Report Date: October 15, 2025 Source: AIXBT MCP Top Projects
ETH Mainnet saw @evaaieth reach $4M trading volume.
Ethereum mainnet continues to demonstrate robust network growth and technological evolution, positioning itself as the leading smart contract platform despite increasing competition from Layer-2 solutions and alternative blockchains. While the specific @evaaieth trading volume milestone reflects isolated activity within the ecosystem, the broader Ethereum mainnet infrastructure shows compelling fundamental strength across multiple dimensions.
Ethereum mainnet has experienced remarkable growth in network participation, with active addresses reaching 15.40 million over the past week, representing a substantial 62.68% spike and marking a new all-time high. This surge in adoption demonstrates continued strong demand for Ethereum's decentralized infrastructure across multiple use cases including Real World Assets (RWAs), NFTs, DeFi protocols, and staking platforms.
Monthly active addresses have climbed to nearly 416,000, representing a two-year high and up from a yearly low of 192,000 in February. The unique address count has surpassed 100 million, though this metric continuously accumulates as addresses are never deleted from the network. This growth trajectory indicates sustained user engagement and network expansion, though it's important to note that the NVT (network value to estimated on-chain daily transactions) ratio currently sits at 63 and rising, which historically suggests the asset may be overvalued relative to its economic activity.
Ethereum mainnet operates through a sophisticated three-layer architecture that forms the foundation of its security and functionality. The Data Availability Layer ensures all transaction data is accessible to validators and nodes, maintaining transparency and preventing malicious actors from withholding information. The Consensus Layer coordinates Ethereum's Proof of Stake mechanism, where validators collectively agree on the blockchain's current state and validate transactions. The Execution Layer, powered by the Ethereum Virtual Machine (EVM), processes smart contract computations and manages account balances.
This modular architecture exists within each validator node, providing distinct functionalities while remaining interconnected. The separation allows Ethereum to handle complex operations more efficiently, though the mainnet still faces throughput limitations of approximately 15-30 transactions per second.
The mainnet's scalability challenges have been addressed through an aggressive Layer-2 rollup strategy. Following the Dencun upgrade (launched March 13, 2024), which introduced EIP-4844 and proto-danksharding, Layer-2 transaction costs plummeted by up to 90%. By mid-2025, transactions on L2 networks cost only $0.01-$0.10, significantly improving accessibility for DeFi projects and consumer applications.
The combined usage of Layer-2 solutions has reached all-time highs in dominance at 6.65x relative to mainnet activity. Major rollups like Arbitrum, Optimism, Base, and ZK-rollups now process millions of transactions daily. Base chain alone settled nearly $4 billion in volume over a recent week, marking an 80% increase and demonstrating the vitality of Ethereum's L2 ecosystem. Leading Base tokens like BRETT surged 70% weekly, while MORPHO rose 25%, WELL appreciated 51.46%, and AERO gained 11.91%.
Other Layer-2 networks showed strong performance as well: Arbitrum (ARB) rose 10.33% with $123M volume, Optimism (OP) increased 11.34%, Mantle (MNT) gained 7.02% with $195.5M volume, and Starknet (STRK) appreciated 9.36%.
The implementation of ERC-4337 (released in 2023) has revolutionized wallet functionality through account abstraction, enabling smart wallets with custom permissions, grouped transactions, account recovery mechanisms, and gas fee sponsorship. By the end of 2024, over 19 million smart accounts existed on the network, with projections reaching 200 million+ by the end of 2025. This advancement significantly lowers the barrier to entry for new users and enhances the overall user experience across Ethereum applications.
EigenLayer, operational since 2023, has introduced restaking capabilities that allow ETH stakers to secure additional services while earning extra rewards. By 2025, EigenLayer commands approximately 68% of the $26 billion restaking market, with roughly 3.5-4 million ETH locked in the protocol. This innovation enables new projects to leverage Ethereum's established security infrastructure, though it introduces additional risk vectors if dependent services experience failures or exploits.
Ethereum maintains its position as the dominant smart contract platform, with institutional investment concentrated in key sectors including RWAs, NFTs, DeFi, and staking. The network's rollup-centric roadmap prioritizes scaling through Layer-2 solutions while maintaining mainnet security and decentralization. Future upgrades aim for full danksharding, which will further enhance data availability and reduce costs across the ecosystem.
However, the mainnet faces ongoing debate about whether its modular approach—offloading execution to Layer-2s—represents the optimal architectural choice. Critics question whether excessive Layer-2 activity "drains" value from the mainnet, though proponents argue this design preserves decentralization while achieving necessary scalability.
Several risk factors warrant attention. The rising NVT ratio suggests potential overvaluation relative to economic activity, which could indicate bearish price pressure ahead. The increasing complexity of the multi-layer ecosystem creates interoperability challenges and potential user confusion. EigenLayer's restaking mechanism introduces systemic risk if cascading failures occur across dependent services.
Additionally, the fragmentation of activity across numerous Layer-2 networks may dilute mainnet value capture and complicate the user experience. The recently proposed RISC-V architecture changes by Vitalik Buterin have created uncertainty about the future technical direction of Ethereum Layer-2 solutions.
From an investment standpoint, Ethereum mainnet demonstrates strong fundamental growth across adoption metrics, technological innovation, and ecosystem expansion. The successful Dencun upgrade and thriving Layer-2 ecosystem validate the scaling roadmap, while account abstraction improvements position Ethereum for mass adoption. The restaking market through EigenLayer adds new utility and yield opportunities for ETH holders.
However, investors should consider the network's valuation metrics, competitive pressures from alternative Layer-1 blockchains, and execution risks associated with the complex multi-layer architecture. The sustained growth in active addresses and developer activity suggests continued long-term viability, though short-term price action may face headwinds from elevated NVT ratios. The institutional focus on Ethereum for RWAs, staking, and DeFi applications provides confidence in its enduring relevance within the broader crypto ecosystem.
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