OpenSea Active Addresses Surge Post-OS2 Launch, But Trading Volume Lags

OpenSea's user base has expanded dramatically since the rollout of its OS2 platform upgrade, with active addresses climbing to levels not seen since early 2023. Data from Dune Analytics reveals a 44% month-over-month increase in May 2025, reaching 467,322 unique transacting addresses—a figure last matched in April 2023. June's trajectory suggests similar momentum, with 236,091 active users already recorded.

The resurgence appears driven by OS2's May 2025 debut, which introduced seamless trading of both fungible and non-fungible tokens while eliminating bridging requirements. Yet this user growth hasn't translated proportionally to trading activity. May's $81 million volume—though a $21 million improvement from April—pales against OpenSea's 2022 peak of $5 billion. Early June data shows no volume recovery despite sustained address growth.