Ethereum doubled its wallet creation rate after the Fusaka upgrade. Since its deployment in early December, the network has been adding close to 292,000 new addresses per day. According to Glassnode, this represents a 110% increase in just over a month. It is the highest level of user onboarding since the 2024 rally.
Fusaka introduced Peer Data Availability Sampling (PeerDAS), a technical change that reduces the cost of publishing data on the base layer and directly lowers the operating costs of Layer 2 solutions. Lower costs translate into higher activity and improved efficiency.
The impact was concentrated primarily on Layer 2 (L2) solutions. By reducing operational friction, DeFi applications, gaming platforms, and consumer-facing products accelerated the onboarding of new addresses. Growth remained steady throughout December and continued into January, without sharp pullbacks or isolated spikes.
New address creation often precedes higher transaction volumes and deeper liquidity across the network. Not every wallet becomes an active user, but when the inflow persists for weeks, the pattern typically reflects effective use of the underlying infrastructure.
Fusaka also delivered another crucial signal for Ethereum: it was executed without interruptions or network failures. The upgrade was highly complex but did not introduce instability. For institutional firms, this point is critical, as it lowers technical risk and reinforces the viability of Ethereum’s L2-based scaling model.
Ethereum responded positively in the market. The token reclaimed the $3,200 level as on-chain metrics improved. Even so, supply data points to a potential short-term ceiling. A significant portion of the supply is held by investors who entered between July and October 2025 and are now near break-even levels. Further upside could trigger a wave of selling.
If wallet growth translates into higher transaction activity and sustained L2 usage during the first quarter of 2026, Fusaka will have delivered a structural impact on Ethereum, and current data points in that direction
