Coin Metrics has recently conducted an analysis of the transactions involving stablecoins USDC and USDT on Ethereum, observing that 43% of these transfers were categorized as ‘dust’ transactions—those involving amounts less than $1. This surge in such transactions is attributed to the cost-saving effects of the Fusaka upgrade, making it more economical for users to engage in smaller transfers.

Notably, the increase in dust activity has led to these transactions comprising approximately 11% of all Ethereum activities and 26% of the network’s daily active addresses.

“The increase in addresses with small balances, between zero and one unit, indicates a rise in users receiving insignificant amounts, often seen as a part of address poisoning tactics.”

Before the Fusaka upgrade, the percentage of stablecoin dust transactions was around 3-5% of the total transactions. Following the upgrade, this figure has escalated to 10-15%. 57% of the balance updates involved sums greater than $1, indicating that the primary activity remains legitimate.

Furthermore, security expert Andrey Sergeenkov reported a notable boost in new wallet addresses as well, linking this to intensified dusting attacks exploiting lower network fees. He urged users to remain vigilant against these tactics, as approximately $740,000 has reportedly been lost to such scams. The dust transactions do not reflect genuine usage of the network and should be taken into account when analyzing overall metrics.

For further details and analysis, visit Coin Metrics.