#What recent trends are shaping Ethereum’s transaction volume?
Ethereum has accomplished a remarkable milestone by recording 18.7 million transactions in just one week. This figure represents the highest transaction volume the network has ever achieved. Moreover, the median transaction cost has plummeted to an all-time low of $0.008, which shows the potential for low-cost transactions on this prominent smart contract platform.
The surge in transaction volume did not arise unexpectedly. For instance, daily transaction volumes had already reached nearly 2.9 million in January 2026, alongside a staggering total of over 200 million transactions processed in the first quarter of 2026. This increase in activity can be traced back to significant network upgrades that were implemented in 2025. The Pectra and Fusaka upgrades specifically aimed to enhance layer-1 scalability and significantly lower transaction fees.
In addition, the growing use of stablecoins, combined with increased participation in staking, has emerged as key factors contributing to this remarkable growth in activity.
#Why is ETH trading below $2,400 despite record activity?
Despite these unprecedented transaction levels, Ethereum's native token, ETH, is trading below $2,400 as of April 2026. This phenomenon raises questions about the disconnect between transaction volume and ETH's market value. Much of the activity occurring on the Ethereum network does not directly translate into higher prices for ETH. Instead, various transactions are shifting towards layer-2 solutions, which settle on Ethereum but do not contribute the same fee revenue to the base layer as direct Ethereum transactions.
Furthermore, stablecoins, like USDC and USDT, are among the most actively used assets in this ecosystem. However, a spike in stablecoin usage does not inherently increase demand for ETH. Users can carry out numerous transactions using stablecoins without needing to hold substantial amounts of ETH.
The ultra-low transaction fees exacerbate the issue. With the median cost of a transaction being less than a cent, the network burns a minimal amount of ETH through its fee mechanism. Ethereum's EIP-1559 burn mechanism was designed to render ETH deflationary during high usage periods. However, when transactions cost only $0.008, the mechanisms designed to decrease supply become significantly less effective.