Recent increases in Ethereum's blockchain activity indicate a potential rise in interest in decentralized finance and other network applications.
Ethereum Activity
Last week, the Ethereum blockchain recorded 13.2 million active addresses, indicating increased on-chain activity. Despite a dip in trading volume, ETH rose 2.34% over the week, suggesting renewed interest from investors.
Role of Layer 2 Solutions
With over 736,000 active addresses on multichains, Ethereum developers may be targeting scalability through layer 2 solutions. The layer 2 multiplier is at 5.04x, indicating substantial ecosystem participation.
Future of Ethereum and Market Trends
Ethereum's positive open interest funding rate has indicated rising investor conviction. With prices fluctuating above $2510 and the growing ETF market, ETH could be expecting a continued bullish rally.
The increase in Ethereum's activity, alongside the rising interest in layer 2 solutions, may signal continued development and potential for the network in the future.
