Has Ethereum reached 10 years? Looking at this milestone through the lens of numbers reveals a quite fascinating landscape.

Over the past few months, observing on-chain data for Ethereum, I’ve realized that even with the rise of Layer 2s and altcoins, the fundamental strength of Layer 1 has not diminished at all. In fact, when viewed on a 10-year chart, its dominance becomes even more apparent.

First, the supply of stablecoins stands out. The supply on Ethereum has exceeded $100 billion and continues to grow. Major traditional financial institutions like PayPal and JPMorgan Chase have also begun to enter the space. This is not just speculative demand; it’s a sign that practical use cases are being recognized.

TVL (Total Value Locked) is similar. It plunged significantly during the last bear market, but in recent months, it has reached a new cycle high of over $88 billion. Even with diversification across competing chains, Ethereum Layer 1 remains the central hub of the crypto asset space.

Active user numbers are also interesting. Daily unique addresses on Layer 1 alone have hit a record high of 580k. Including Layer 2s, Coinbase’s Base alone accounts for 1.3 million, with an additional 1.2 million on major L2s like Arbitrum and Celo. The entire Ethereum ecosystem has grown to a substantial scale.

Transaction volume is also trending upward. Over 1.7 million transactions on Layer 1, and including Layer 2s, over 500 million transactions daily. Looking at the 10-year chart, a total of 2.9 billion transactions have been completed since the network’s inception. The significance of this number is immense.

Institutional investor participation is also prominent. The Trump administration chose Ethereum, and JPMorgan Chase has introduced deposit tokens on Base. In the RWA (Real-World Asset) market, Ethereum Layer 1 holds a market share of 54%, valued at $7 billion. This support isn’t just from individual investors; serious institutional involvement has begun.

Censorship resistance remains crucial. OFAC compliance has significantly decreased, and major block builders have committed to processing all transactions. This demonstrates Ethereum’s cultural resilience.

The developer community remains active. There are 186 active developers—more than any other project. The EVM (Ethereum Virtual Machine) has become the default standard for blockchain development, and its influence is incalculable.

Economic security is at an all-time high of $140 billion. The continuous increase in staked ETH and rising ETH prices have strengthened the network’s robustness.

While contract deployments slowed temporarily from the second half of 2024, recent activity has surged again, often exceeding 200k per day. Even as developers shift to Layer 2s, Layer 1 remains the hub of innovation.

In terms of price, since May 2025, Ethereum has risen 75% relative to Bitcoin. Recently, it has gained support from both crypto-native and institutional investors, sitting just 10% below its all-time high. Looking at the 10-year chart, this rally appears to reflect not just a temporary surge but a structural strength.

Ultimately, even as Ethereum marks its 10th anniversary, it has not shaken its position as a smart contract platform. On the contrary, amid increasing competition, its advantages have become clearer. The growth of Layer 2s and the overall strength of the Ethereum ecosystem are palpable.