Ethereum has achieved a new milestone in developer activity, deploying a record 8.7 million smart contracts in the fourth quarter of 2025. This surpasses the previous high of 6 million contracts set in Q2 2021, according to data from Token Terminal. Analyst Joseph Young attributes this surge to the expansion of rollups, Layer 2 networks, and increased activity in real-world asset issuance and stablecoins. Despite Ethereum's stagnant price, the network has seen a rise in on-chain usage and reduced transaction costs. Etherscan data shows a record 2.2 million transactions processed in a single day, with average fees dropping to $0.17. Recent protocol upgrades have enhanced validator efficiency and increased the gas limit, supporting higher activity levels. Total transfer counts also reached 1.06 million on December 29, marking a significant increase in network momentum.