According to Wu Blockchain, crypto analyst Joseph Young pointed out that Ethereum's Q4 single-quarter smart contract deployment reached a record high of 8.7 million, and this trend has been growing for several consecutive quarters, making it hard to be 'artificially exaggerated.' It more accurately reflects the real expansion of the ecosystem. Driving factors include the expansion of Layer 2 networks, RWA issuance, stablecoin applications, and the development of wallet and intents infrastructure.