Ethereum’s daily transaction count has hit a historic peak, with the network processing a record 2.8 million transactions on Jan.
15, according to Etherscan data. Despite the frenzy of activity, gas fees have plummeted to their lowest levels in the network’s modern history, averaging just $0.15 per transaction.
Source:https://etherscan.io/chart/tx
The divergence between soaring usage and dropping costs marks a significant maturation for the blockchain. In previous cycles, high traffic famously rendered the network unusable for smaller players, with gas fees often spiking above $50.
The “Fusaka” Effect
Analysts attribute this newfound efficiency to the Fusaka upgrade implemented in late 2025 and the subsequent “Blob Parameters Only” fork deployed on Jan. 8, 2026. By raising the blob target to 14 and the maximum cap to 21, developers have successfully drove down data costs for Layer 2 rollups, which now handle the bulk of execution while settling on the mainnet.
Simultaneously, the Ethereum block gas limit was increased to 60 million, further easing congestion.
Stablecoin transfers now account for roughly 35% to 40% of all Ethereum transactions. -Digital Assets Research