Ethereum’s mainnet reached its highest quarterly buying and selling quantity ever within the first quarter of 2026, processing a complete of 204 million transactions.
This quantity is greater than double the roughly 90 million improve in 2023 and signifies a robust “U-shaped restoration” for the community.
Nevertheless, the discrepancy between the community’s elementary information and value efficiency is noteworthy. Ethereum’s value has fallen greater than 50% since August 2025, when it reached a excessive of round $5,000, and is presently buying and selling at round $2,330.
In keeping with specialists, the principle drivers of elevated buying and selling quantity are the elevated utilization of layer 2 options and stablecoins. Particularly, the Base and Arbitrum networks improve consumer engagement by way of decrease transaction charges, and this exercise is mirrored on the Ethereum mainnet by way of bridging and consensus processes.
In the meantime, the provision of stablecoins on Ethereum has reached an all-time excessive of $180 billion, accounting for about 60% of the worldwide market, in response to Token Terminal information.
Analysts notice that whereas the Dencun replace has considerably decreased layer 2 information prices, this isn’t mirrored as a lot in metrics reminiscent of transaction charges and token burn.
*This isn’t funding recommendation.
