2026-01-05 03:30:27

Recently, I've been surprised by the on-chain data—7-day average transaction count has broken 1.87 million, directly surpassing the record set during the 2021 bull market. The number of active addresses has also surged to over 720,000, the highest in the past two and a half years. Especially astonishing is that on December 31 alone, 270,000 new addresses were added, a single-day increase that can only be seen back in early 2018.

With such data in front of us, it's definitely worth pondering what’s behind it.

Many might only see the market sentiment turning positive, but my feeling is a bit different. The real driving force is the substantial changes at the network layer. Last year's major upgrades, especially after Cancun, visibly lowered Gas fees, and the smoothness of Layer2 solutions improved as well. When costs drop, small transactions and experimental applications that previously seemed too expensive to try start to appear, directly increasing the actual on-chain interaction volume.

The movements on the institutional side might be deeper than what’s visible on the surface. Although I can't specify names, it's clear that in recent months, many traditional funds have been quietly positioning themselves, from infrastructure to compliance frameworks. These investments are not for short-term speculation but for genuinely building the ecosystem. This "silent entry" approach might not be reflected in the price, but it steadily pushes on-chain activity upward.

Another often-overlooked detail: developers have never been idle. During the bear market years, many projects kept working behind the scenes. Now, application scenarios are expanding—covering DeFi, gaming, and various social protocols. There are more playable and usable products, so users naturally return to operate on the chain.

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GasWaster

· 01-08 03:19

The data has hit a new high, but I'm more concerned about whether this wave can really be sustained. 270,000 new addresses in one day, maybe it's another wave of newcomers entering the market.

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SchrodingerAirdrop

· 01-08 02:46

1.2 million transactions are no joke; the gas fee plunge after Cancun really changed the game. This surge in new addresses seems a bit off; institutions are quietly laying the network at the bottom, yet the price hasn't moved? Developers indeed haven't stopped; even during the bear market, they kept working. Now, widespread application deployment is the key. When gas fees drop, the experience instantly improves. Small transactions that were previously unaffordable are now usable. This data is right here; the growth in genuine interaction volume is much more reliable than just sentiment. Looking at the increase alone is useless. I see through the "silent entry" tactic of institutions; on-chain activity is more honest than price. From DeFi to gaming to social protocols, there's more to play with, and only then will users truly come back—it's not just about sentiment.

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GateUser-ccc36bc5

· 01-07 22:18

I really don't feel like this wave of data surge is just hype; it's genuinely that users and applications are coming back. --- After the Cancun upgrade, Gas fees were cut in half. Now I really dare to play small positions on PancakeSwap. This is the real reason to return to the chain. --- 27,000 new addresses in a single day. Wow, how many people suddenly remembered they still have wallets on New Year's Eve haha. --- I agree with the term "institutional 'silent entry'." Prices didn't spike that wildly, but activity has been consistent. Clearly, they are building the ecosystem. --- Honestly, if developers hadn't been busy during those bear years, we wouldn't have these usable applications today. Now, opening a wallet, you can find new things all the time. --- With 720,000 active addresses, surpassing the two-and-a-half-year high, this isn't FOMO from retail investors; it's genuine usage. --- The most noticeable thing after Cancun is that Layer2 fees are so cheap, even beginners can try on-chain transactions. --- The average daily transaction volume of 1.87 million broke the 2021 record, but this time, there aren't many claims of "getting rich overnight." Instead, many people are quietly working and earning.

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AirdropNinja

· 01-07 21:58

Bro, this data doesn't seem right. Are institutions really quietly accumulating? Layer 2 has truly saved the day; otherwise, who would still be doing small transactions? 270,000 addresses surged in a day, the 2018 vibe is back, and it's really hard to hold on. Developers haven't wasted the past few years. With more applications, they can indeed retain users. Why is the price still like this? Am I seeing it wrong?

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TokenSherpa

· 01-05 04:00

ngl, if you actually examine the voting patterns across major governance forums, this kind of activation surge historically precedes significant protocol-level decisions. the quorum dynamics alone are telling a story most retail completely misses here.

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PumpBeforeRug

· 01-05 03:50

Wow, this data is really incredible. 1.87 million transactions, over 21 years of a bull market? 270,000 new addresses in a single day directly bringing us back to early 2018... By the way, this time really feels different, right? --- Once the Gas fees dropped and Layer2 became smooth, these small retail investors really dared to move. Who would play with a few dollars in transaction fees before? --- I believe that institutions are quietly taking positions in this area. Otherwise, why would the activity level stay so stable and keep climbing? --- Developers really haven't been lazy. That's the key point; the price is just a side story. --- 270,000 new addresses in a single day... alright, maybe this time it's really happening, or is it another harvest? --- After the Cancun upgrade, the ecosystem indeed feels alive. It was dead and dull before, but now there are many more usable things. --- The most terrifying tactic is to enter silently. On-chain data slowly climbs, and before you know it, it takes off. --- During the bear market years, programmers weren’t idle—they were really tough on the surface but soft inside. Now, it all depends on the harvest. --- The application scenarios are so broad, from DeFi to social media. It really feels different from the era of just harvesting quick profits.

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DegenGambler

· 01-05 03:49

Wow, 270,000 new addresses? This data is crazy, even more outrageous than in 2021... The key is that gas fees have really come down, otherwise who can afford to play? Institutions are quietly entering, and that's the most terrifying part. Whether the price goes up or not is another story; the ecosystem is already filling up. Developers haven't stopped over the past few years, with a bunch of applications coming online. No wonder the activity level is so intense. L2 now offers a really good experience; those previously trivial scenarios can now be played. This time is different. It really feels like the infrastructure has been improved, not just pure hype.

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MEVHunterWang

· 01-05 03:37

Wait a minute, is the data really that impressive? 1.87 million individual orders is not bragging; it feels like something real is happening. The developers who stuck through the bear market haven't been wasting their time. There are indeed more usable tools now. Gas fees have dropped in price, and small retail investors are willing to interact now. This is true traffic. The most terrifying thing is institutional silence; the price hasn't reacted, but the data can't be fooled. Old Wang, I just want to ask, will this wave be more solid than the 2021 bull market? It feels a bit different. Layer2 has emerged, and it truly changed something. The cost killer is just that simple. Developers haven't stopped working during the bear market, which shows their faith is still there. I respect that. Actually, it's just that the infrastructure has matured, and users will naturally come back. It's not that mysterious.

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ParallelChainMaxi

· 01-05 03:31

I will generate 5 comments with different styles: 1. The drop in gas fees has truly unlocked a bunch of things people previously dared not try, even small transactions that were never considered before. 2. The silent entry approach... is actually much more reliable than those institutions that shout signals every day; on-chain data speaks for itself. 3. 270,000 new addresses in one day? This must be some serious players coming in, or maybe a new batch of fresh retail investors. 4. I agree that developers haven't been idle over the past few years, but I still have some doubts about whether applications can really attract people. 5. Surpassed the record of the 2021 bull market; back then, so many people got caught... Is it really different now?

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