Ethereum’s Layer-1 network achieved fresh usage milestones in the second quarter of 2026, even as the count of monthly active users contracted sharply. According to Token Terminal data, the blockchain processed 203.9 million transactions during the quarter, representing a 68.4% increase year-over-year. Average throughput also hit a record high of 25.9 transactions per second.
Transaction Volume Surges Despite User Decline
Despite the surge in on-chain activity, monthly active users fell 30% quarter-over-quarter to 9.2 million. This divergence indicates that the remaining user base generated significantly more transactions per capita. Network fees climbed 31.6% to $52.5 million, while ETH burn revenue more than doubled to $17.1 million, underscoring the intensified economic activity on the base layer.
Tokenization Bolsters Ethereum’s Dominance
Ethereum’s position as the primary settlement layer for tokenized assets strengthened further. The market for tokenized assets on Ethereum averaged $203.1 billion during Q2. Stablecoins continued to dominate this segment, accounting for $176.8 billion, while tokenized funds reached $20.8 billion. Notably, tokenized U.S. Treasury funds hit a record average of $7.5 billion.
The network retained the largest share of both stablecoins and tokenized funds among leading blockchain ecosystems. Total value locked (TVL) across Ethereum’s ecosystem averaged $287.2 billion, though this figure declined 9.2% compared to the previous quarter.
Staking Growth Signals Network Confidence
Participation in network security reached a new high, with Ethereum’s staking ratio climbing to a record 32%. The number of addresses holding ETH also expanded, rising 6.6% to 312.1 million. These metrics suggest a deepening commitment from token holders to secure the proof-of-stake consensus mechanism.
ETH Price Reaction and Outlook
At the time of reporting, ETH trades around $2,538, marking a 1.18% gain over the preceding 24 hours. The combination of stronger network usage, rising staking participation, and expanding tokenization activity could provide fundamental support for Ethereum’s long-term market position.
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