Ethereum Shatters Records: 2.8M Daily Transactions as Retail Floods Back for Low Fees
Ethereum's network just hit a new, staggering milestone—processing a record 2.8 million transactions in a single day. The surge isn't coming from whales or institutions this time; it's the retail crowd rushing back to the chain, wallets in hand, finally lured by one simple thing: affordable gas.
The Fee Frontier
For years, Ethereum's promise was shackled by its own success—network congestion would send transaction costs into the stratosphere, pricing out everyday users. That narrative is crumbling. A combination of relentless scaling work and quieter market periods has pushed fees down to levels not seen since the last crypto winter. Suddenly, swapping a few tokens or minting an NFT doesn't require a second mortgage.
Retail's Revenge
This isn't just about numbers on a chart; it's about behavior. The data screams a return of the small-time participant. They're not just hodling—they're interacting, deploying smart contracts, and testing new dApps. This organic, grassroots activity is the kind of foundation that speculative manias can't build. It suggests a network finding its utility footing, not just its financial one.
The On-Chain Reality Check
While Wall Street analysts debate ETFs and basis trades, the real story is written in code and confirmed in blocks. Ethereum's daily active addresses are swelling alongside transaction volume, painting a picture of genuine use, not just financial engineering. It turns out that when you make a global computer usable, people actually use it—a concept traditional finance still struggles to grasp as it tries to tokenize everything from treasury bills to loyalty points.
One network's scaling triumph is a stark reminder for the entire sector: technology that works for the many will always outlast schemes built for the few. The record isn't just a number; it's a signal that the base layer of Web3 is being stress-tested by the only audience that matters—the one spending real money, however small, to be there.
Ethereum transactions spiked to a new all-time peak over the weekend, while not affecting gas prices. Users are returning as L1 Ethereum usage becomes highly affordable and comparable to other networks. | Source: Etherscan
The main network can now carry regular transactions priced at under $0.01, while specialized transfers only cost around $0.05. Ethereum activity has shifted, abandoning NFTs and some token-based activities, while retaining stablecoin transfers at a peak level.
The recent Etherem activity reveals users are drawn to the EVM ecosystem and use the main network, as long as transactions are not too expensive. On the other hand, L2s slowed down and concentrated into a handful of top networks, with the easiest bridging to Ethereum.
Ethereum concentrates economic activity again
Contrary to the fears that the L1 chain would only be used for utility, Ethereum continues to draw economic activity. The chain is in the top 3 based on app revenue, just behind solana and BSC. Almost all other L1 and L2 chains have fallen away in the past months, as traders returned to ETH for the higher liquidity and easier access to centralized facilities.
Ethereum apps produce $1.36M in fees daily, closing in on BNB Chain. The network is still far behind Solana, with $4.6M in app revenues. The low gas costs may also lead to further expansion of Ethereum-based DeFi.
Previously, some trades were not profitable due to gas costs, but the recent upgrades allow even retail traders to return to DEX activity, token swaps, lending, and other actions without a fear of outsized expenses.
Because fees are so low, Ethereum is also increasing its inherent inflation from block rewards. Over 18,600 ETH is produced each week, though for now, the extra coins are absorbed by staking deposits.
The biggest number of transactions comes from ETH transfers, USDT, and USDC transfers, with the addition of several high-activity smart contracts. DEX activity remains elevated, especially through dedicated routers.
Ethereum staking reaches peak levels since Dencun upgrade
Another sign of long-term confidence for Ethereum is the growing validator queue.
Over 2.6M ETH are waiting to be deposited to the Beacon chain smart contract. The waiting time is NEAR an all-time peak of over 45 days, the highest waiting period since the shift to proof-of-stake in 2021.
The shift to staking comes from treasury companies and ETFs, reflecting the effect of Bitmine (BMNR), which is now in the process of staking its treasury.
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