Analysis: Ethereum mainnet's activity surpasses multiple L2s, but there is "inflation" behind the data

According to CoinDesk, data shows that the average daily active addresses on Ethereum rose in January due to a decrease in transaction fees, even surpassing major Layer 2 networks at one point. According to Token Terminal, the daily active addresses on Ethereum approached 1 million this month and briefly rose to about 1.3 million on January 16, before falling back to around 950,000.

However, analysts warn that the active address data may be overstated. Security researcher Andrey Sergeenkov pointed out that the address growth in January is highly correlated with attacks such as Address Poisoning, where attackers send tiny amounts of stablecoins to a large number of wallets, causing fake addresses to appear in the victim's transaction records, thereby inducing erroneous fund transfers. Overall, there are signs of recovery in Ethereum's mainnet activity, but the short-term data is mixed with a lot of non-genuine demand, and the "quality of on-chain recovery" still needs further observation.