Ethereum mainnet hits 2.2M daily txs as average fees drop to $0.17
Ethereum’s mainnet recorded a new single-day peak of roughly 2.2 million transactions while average gas fees fell to about $0.17. The milestone follows two 2025 network upgrades — Pectra (validator and staking improvements) and Fusaka (raising the gas limit from 45M to 60M) — which increased L1 capacity and throughput. Fees remain dramatically lower than the May 2022 peak (>$200 per tx) and are down from an October 2023 liquidation-day spike (~$8.48). On-chain activity and developer deployments have risen, with Token Terminal data showing a Q4 peak in new smart-contract deployments; Ethereum’s staking queue also flipped toward net inflows, with nearly twice as much ETH queued for staking than exiting. For traders, higher throughput and lower fees reduce execution costs for DeFi strategies and smart-contract interactions, may boost on-chain volume, and support demand dynamics tied to staking inflows and protocol upgrades. Key data points: ~2.2M daily transactions; average fee ≈ $0.17; historical peak fee > $200 (May 2022); liquidation-day spike ≈ $8.48; gas limit raised to 60M.
Bullish
The news is bullish for ETH price dynamics. Higher mainnet throughput (2.2M daily txs) and a raised gas limit (60M) lower transaction costs (average ≈ $0.17), which reduces friction for retail and institutional users interacting with DeFi, NFTs and smart contracts. Lower fees and rising developer deployments typically increase on-chain activity and demand for blockspace, improving utility-driven demand for ETH used to pay gas. Additionally, the staking queue flipping to net inflows indicates more ETH is being staked than withdrawn, which can reduce available liquid supply and create positive supply-side pressure. In the short term, traders may see increased trading volume and reduced slippage on on-chain executions; occasional fee spikes tied to liquidations remain a volatility source but do not negate the broader trend. Over the medium to long term, sustained lower fees plus protocol improvements and higher staking participation support stronger fundamental demand for ETH, which is typically price-supportive. Risks: broader macro conditions, regulatory developments, or a reversal in staking flows could offset these positives.