Recently, the on chain activity of Ethereum L1 has been on the rise. There are several driving factors, one of the most important of which is the growing adoption of stablecoins. Stablecoins have been the biggest hot topic in the entire cryptocurrency industry recently. Ethereum is also one of the biggest beneficiaries, with stablecoin usage on the Ethereum network reaching a historic high. In just the past week, the number of active users has exceeded 750000 for the first time. In addition, there are other reasons: With the growth of stablecoins, DeFi activity is also increasing, and the overall activity of various new and old lending, staking, trading, and PerP protocols is increasing, which in turn increases the trading volume and gas consumption of L1. In terms of L2, overall activity is still developing, such as the promotion of Virutals ecosystem on BASE. Additionally, Virtuals is also involved in L1. Such trading activities have increased the number of active addresses and gas consumption. Previously, there was also a push for Pectra's upgrade and implementation, which allowed validators to increase their staking amount from 32ETH to 2048ETH, and supported smart contract functions for external accounts. These will also increase L2's trading volume and promote L1's on chain activities.