In a landmark development for blockchain adoption, the Ethereum network has achieved a staggering milestone in user growth. According to on-chain data analytics firm Santiment, Ethereum wallet creation has surged to an unprecedented average of 327,000 new addresses per day. This remarkable figure, recorded globally in early 2025, represents the highest daily rate in the network's decade-long history.
The surge directly correlates with the successful implementation of the Pusaka upgrade in December 2024, which dramatically reduced transaction costs. For context, average transaction fees have fallen by over 80% since the upgrade's activation. This technical advancement has unlocked Ethereum's potential for millions, transforming it from a niche platform into accessible global infrastructure.
The evidence of growth extends beyond simple wallet counts. Santiment's report highlights that stablecoin transfer volume on Ethereum reached a record $8 trillion in Q4 2024. This parallel rise in both wallet creation and stablecoin volume strongly suggests new users are practical adopters leveraging the network for real-world financial activity like remittances and commerce, rather than mere speculators.
The Pusaka upgrade's primary innovations included a variable block size to dynamically adjust capacity, state expiry for efficient data management, and fee delegation standards allowing applications to sponsor user transactions. These improvements directly addressed the long-standing user experience hurdle of high gas fees.
However, a divergence has emerged between network growth and the price of ETH. Despite a single-day record of 393,600 new wallets and a total of 172.97 million non-empty wallets (another all-time high), ETH's price remains range-bound around $3,177, well below its 2025 highs. Analysts note that much of the recent growth is driven by Layer-2 networks (Base, Arbitrum, Optimism), stablecoin usage, and airdrop farming, where users hold minimal ETH primarily for gas, creating wallet activity without sustained buying pressure for the token itself.
