Ethereum logs record-high transaction volumes while fees hit record lows…upgrade and stablecoin effects

The Ethereum (ETH) network has entered an unusual phase in which it is processing record-high transaction volumes while user costs have fallen to historic lows.

According to The Block on the 18th (local time), Ethereum’s seven-day moving average transaction count neared about 2.5 million, setting an all-time high. That is nearly double the level a year ago, marking a sharp reversal from the gradual downtrend that had persisted since mid-2025, which flipped abruptly around mid-December last year.

As activity picked up, fees fell sharply. The Block’s data show the average gas fee at around $0.15, the lowest level in Ethereum’s modern history. Etherscan data indicate swap transaction fees also declined to roughly $0.04 on average. The shift is seen as meaningfully alleviating Ethereum’s long-criticized structural constraint—fee spikes during periods of heavy congestion.

The change gained momentum following the Fusaka upgrade. The upgrade introduced “Peer Data Availability Sampling (PeerDAS)” and marked the start of a twice-yearly regular upgrade schedule. Then, via the “Blob Parameters Only” fork applied on January 8, the blob target was raised to 14 and the maximum to 21, significantly reducing data costs for Layer 2 rollups. At the same time, the mainnet block gas limit was expanded from 45 million in November last year to 60 million, easing mainnet congestion even as overall activity increased.

The rise in network activity is also coinciding with broader stablecoin usage. In a recent report, Standard Chartered said, “Stablecoin transfers account for about 35–40% of all Ethereum transactions,” calling 2026 “the year of Ethereum.” Staking has also reached record levels, with roughly 36 million ETH currently staked—about 30% of the circulating supply—and the queue of new entrants has climbed to its highest level since 2023.