Ethereum’s network activity is climbing once again, this time accompanied by the lowest transaction costs seen in years. According to new data from Nansen.ai and Etherscan, Ethereum is processing over 1.6 million daily transactions, with average gas fees hovering around $0.01, a rare convergence of high throughput and ultra-low cost.
Record Network Efficiency
For much of late October, Ethereum’s gas prices remained near 1 gwei, even as usage increased. This level of efficiency hasn’t been observed since before DeFi’s boom years. Analysts attribute the stability to ongoing Layer-2 scaling adoption and improved execution efficiency following the Dencun upgrade, which drastically reduced data costs for rollups.
The result is a network that’s handling one of its busiest transaction periods since early 2025, without the congestion and high fees that once defined its usage spikes.
Transaction Volumes Near Pre-Liquidation Levels
Data from Nansen shows daily transactions reaching 1.6 million on Tuesday, the highest in nearly a month and a return to levels last seen before the $19 billion liquidation wave at the start of October. Despite that event’s market disruption, Ethereum’s on-chain activity has remained resilient, signaling renewed confidence from both retail users and DeFi protocols.
What It Means for Ethereum’s Ecosystem
Sustained throughput alongside minimal fees suggests Ethereum is entering a new phase of operational maturity. With transaction costs no longer a barrier, smaller wallets and developers can engage more freely in DeFi, NFTs, and token transfers. Analysts note this combination of scalability and affordability could position Ethereum as the most efficient Layer 1 network heading into Q4 2025, especially as rollup adoption continues to expand.
In short, Ethereum’s current metrics reflect a network that’s not just active but optimized, an increasingly rare balance in the crypto market’s post-bull era.
