According to data scientist Jack Gorman at Variant Fund, over 27 million new Ethereum (ETH) wallets were activated in the past 12 months, with over 2 million new addresses showing activity on the network every 30 days. However, only 4.5-7 million of these addresses authorize at least one transaction every month. Over 70% of wallets are dropped after 30 days of activity, and three out of five Ethereum (ETH) addresses on the network only complete one transaction.

While 400,000 wallets show notable activity with over 100 transactions authorized in the last 12 months, the dominance of wallets with low activity (66% of active transacting addresses were only active for one day, while 95.5% were active for less than 10 distinct days within the last year) should likely be attributed to euphoria around retroactive airdrops.

The total number of wallets that were active for over 10 days in the last year is around 1.9 million, indicating that while the number of Ethereum wallets continues to grow, activity remains low.