Which activities drove ETH transactions?

TLDR

Ethereum (ETH) transactions this week were driven mainly by Layer?2 settlements on the main chain, DeFi usage, and steady stablecoin transfers, alongside lower fees after recent capacity upgrades.

1. L2s settling batches back to Ethereum lifted throughput and usage per a recent analysis of network activity. Details.
2. DeFi trading and stablecoin transfers remained core transaction sources on Ethereum. Evidence.
3. Activity rose while average fees fell, and daily transactions set new records after upgrades. Record and fees.

Deep Dive

1. L2 Settlements

Layer?2 networks increased settlement flows to Ethereum, helping push daily transaction counts to new highs.

1. Reports attribute the usage surge to L2s settling transactions back on Ethereum, with network demand hitting all?time highs in late December. Analysis.
2. The seven?day moving average of Ethereum transactions reached about 1.87 million at year?end, surpassing prior peaks, consistent with higher settlement activity. Network milestone.

2. DeFi and Stablecoins

DeFi usage and stablecoin transfers were consistent contributors to transaction volume.

1. The recent jump in activity is linked to rising DeFi engagement and steady stablecoin movement on Ethereum. Drivers.
2. These flows align with Ethereums role as a settlement layer for EVM DeFi and stablecoins, which continued to anchor usage even as price traded in a range. Context.

3. Lower Fees and Developer Activity

Capacity upgrades allowed more transactions at lower average fees, and developer throughput rose.

1. Ethereum L1 set a single?day record near 2.2 million transactions while average fees fell to roughly $0.17. Record and fees.
2. December data showed activity up, fees down across major chains, including Ethereum, indicating improved blockspace capacity. Monthly pattern.
3. Developers deployed about 8.7 million smart contracts in Q4 2025 on Ethereum, reinforcing structural demand beyond speculation. Developer surge.

Conclusion

This weeks ETH transaction surge reflected L2 settlements, DeFi activity, and stablecoin transfers, enabled by lower fees from recent capacity upgrades. If these drivers persist, Ethereum can maintain high usage even in sideways price regimes, with dev activity and settlement flows offering early signals to track.