Transaction volume on the Ethereum blockchain has reached a record high, and gas fees have fallen to the lowest level in the network's history. The seven-day moving average of transactions is approaching 2.5 million, nearly double what it was a year ago.

This surge in activity began in mid-December and marked a reversal after a gradual decline that continued until mid-2025.

The combination of peak transaction activity and historically low fees indicates a change in Ethereum. The blockchain has previously been criticized for high and unpredictable fees, which prevented small users from transacting during periods of network congestion. The surge in activity occurred seven weeks after the Fusaka hard fork on the Ethereum network, which introduced PeerDAS (peer-to-peer data availability sampling) and initiated a bi-annual network upgrade schedule. The Blob Parameters Only fork, deployed on January 8, increased the target blob limit to 14, with a maximum of 21, reducing data transfer costs for layer-two solutions.