A decentralized blockchain, Ethereum, has seen its daily active users increase almost ninefold in the last four years, reaching over 2.25 million in Q1 2024, according to Bitwise data.
In Q1 2020, Ethereum and its solutions such as Arbitrum and Polygon had an average of over 250 thousand users daily. Fast forward to Q1 2024, and this number has grown to about 2. 25 million with Layer-2 solutions such as Optimism, Base, and zkSync among others.
This shift towards layer-2 solutions has seen Ethereum’s mainnet user base reduced to 378,000 active users while Polygon alone has 1. 3 million users, with the other layer-2 networks having approximately 1. 5 million active users in total.
Layer-2 scaling is considered by Ethereum co-founder Vitalik Buterin as an essential component of Ethereum’s development plan, comparing it to the sharding idea from the previous Eth 2 strategy. This strategy is to promote development in several subcultures of Ethereum.
Furthermore, the issuer of one of the most popular crypto ETFs, VanEck, has raised its forecast for the Ethereum price to $22,000 by 2030 due to high revenue per user and the ability to attract financial market players and Big Tech.
Ether is currently at $3,862 and with the rumors of spot Ether ETFs in the near future, many people are expecting Ethereum to reach new highs. However, some warn that flows into these new crypto ETFs could be lower than that of Bitcoin ETFs.
The extensive use of layer-2 solutions on Ethereum has increased the network’s user base by more than 2. 25 million daily active users in the first quarter of 2024, which will significantly change the network’s scale and openness.
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Read More: Ethereum Daily Active Users Grow 9 Times to 2.25M in 4 Years