Ethereum Experiences Record Transactions Amid Address Poisoning Scams
- Ethereum processed a record-breaking 2.9 million transactions in the past week.
- Daily active addresses surged to approximately 1.3 million, up from around 0.6 million in late December.
- Average transaction fees remained low, between $0.10 and $0.20, despite increased activity.
- Approximately 80% of new address activity is linked to stablecoin transactions rather than organic user demand.
- Security researchers estimate that around 67% of new addresses received sub-$1 stablecoin transfers as their first transaction.
The recent spike in Ethereum’s on-chain activity has raised concerns about its authenticity, with many transactions attributed to malicious “address poisoning” scams exploiting low gas fees. This trend highlights the potential for inflated network metrics that do not reflect genuine user engagement.
Despite processing millions of transactions, Ethereum’s growth may be misleading, as much of the activity is driven by scams rather than real user adoption, with significant losses reported among victims of these schemes.(Source)
