CryptoQuant data show that Ethereum’s daily active addresses climbed to nearly 2 million in February. The figure exceeded peaks recorded during the last major bull market in 2021. Active addresses represent unique wallets that send or receive transactions within a specific period.
The growth reflects rising participation across Ethereum applications. DeFi platforms, stablecoin transfers, and automated smart contract systems continue to generate large volumes of activity. These services rely on Ethereum infrastructure for execution and settlement.
Meanwhile, smart contract calls crossed the 40 million mark per day. These calls represent instructions embedded within blockchain code that trigger automated functions. For example, they allow decentralized platforms to execute financial transactions without intermediaries.
Token transfers linked to internal contract activity also reached record levels. These transactions occur when smart contracts automatically transfer tokens between accounts. The trend signals growing automation across blockchain finance.
Traditionally, stronger user activity often supported the value of a blockchain’s native token. Demand for ETH usually increases when users interact with applications because the token pays transaction fees. Yet that pattern has weakened during the current cycle.