Ether Network Activity Hits Record High

TL;DR Breakdown

Ethereum ecosystem hit a record 27M daily transactions.
ETH TVL rose 10% in a month to $94B, though Solana led with 22% growth.
Staking exits hit a record $12B queue, causing a 46-day wait.

Ethereum’s ecosystem has hit a new milestone with daily network activity reaching levels that rival some national payment systems. Its Layer 2 networks processed a record 25 million transactions in a single day to hit a new all-time high. However, the Ethereum mainnet (L1) and ecosystem hit nearly 27 million daily transactions.

Data shared by Leon Waidmann, head of research at Onchain Foundation, Ether’s throughput has now surpassed the U.K.’s Faster Payments network (around 11 million per day) and Japan’s Zengin system (7–8 million daily). It is approaching Germany’s Girocard (22 million). Still, it remains smaller than global leaders such as India’s UPI (650 million per day) and Visa’s network (639 million).

Data provided by DeFiLlama shows that Ethereum’s total value locked (TVL) jumped by almost 10% over the last month. Solana outpaced Ether in this zone as its TVL spiked 22%. Meanwhile, the last 7 days of data show that Solana lost while ETH gained. Ether’s TVL stood at $94.07 billion.

Ethereum beats Bitcoin

This comes in when the biggest altcoin has outperformed Bitcoin in price rallies. ETH price is running up by 18% over the last 60 days, while BTC price has dropped by 1.5%. Ether price surge has been backed by institutional buying. Ethereum is trading at an average price of $4,458 at the press time.

Strategic treasury firms have also been active during these days. Data shows that corporate reserves added nearly 878,000 ETH (approx worth $4 billion) in the past month alone. This includes companies like BMNR, SharpLink Gaming, and The Ether Machine.

In the recent scoop, Fidelity disclosed a $160 million purchase, joining Grayscale, Bitwise, and Franklin Templeton in expanding their holdings. Tom Lee’s Bitmine Immersion Tech (BMNR) has also been a standout buyer. It added $69 million worth of ETH from Galaxy Digital and bringing its reserves to $8.66 billion.

Ether Fails to Hold $4,700

Despite the wave of accumulation, Ether’s price momentum has been mixed. The token briefly rallied above $4,700 over the weekend but failed to sustain gains. It got weighed down by a record-setting queue of $12 billion. Data from validator dashboards show more than 2.67 million ETH queued to exit staking, creating an estimated 46-day wait.

The network’s transaction fees rose 35% compared with the prior week. In a positive state, its active addresses climbed 10%. Higher fees bolster validator rewards and increase ETH’s burn rate, tightening supply and reinforcing the network’s long-term value proposition.

Amid all the action, Ethereum developers have set December 3 as the activation date for the long-anticipated Fusaka upgrade. The decision followed testing on Fusaka Devnet-5, which surfaced software bugs but provided enough data for developers to agree on raising “blob” capacity.