Ethereum seems to be headed straight for success. After its recent updates and the growth of its on-chain activity, the network has something to appeal to the crypto-sphere. Fewer fees, more transactions, and a vitality worthy of its glory days. However, the road to progress is never without pitfalls. Behind the soaring curves and triumphant graphs, a more insidious threat lurks, hidden in the very blocks of the blockchain.
In brief
- The Ethereum network surpassed 1.29 million active addresses after the Fusaka update.
- 67% of new addresses received less than a dollar in stablecoins, a sign of attacks.
- $740,000 stolen by hackers exploiting lower transaction fees.
- Despite everything, Ethereum remains the leader in the RWA market with more than 60% share.
When Ethereum’s success hides an illusion of activity
On January 16, Ethereum made headlines amid an explosion of activity. More than 1.29 million active addresses have been recorded on the mainnet, surpassing all Layer 2s like Arbitrum, Base or Optimism. On X, Token Terminal was delighted: “ Layer 1 outperforms all major Layer 2s in number of daily active addresses “.
A shared enthusiasm by the community:
L2s are paths – Ethereum L1 is the location. When the essentials are at stake (regulation, security, finality, liquidity, trust), activity always returns to the main network. This is the gravity well. L2s extend Ethereum. Ethereum anchors the world.
The Book of Ethereum
But behind this fireworks display of numbers lies another reality. According to researcher Andrey Sergeenkov, this record surge is “ largely artificial “. It found that 67% of new addresses received less than a dollar in stablecoins in their first transaction. These are not real users, but potential victims of “dust poisoning”, a sophisticated phishing technique.
Hackers send tiny amounts to wallets, creating fake histories. The distracted user, copying a familiar address, sends his funds… to the attacker. Result: more than $740,000 stolen, including $509,000 from a single wallet.
Ethereum has broken records, yes — but sometimes records ring hollow.
Fusaka, the update that opened Pandora's box
Behind this paradox lies an irony: Fusaka, the update deployed in early December 2025, enabled these large-scale attacks. His goal? Make Ethereum more fluid and accessible. Result: transaction fees were divided by six. A revolution, until it becomes an economic weapon for attackers.
By making spam cheap, Ethereum unwittingly turned its technical success into a systemic flaw. Sergeenkov documented the mechanics : more than 2.7 million new addresses in one week and 17 million weekly transactions, an increase of 63%. But 80% of this activity would be generated by malicious contracts automating micro-transfers of stablecoins.
We cannot evolve an infrastructure without first addressing the issue of user security. What developers are doing now is reckless experimentation, disguised as a revolution, where ordinary people bear all the risks.
Andrey Sergeenkov
Ethereum developers, in seeking to democratize access to the network, have unwittingly subsidized a spam economy. Fusaka allowed the rebirth of the mainnet… and its demons.
Ethereum facing its paradox: technical power, human fissure
The numbers don't tell everything. Ethereum activity is exploding, but confidence is wavering. For crypto neophytes, the increase in activity rhymes with vitality. For researchers, this is an alert.
And yet, all is not dark: despite this shock wave, Ethereum remains the dominant pole of Web3. According to ARK Invest, blockchain controls 60-66% of the real asset tokenization market (RWA). Institutional treasuries acquired 1.2 million ETH in the fourth quarter of 2025, a sign of intact confidence.
But the divide is symbolic. Lower fees have accelerated adoption, but also malice. The world's most advanced blockchain faces an immutable enemy: human error.
As pointed out a researcher on The Defiantdevelopers sacrificed caution in the name of innovation. And that's the paradox of the crypto industry: wanting to build a world without intermediaries, but where each user remains the weak link.
What to remember from the Ethereum activity spike
- 1.29 million active addresses recorded in mid-January;
- 80% of this activity would be automated spam;
- $740,000 stolen via dust poisoning attacks;
- $2,958: ETH price at press time;
- Ethereum holds over 60% of the RWA market.
The future of Ethereum is being written quickly, but new dangers are looming. According to Vitalik Buterin, an even more formidable threat is emerging: quantum risk. If advances in quantum computing are confirmed, they could weaken the network's cryptography before 2028. After the poison of spam, it is perhaps time itself which will come to challenge Ethereum – that of the quantum machine.
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