According to VanEck analysts, the number of daily active users in Ethereum and top layer-2 users has greatly increased. It was noticed that the number of active users increased by 9X when compared to the data from four years ago. VanEck analysts also predicted that this growth would continue.
Bitwise reported an average of over 250,000 daily active Ethereum users in Q1 2020, with the majority coming from the Ethereum layer-1 mainnet. By Q1 2024, this figure had risen to 2.25 million, including the deployment of layer-2 networks Optimism, Base, and zkSync, a ninefold increase over the previous year.
Ethereum Mainnet User Growth
On June 4, the Ethereum mainnet had 378,000 active users. Polygon had 1.3 million, and the cumulative active users across the other L2s totaled roughly around 1.5 million.
Analyst Predicts Bullish Trends for Ethereum and Layer 2 SolutionsVitalik Buterin, Ethereum’s co-founder, has highlighted the relevance of these L2 networks, comparing them to the sharding notion in the original Eth 2 design. He believes that L2 solutions will not only scale the main blockchain but also promote growth in diverse subcultures of the Ethereum ecosystem.
VanEck’s Optimistic Price Prediction
On June 5, VanEck’s head of digital assets research, Matthew Sigel cited Ethereum’s highest revenue per user compared to most Web2 businesses. This was a critical factor behind their optimistic outlook for Ethereum’s future.
We’ve raised our 2030 ETH price target to $22K, influenced by ether ETF news, scaling progress, and our read of onchain data. Additionally, we’ve analyzed how ETH and BTC perform in both traditional and crypto-only portfolios for optimal returns.
Furthermore, VanEck analysts anticipated that approving spot ether ETFs for trading on U.S. stock exchanges would significantly boost institutional and financial advisor participation in the Ethereum market. They projected that Ethereum would generate $66 billion in free cash flows by 2030. This could contribute to its valuation and potentially raise ETH’s price.
This remarkable growth revolution highlights Ethereum’s resilience and signals. A promising future where increased user activity propels the cryptocurrency to new heights of value and significance in the digital economy.
