The Ethereum blockchain underwent a series of upgrades last year that have resulted in lower transaction fees and more active addresses.
Active users on the Ethereum network have overtaken major layer 2s as long-term development strategies begin to pay off.
The number of active addresses on Ethereum exceeded 791,000 on Monday, higher than that of the network’s major L2 players, including Base, Arbitrum and Optimism, according to data from Nansen.
Daily average transaction costs have also reached new lows. On Monday, average transaction fees were only $0.15. The average fee for a transaction on Ethereum was as high as $11 just one year ago.
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