Ethereum closed the fourth quarter with a sharp rebound in developer activity across the network.
More than 8.7 million smart contracts were created and published, setting a new quarterly record.
Data from Token Terminal showed the surge followed two relatively subdued quarters earlier this year.
The rebound marked a decisive return of onchain construction after a period of slower growth.
Analysts said the increase reflected organic demand rather than short-term incentive programmes.
Growth was linked to real-world asset tokenisation, stablecoin issuance, and infrastructure development.
Ether’s price lagged the broader crypto market despite rising technical activity on the network.
Contract deployment signals developers committing code, capital, and long-term assumptions to Ethereum.
Market observers note similar past surges often preceded higher user activity and fee growth.
Developers typically choose networks based on liquidity, security, and long-term economic viability.
Token Terminal said that “Ethereum is quietly becoming the global settlement layer.”