Ethereum Sets Record Usage as Costs Drop and Network Conditions Ease
Ethereum network activity is at all-time highs, with daily transactions rising 14% over two weeks to 2.1 million, surpassing previous peaks. Despite this surge, transaction fees have dropped to their lowest levels in years. These improvements are attributed to Ethereum’s modular scaling upgrades like EIP-4844, which increase data capacity and lower Layer 2 costs. Most network usage involves stablecoin transfers, particularly Tether’s USDT, which leads over Circle’s USDC. Network stability is reflected in no validators queued to exit staking, while 2.6 million ETH awaits entry—the highest since July 2023—indicating high confidence and balanced incentives among stakers. Validator exits, previously substantial, have dropped to zero. Co-founder Vitalik Buterin cautions that maintaining the network’s simplicity is as important as scaling, warning against excessive protocol complexity. Overall, Ethereum is demonstrating sustainable scaling, low fees, and strong validator confidence, but must avoid unnecessary complexity to ensure long-term health.
