BEARISH 📉 : Ethereum hits 2M daily users as price drops 30% in six months

Ethereum usage hits records. Fees and value capture lag.

Weekly active addresses on Ethereum climbed to 3.64M, an all‑time high, up 97% year over year and 13% in four weeks, per GrowThePie data shared in a tweet by Leon Waidmann. Polygon PoS posted 2.84M. Base hit 1.99M. Arbitrum reached 785k.

Fee flow tells a different story. DefiLlama shows Ethereum generated about $10M in fees over the last 30 days, trailing Tron near $25M and Solana around $20M.

Net takeaway for investors: activity is surging on Ethereum and its L2 stack, while fee share and value capture increasingly sit with competitors and off‑L1 infrastructure.