Ethereum's mainnet has seen a significant increase in on-chain activity, surpassing leading layer-2 networks like Arbitrum One, Base Chain, and OP Mainnet. This surge is attributed to lower gas fees following a recent upgrade. However, security experts warn that some of this activity may be driven by non-organic factors such as dusting and address-poisoning campaigns, which exploit the low-fee environment to inflate transaction volumes. Despite these concerns, Ethereum continues to dominate the on-chain asset tokenization market, with assets exceeding $400 billion. The platform holds a 56% share of stablecoins on-chain and, when including layer-2 networks, accounts for about two-thirds of all tokenized real-world assets. Analysts project the global market for tokenized assets to surpass $11 trillion by 2030, underscoring Ethereum's pivotal role in the evolving crypto landscape.