A couple of days ago, someone mentioned that the recent price increase on Ethereum was still quiet on-chain, based on gas fees. At the time, I didn't think much of it and almost got led astray. Let's take a look; in fact, the real usage on the Ethereum chain is increasing. Let's examine the trend of Ethereum transaction counts and the total daily gas usage; this is an indicator of the real on-chain activity. The reason gas fees are not as high as during previous peak periods is due to scaling. For example, a road that used to be two lanes is now five lanes, so there’s no congestion, and gas fees have naturally decreased. Therefore, total transaction counts and total gas consumption are better indicators of activity levels. First, let's look at the trend of daily transaction counts. According to data from 2025, Ethereum's daily transaction counts show a significant upward trend. The average daily transaction count in 2024 increased from just over 1 million to about 1.1 million, and in the first quarter of 2025, it grew to around 1.5-1.6 million; recently, the transaction volume has become even more active, for example, exceeding 1.6 million on July 21. Overall, the transaction counts on Ethereum in 2025 have increased by about 40-50% compared to 2024. The on-chain transaction volume is not quiet. Next, let's take another look at the trend of daily gas usage on Ethereum. In 2025, Ethereum's daily gas usage also shows a steady upward trend, reflecting an increase in network throughput. From around 10-11 billion gas during the same period in 2024, it has grown to an average of over 13 billion gas in July 2025, an increase of over 35% year-on-year. Although gas fees have generally decreased (due to factors like scaling), the growth trend in total daily gas usage indicates an increase in real network demand and usage. So, we need to change the stereotype: the on-chain activity during this price increase is still quiet. This is not the case; the truth is that on-chain transaction activity is increasing.