According to Svmuu, the fundamentals of the Ethereum network continue to strengthen. Data from Token Terminal shows that Ethereum L1 transaction volume has reached an all-time high, while on-chain fees have fallen to historic lows. Reportedly, the Glamsterdam upgrade has reduced transaction costs by approximately 78%, and the network has successfully absorbed the impact of declining costs without losing users.
In addition, 32.4% of ETH is currently staked, also hitting an all-time high, indicating a continued increase in long-term holding and network security participation. Despite frequent bearish sentiment toward ETH in the market, multiple on-chain data points suggest that Ethereum's current fundamentals may be among the strongest in its history.