According to the source, Ethereum L1 transactions and active addresses have reached all-time highs while average gas fees are near record lows, indicating elevated on-chain usage at lower cost for users and dapps (source: the provided announcement). For traders, sustained high activity alongside cheaper gas can support network throughput but reduces EIP-1559 base fee burn, potentially easing net supply contraction and impacting ETH valuation frameworks tied to fee revenue and burn mechanics (source: Ethereum EIP-1559 specification on ethereum.org). Before positioning, verify the claim with independent on-chain data for daily transactions, active addresses, and average gas on Etherscan, and cross-check fee and throughput trends over multiple timeframes to avoid one-off spikes (source: Etherscan charts). Monitor real-time burn rate and net issuance to gauge supply dynamics and potential reflexivity in ETH pricing during activity surges (source: Ultrasound.money). Track DEX volumes and gas mean reversion as catalysts for ETH momentum and liquidity conditions across majors and perp markets after any confirmed spike in L1 activity (source: DeFiLlama and major exchange market data).