Ethereum’s weekly active addresses have barely moved in over 4 years. Yes, addresses ≠ perfect usage - but the signal is clear: real growth is happening elsewhere. User-facing innovation is either: • Outsourced to a few dominant L2s • Or built natively on better L1s for specific use cases (gaming, social, trading etc) ETH is still a trusted settlement layer - but it’s no longer where things happen. The center of gravity has shifted for now. Data: @tokenterminal