Despite recent Ethereum upgrades like Pectra and Dencun, network activity hasn’t seen significant growth. While institutional interest in Ethereum has increased due to new standards for compliance like ERC-3643, the lack of a corresponding rise in user engagement remains notable. Experts point to a disconnect between technical advancements and user adoption. 2023’s upgrades haven’t translated into more active users, raising questions about the future of Ethereum’s growth. Analysts at JPMorgan highlight that while institutional interest has increased due to new regulatory compliance standards, the lack of broader user engagement suggests the need for innovation beyond mere technical improvements. The focus now shifts toward application-layer innovations to bridge the gap between technical advances and everyday use, potentially unlocking the platform’s true potential.