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Ethereum has reached record activity levels as daily transactions climb above past peaks while fees fall to their lowest levels in years. At the same time, network indicators point to operational stability as usage expands across payments and stablecoin transfers. This shift unfolds as co-founder Vitalik Buterin warns that long-term health depends on keeping the protocol simple amid further scaling.
On-chain trackers show daily transactions now exceed highs set during the 2021 market cycle.
Meanwhile, average transaction fees sit far below historical norms, easing costs for users and applications. Together, rising throughput and falling fees signal a network processing more activity at lower friction.
Ethereum’s average daily transactions increased 14% over the past two weeks, rising from 1.8 million to 2.1 million. The figures come from open-source explorer Blockscout, which aggregates on-chain Ethereum data. The growth pushed daily activity beyond prior cycle records.
According to Blockscout, the rise reflects Ethereum’s modular scaling design. Key upgrades, including EIP-4844 and expanded blob capacity, allow Layer 2 networks to post data to the mainnet at a lower cost. As a result, bulk data moves off-chain while remaining verifiable.
Most transactions come from stablecoin transfers and payments. Dosh from Blockscout said Tether USDT handles about twice the transfer volume of Circle USDC. Low gas prices support this activity and align with broader payment integrations on Ethereum rails.
Ethereum’s validator exit queue has dropped to zero. This means no validators currently wait to leave the proof-of-stake system. Roughly 30% of all ETH now remains staked.
Validator exits peaked in September 2025 at 2.67 million ETH. Since then, exits declined to zero while entry demand has jumped. About 2.6 million ETH now waits to enter staking, the highest level since July 2023.
Data from the Ethereum Validator Queue, citing the Beacon Chain, tracks these shifts. Validators must signal exits before withdrawals, and delays protect network security. This is why changes in the queue act as a confidence gauge among stakers.
Dosh said the absence of validator exit points to balanced incentives. Operating costs and staking rewards appear aligned. Stakers continue to accumulate rather than withdraw.
Low fees also reduce network strain. Historically, high costs limited participation during peak demand. Now, easier access supports higher transaction volumes and daily active addresses.
As usage grows and staking remains steady, a central question emerges. Can Ethereum scale further while staying simple enough to remain understandable? Buterin warned Sunday that resisting protocol bloat will be crucial for Ethereum’s long-term resilience.
Ethereum daily transactions have reached record highs as gas fees fall to multi-year lows and staking participation remains strong. Stablecoin transfers drive most activity while validator exits drop to zero. These signals point to rising usage alongside network stability, making on-chain metrics worth close monitoring.
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