Ethereum's on-chain metrics continue climbing despite recent price weakness, with the network processing more transactions than at any point in its history. Active addresses have exceeded 275 million as user participation deepens across decentralized finance, staking and layer-2 applications.

The divergence between price performance and network growth signals sustained blockchain adoption independent of market sentiment.

What Happened: Record Network Activity

Ethereum mainnet reached an all-time high in network activity in 2025, according to Leon Waidmann, head of research at On-Chain Foundation. The blockchain now processes more transactions and computations than ever recorded since launch.

Coin Bureau data shows active addresses rising steadily throughout the year, crossing the 275 million threshold during recent market volatility.

Usage spans decentralized finance protocols, non-fungible token platforms, staking services and layer-2 scaling solutions.

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Why It Matters: Ecosystem Expansion

Waidmann noted that layer-2 networks expanded Ethereum's capacity rather than draining activity from the main chain. More economic activity now settles on the blockchain than during any previous period in its history.

The growth in active addresses and transaction volume demonstrates sustained demand for smart contract applications regardless of ETH price movements.

Milk Road projects December could close positively despite a difficult quarter, citing historical patterns of recovery following periods of heavy selling pressure.

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