Ethereum has recorded a sharp increase in on-chain user activity since deployment of Fusaka upgrade executed in early December, with new address creation rising 110% over the past month. Glassnode data shows the network is now adding approximately 292,000 new addresses per day, marking its fastest pace of wallet growth since the 2024 bull market.
The surge follows the December 3 deployment of Fusaka (Fulu-Osaka), an upgrade aimed at improving data availability and lowering Layer 2 costs. Market participants say the sustained rise in new wallets suggests structural adoption rather than short-term speculative activity.
Fusaka Upgrade Drives Surge in Ethereum Network Activity
Fusaka introduced Peer Data Availability Sampling (PeerDAS), a key technical change designed to reduce the cost of posting data to Ethereum. The upgrade directly benefits Layer 2 networks by lowering operational expenses and improving scalability, making it cheaper for users and applications to interact with the Ethereum ecosystem.
Since the upgrade went live, Ethereum’s address creation rate has accelerated steadily. Daily new addresses climbed throughout December and into early January, reaching levels not seen since the previous cycle’s expansion phase.
Analysts note that reduced Layer 2 friction typically leads to higher onboarding activity, particularly across DeFi, gaming, and consumer-facing applications. While not every new address represents a long-term participant, sustained growth at this scale is generally viewed as a positive indicator of expanding network usage.
New Address Growth Signals Broader Ethereum Adoption
Rising new address creation has historically preceded increases in transaction volume and liquidity depth on Ethereum. The current trend suggests renewed participation across the network, supported by infrastructure improvements rather than isolated market events.
The Fusaka upgrade was deployed without chain instability or network interruptions, an outcome that has been closely watched by institutional participants. Ethereum’s ability to execute a complex upgrade smoothly has reduced concerns around roadmap risk, particularly as the network continues to rely on Layer 2 scaling solutions.
ETH Price Responds as On-Chain Metrics Improve
Ethereum’s price has begun to reflect improving network fundamentals. ETH recently reclaimed the $3,200 level, moving higher as new address growth accelerated and broader market sentiment improved.
However, on-chain supply data indicates potential resistance ahead. Glassnode data shows a significant concentration of ETH held by investors who entered positions between July and October 2025. Many of these holders are currently near break-even levels, raising the risk of selling pressure if prices continue to rise.
Adoption Trend Faces Key Test in Q1 2026
Market participants are now watching whether elevated address creation translates into sustained transaction demand and Layer 2 usage. Continued growth in wallet activity alongside stable or declining fees would strengthen the case that Ethereum’s post-Fusaka adoption surge is organic.
For now, the data points to a clear shift: Ethereum is seeing its strongest user onboarding rate in over a year, reinforcing the view that protocol upgrades, rather than speculative narratives, are driving renewed network growth.
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