On December 30, the blockchain set a new performance record by processing 2.2 million transactions in 24 hours. Data from Etherscan confirms that the increased load did not drive up gas prices: the average transfer cost dropped to $0.17. This trend indicates users are returning to the mainnet, despite the availability of cheap Layer 2 solutions.
Shifting Market Dynamics
Network metrics differ starkly from May 2022, when the cost of a single operation exceeded $200. Fees have been steadily declining since October — back then, during massive market liquidations, average fees stood around $8.48.
Lower costs are encouraging developers to use Ethereum’s base layer more frequently for settlements.
Impact of 2025 Upgrades
Two key hard forks executed in 2025 paved the way for this scalability. The Pectra update in May optimized validator operations and improved staking flexibility. Subsequently, developers activated the Fusaka upgrade, raising the block gas limit from 45 million to 60 million. This move, supported by over 50% of validators back in February, significantly boosted throughput and data processing efficiency.
Validator Confidence Returns
Alongside the growth in transactional activity, sentiment among large holders has shifted. On December 29, the staking entry queue exceeded the exit queue for the first time in six months.
The volume of Ether investors are locking in the deposit contract is now almost double the volume queued for withdrawal. The market views this as the end of the selling pressure and a pivot toward long-term staking.
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