Ethereum daily transactions spiked to a new record, while gas fees remained close to all-time lows. After several upgrades, Ethereum demonstrates peak activity while also avoiding congestion and gas price spikes.
Ethereum posted another intra-day transaction record, peaking at over 2.8M daily over the weekend. The chain also achieved record activity while gas fees maintained its lows. The heightened activity coincided with a price recovery for ETH, as the coin held above $3,200.
Ethereum transactions spiked to a new all-time peak over the weekend, while not affecting gas prices. Users are returning as L1 Ethereum usage becomes highly affordable and comparable to other networks. | Source: EtherscanThe main network can now carry regular transactions priced at under $0.01, while specialized transfers only cost around $0.05. Ethereum activity has shifted, abandoning NFTs and some token-based activities, while retaining stablecoin transfers at a peak level.
The recent Etherem activity reveals users are drawn to the EVM ecosystem and use the main network, as long as transactions are not too expensive. On the other hand, L2s slowed down and concentrated into a handful of top networks, with the easiest bridging to Ethereum.
Ethereum concentrates economic activity again
Contrary to the fears that the L1 chain would only be used for utility, Ethereum continues to draw economic activity. The chain is in the top 3 based on app revenue, just behind Solana and BSC. Almost all other L1 and L2 chains have fallen away in the past months, as traders returned to ETH for the higher liquidity and easier access to centralized facilities.
Ethereum apps produce $1.36M in fees daily, closing in on BNB Chain. The network is still far behind Solana, with $4.6M in app revenues. The low gas costs may also lead to further expansion of Ethereum-based DeFi.
Previously, some trades were not profitable due to gas costs, but the recent upgrades allow even retail traders to return to DEX activity, token swaps, lending, and other actions without a fear of outsized expenses.
Because fees are so low, Ethereum is also increasing its inherent inflation from block rewards. Over 18,600 ETH is produced each week, though for now, the extra coins are absorbed by staking deposits.
The biggest number of transactions comes from ETH transfers, USDT, and USDC transfers, with the addition of several high-activity smart contracts. DEX activity remains elevated, especially through dedicated routers.
Ethereum staking reaches peak levels since Dencun upgrade
Another sign of long-term confidence for Ethereum is the growing validator queue.
Over 2.6M ETH are waiting to be deposited to the Beacon chain smart contract. The waiting time is near an all-time peak of over 45 days, the highest waiting period since the shift to proof-of-stake in 2021.
The shift to staking comes from treasury companies and ETFs, reflecting the effect of Bitmine (BMNR), which is now in the process of staking its treasury.
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Source: https://www.cryptopolitan.com/ethereum-daily-transactions-spike-to-record/
