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Market sentiment might be shaky, but the builder momentum on Ethereum tells a different story. Q4 saw 8.7 million new smart contracts deployed—marking the strongest quarter ever recorded. While price charts look uninspiring, developers aren't pulling back. Instead, they're accelerating. This disconnect between price weakness and development intensity reveals something important: the ecosystem is growing from within, driven by those actually building, not trading. When onchain activity reaches record highs despite bearish price signals, it usually signals deeper, more sustainable growth emerging beneath the surface.