Ethereum’s base layer is showing unexpected strength again. In January, the Ethereum mainnet recorded more daily active addresses than all major layer-2 networks combined, marking a notable shift in on-chain behavior after months of layer-2 dominance.
According to data shared by Token Terminal on Thursday, Ethereum has seen a clear “return to mainnet.” Daily active addresses on Ethereum now exceed activity levels on popular scaling networks such as Arbitrum One, Base Chain, and OP Mainnet.
This surge is happening at a time when gas fees on Ethereum remain historically low, largely due to the Fusaka upgrade rolled out in December. Lower transaction costs have reduced the friction that once pushed users toward layer-2 solutions, making mainnet transactions viable again for smaller transfers and routine activity.
Activity spike raises questions about user quality
On-chain data shows that Ethereum’s daily active addresses climbed close to 1 million earlier this month. Etherscan recorded a peak of approximately 1.3 million active addresses on January 16, before activity cooled to around 945,000 addresses per day.
While those figures place Ethereum ahead of every layer-2 network, analysts caution that not all of this activity represents genuine user engagement.
Security researchers point to a rise in address poisoning and dusting attacks as a meaningful contributor to the spike. These attacks involve sending small transactions from wallet addresses designed to visually resemble legitimate ones, increasing the chance that users mistakenly copy and reuse the wrong address.
Low fees create new attack incentives
Andrey Sergeenkov, a blockchain security researcher, noted earlier this week that Ethereum’s reduced fees have unintentionally made such spam-based attacks more economical. When transaction costs are low, attackers can flood the network with minimal expense.
Blockchain security firm Cyvers reinforced this view in comments to Cointelegraph on Wednesday. Their analysts said behavioral analysis and statistical correlations strongly indicate that address poisoning campaigns are not a marginal factor but a significant driver of recent Ethereum transaction volume.
This highlights a familiar tradeoff in blockchain design. Lower fees improve usability but also reduce the economic barriers that previously limited network spam and abuse.
Layer-2 growth slows as capital consolidates
The resurgence of Ethereum mainnet activity comes as the broader layer-2 ecosystem shows signs of cooling. According to L2Beat, the total value secured across all layer-2 networks currently stands at $45 billion, down 17% over the past 12 months.
This does not signal failure for layer-2s, but it does suggest that user behavior remains fluid. When mainnet costs fall, some activity naturally migrates back, especially for users who prioritize simplicity, liquidity, or direct interaction with core Ethereum infrastructure.
Ethereum’s dominance in tokenized assets remains intact
Despite questions around transaction quality, Ethereum’s role as the primary settlement layer for digital assets remains largely unchallenged.
ARK Invest reported on Wednesday that Ethereum continues to be the preferred blockchain for on-chain assets, with more than $400 billion in value currently secured on the network. The firm estimates that the global market for tokenized assets could exceed $11 trillion by 2030.
Stablecoins account for the majority of this activity. Data from RWA.xyz shows Ethereum holds a 56% share of stablecoins issued on-chain and a 66% share of tokenized real-world assets when layer-2 networks are included.
What this means going forward
The January activity surge underscores Ethereum’s adaptability. As scaling upgrades reduce costs, the network can reabsorb activity without relying entirely on layer-2s. At the same time, the rise in address poisoning highlights the need for better wallet UX, transaction warnings, and security tooling.
For investors, developers, and institutions, the message is clear. Ethereum’s base layer is far from obsolete. Even as layer-2s evolve, the mainnet remains the center of liquidity, asset issuance, and long-term value settlement in the crypto economy.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions
