Data: Ethereum developer activity hits an all-time high, with 8.7 million smart contracts deployed in Q4 2025

Onchain Foundation's research head Leon Waidmann cited Token Terminal data in a post on X platform, stating that Ethereum developer activity has reached an all-time high. Developers are focusing on development rather than speculation, with more contracts leading to more DApps, RWAs, stablecoins, and infrastructure, and related activities are accelerating into 2026. Ethereum's role as the core execution and settlement layer continues to strengthen.