses, excluding those associated with Ordinals.walletActively using the mainnet and Ethereum second-layer solutions such as Base, Optimism, and Arbitrum.

This milestone is a direct result of the successful implementation of the Dencun upgrade in mid-March 2024.

This upgrade is one of many to come to Ethereum that effectively addresses pressing challenges, especially those related to scalability and gas fees.

As active wallets connected to various protocols deployed on mainnet, sidechains or off-chain rails surge, an analyst at X optimistically predicts that this number will increase from 10 million to 100 million in the upcoming bull cycle.

This surge will be accelerated by the enhancements brought by Dencun, which makes it cheaper for those using rollups to conduct second-layer transactions..

To do this, Dencun uses "blobs" (a new transaction type) to store data that is not processed by the Ethereum Virtual Machine (EVM).

Blobs can be viewed as a new data storage channel within the block, which helps to simplify block verification.

Remarkably, it does this without compromising data availability, which is a huge boost for Ethereum layer-2 solutions that integrate Dencun.

With falling gas fees and more efficient layer-2 platforms, Dencun has helped attract new users and revitalize the broader Ethereum ecosystem.This is also reflected in the increasing total locked value (TVL) on the second layer portal and mainnet.

according to L2According to Beat data, on average, leading layer-2 platforms such as Arbitrum and Optimism have seen double-digit growth over the past week.

so far,All Layer 2 platforms manage over $39 billion in assets.

Parallel data from DefiLlama also highlights this growth. Over the past six months, the TVL of the leading decentralized finance (DeFi) protocols has increased from around $20 billion to over $54 billion currently.

Despite these advances, challenges remain. Ethereum is fragile and cannot scale effectively when usage surges.

Therefore, in the next bull run, especially when Ethereum prices rebound and break through $4,000 and all-time highs, gas fees are very likely to rise.

also,Users (primarily meme coin deployers) may prefer to use alternatives like Solana or Avalanche, dampening activity.

Despite this, Ethereum supporters remain positive.

As Crypto asset prices stabilize,Most likely to be consistent with the increase in the first quarter of 2024, more users will be keen to explore some of the top protocols launched on the mainnet or through second-layer platforms.

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