Ethereum's Fusaka Upgrade Sparks 2-3x Surge in Stablecoin 'Dust' Transactions

Ethereum's Fusaka Upgrade Sparks Surge in On-chain Activity

Since Ethereum's Fusaka upgrade in December 2025, network fees have dropped significantly, making on-chain interactions more efficient. According to Coin Metrics, daily transactions now exceed 2 million, while active addresses have increased by 60% compared to pre-upgrade levels.

Stablecoin 'Dust' Transactions Rise Sharply

Low gas fees have led to a spike in 'dust' transactions, often involving small amounts of stablecoins like USDC and USDT. These transactions now account for 11% of Ethereum's total activity, up from 3%-5% before the upgrade—a 2-3x increase.

Dusting Attacks Raise Security Concerns

Dusting attacks occur when bad actors send tiny token amounts to random wallets, aiming to track addresses or disrupt the network. Coin Metrics reports that such activity now affects 26% of daily active addresses, highlighting new risks to privacy and on-chain security.