According to TechFlow, Ethereum mainnet activity has declined significantly recently, with the seven-day average transaction volume falling to 1.12 million transactions per day, a five-month low, and the number of active wallet addresses plummeting to about 400,000.

At the same time, Layer 2 solutions have risen rapidly, among which Coinbase's Base platform has performed outstandingly, with a transaction volume of 3.83 million transactions.