Ethereum's developer activity has reached unprecedented levels, with 8.7 million smart contracts deployed in the fourth quarter of 2025, according to data from Token Terminal. Leon Waidmann, head of research at Onchain Foundation, highlighted this surge in a recent post, emphasizing that developers are focusing on building rather than speculating. This increase in smart contract deployment indicates a robust expansion in decentralized applications (DApps), real-world assets (RWA), stablecoins, and infrastructure on the Ethereum network. As Ethereum solidifies its position as a key execution and settlement layer, related activities are expected to accelerate into 2026.