Ethereum L1 sets a new single-day transaction record with 2.2 million transactions, each costing approximately $0.17.

On December 31, according to Etherscan data, Ethereum mainnet’s single-day transaction volume hit a new record of 2.2 million transactions yesterday, while the average fee dropped to just $0.17. The previous record for highest transaction fees on Ethereum was in May 2022, when users paid over $200 on average per transaction. Through continuous network upgrades, despite increasing usage, network fees have been significantly reduced. The growth in mainnet transaction volume indicates that users are returning to the Layer 1 main chain, while more developers are viewing Ethereum as a settlement layer. Token Terminal data also shows that the number of new smart contracts created and deployed on Ethereum reached a historic high of 8.7 million in the fourth quarter. Ethereum underwent two major upgrades in 2025: the Pectra upgrade in May focused on validator improvements, staking flexibility, and preparing for future scalability features. The Fusaka upgrade in early December increased the gas limit from 45 million to 60 million, while significantly enhancing scalability, data processing, and network efficiency.