Ethereum L1 Platform Status - Ethereum L1 has evolved into a platform focused on high-value finance [1] - Total Value Locked (TVL) is increasing [1] - New contract deployments, a key indicator of developer experimentation, are decreasing [1] Growth Potential - Re-enabling innovation on Ethereum L1 could unlock a potential 10-100x growth in TVL [1]

Onchain Activity & Innovation - Contract deployments reflect the evolving scope of onchain activity and potential new behaviors or use cases [1] - Contract deployment serves as a signal for innovation and growing utility onchain [1] Ethereum Contract Deployments - Ethereum L1 remains a vibrant hub of activity despite developers shifting towards L2s [2] - New contract deployments on Ethereum spiked above 200 thousand per day multiple times this year [2] - Contract deployments lulled during the tail end of 2024 and the start of 2025, followed by a development spree in recent months [2]