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Ethereum L2 Surge: Fees <$0.20, DEX $26.8B, ETH $3.3K Rally!

Ether slides 15.9% with ~$910M liquidations as L2 transactions and DEX volumes surge, keeping average fees near $0.20

  • Ethereum reached about 16.4 million weekly transactions while average fees stayed near $0.20.
  • Decentralized exchange activity across the Ethereum ecosystem totaled $26.8 billion in seven-day volume.
  • Ether fell 15.9% over the week, triggering roughly $910 million in liquidations and testing the $2,800 support level.
  • Activity on layer-2 networks rose sharply to about 128 million weekly transactions as on-chain fees climbed 19%.
  • Weekly DEX volume on Ethereum was $13 billion, while the full Ethereum ecosystem reached $26.8 billion and Solana led with $30 billion.

Ether (ETH) fell 15.9% in the seven days ending Sunday, producing approximately $910 million in liquidations of bullish leveraged positions and putting pressure on the $2,800 support level that had held for two months. The drop occurred alongside growing activity on the Ethereum ecosystem’s layer-2 networks and decentralized exchanges, which kept average transaction costs near $0.20.

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Layer-2 throughput climbed to about 128 million weekly transactions, while aggregate network fees on the main chain rose 19%. Nansen data ranks blockchains by seven-day fees and shows the Ethereum ecosystem gaining relative traction compared with Tron and Solana.

Weekly decentralized exchange (DEX) volume on Ethereum alone reached $13 billion, up from $8.15 billion four weeks earlier, and the wider Ethereum ecosystem recorded $26.8 billion in seven-day DEX volume. Solana remained the single-network leader at $30 billion weekly, while network upgrades such as the December 2025 Fusaka release increased data capacity and introduced transaction batch workflows.

Options-market activity shifted as professional traders moved from put-heavy hedges back toward a neutral stance. The put-to-call volume ratio at Deribit normalized after a brief surge, with the recent twofold peak marking the highest level in over four months, according to Laevitas.ch data.

Macro conditions showed divergence: the S&P 500 traded near its all-time high while five-year U.S. Treasury yields hovered around 3.85%. The probability of a Federal Reserve rate cut to 3.25% or lower by July fell to 28%, per the CME FedWatch tool. Continued DEX activity, rising fees, and calmer options markets will influence ETH’s near-term path.

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