Ethereum's on-chain activity has reached a five-month high, fueled by a surge in DeFi interactions, smart contract deployments, and stablecoin transfers. Daily active addresses have climbed to approximately 550,000, indicating increased network engagement. DeFi protocols are currently burning around 48 ETH daily in transaction fees, highlighting the growing use of decentralized finance applications. Stablecoins such as USDT and USDC are leading in smart contract activity, reflecting their significant role in the ecosystem. Meanwhile, Layer 2 solutions are effectively managing transaction scaling, and Ethereum's price has rebounded above $4,000.