Ethereum just set a new milestone by processing a record 2.2 million transactions in a single day, while the average transaction fee dropped to $0.17. According to Etherscan, this achievement reflects a significant increase in network usage along with notable performance improvements.
Previously, Ethereum transaction fees peaked in May 2022, exceeding $200 per transaction. However, continuous upgrades have helped reduce costs significantly, even as network activity continues to expand. Since October 10th, when fees were at $8.48 amid a market liquidation, transaction costs have been steadily decreasing.
Although high fees once prompted users to switch to layer-2 solutions, the increase in mainnet transactions indicates renewed confidence in Ethereum layer-1. Developer activity is also very lively, with 8.7 million new smart contracts deployed in Q4.
Two major upgrades in 2025 — Pectra and Fusaka — have improved staking, validator performance, and increased gas limits, thereby enhancing scalability. At the same time, the amount of ETH queued for staking far exceeds the amount being withdrawn, demonstrating long-term confidence in Ethereum.
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