TL;DR

Ethereum processed a record 2.8M daily transactions with minimal fees.
Low fees on the mainnet are slowing growth on some Layer-2s.
Over 2.6M ETH is queued for staking amid strong institutional demand.

The Ethereum network handled more than 2.8 million transactions in a single day. This activity level set a new record for the blockchain. The increased usage occurred while the cost to transact, known as gas fees, remained minimal. 

Fees for standard transfers fell below one cent. More complex interactions with smart contracts cost approximately five cents. This combination of high volume and low cost marks a change from previous network conditions.

The low fees followed a series of technical upgrades to Ethereum. These changes improved the network’s capacity to process data. The result allows retail users to return to on-chain activity. Actions like token swaps and deposits to lending apps now carry manageable costs. Previously, high fees could erase profits from smaller trades.

Analysis of transaction types shows a shift in Ethereum use

Activity linked to non-fungible tokens (NFTs) declined. Transfer volumes for major stablecoins like USDT and USDC remain high. Direct transfers of ETH also contribute a large portion of daily transactions. Decentralized exchange (DEX) activity persists through specialized router contracts. This pattern suggests users prioritize financial utility over speculative collectibles when fees are low.

The affordability of the main Ethereum chain affects usage on secondary layer-2 networks. Growth on some of these layers has slowed. Users appear to prefer the liquidity and direct access of the primary chain when cost is not a barrier.

The main Ethereum network currently ranks among the top three blockchains for application fee revenue. It trails Solana and BNB Chain in this metric. Ethereum-based applications generate about $1.36 million in fees daily.

The record activity coincides with a period of price stability for the ETH token

The asset’s value held above $3,200 during the transaction surge. Traders note that lower fees can encourage more experimental and frequent use of decentralized applications. This environment may support broader adoption of Ethereum-based financial tools.

A separate metric indicates long-term commitment to the network. The queue to become a network validator has grown. More than 2.6 million ETH await deposit into the official staking contract. The waiting period to activate new validators has extended to 45 days. This is the longest delay since Ethereum changed its consensus mechanism in 2021.

Institutions and exchange-traded funds (ETFs) contribute to this staking demand. Publicly traded companies have announced plans to stake treasury holdings. This institutional activity reflects a view of ETH as a yield-generating asset. The network currently creates over 18,600 new ETH each week as staking rewards. The market has absorbed this new supply without significant price disruption.

---

Filed under: News - @ January 19, 2026 6:26 pm