Ethereum L1 transaction volume hit a new record of 2.2 million transactions in a single day, with an average fee of approximately $0.17 per transaction.

According to Etherscan data, Ethereum's mainnet saw a record 2.2 million transactions yesterday, while the average fee dropped to just $0.17. Ethereum's previous record for highest transaction fees was set in May 2022, when users paid over $200 per transaction on average. Through continuous network upgrades, network fees have significantly decreased despite increasing usage. The growth in mainnet transaction volume indicates that users are returning to Layer 1 mainchains, while developers are increasingly using Ethereum as a settlement layer. Token Terminal data also shows that the number of newly created and published smart contracts on the Ethereum chain reached an all-time high of 8.7 million in the fourth quarter. Ethereum underwent two major upgrades in 2025: the Pectra upgrade in May focused on validator improvements, staking flexibility, and preparation for future scalability features; the Fusaka upgrade in early December increased the gas limit from 45 million to 60 million, while significantly improving scalability, data processing, and network efficiency.