Ethereum's network activity hit new highs in the first quarter of 2026. Daily transactions rose 34% to 2 million, and the chain processed 200.4 million transactions overall — a 43% jump from the previous quarter. The growth came even as fees fell sharply.
Transactions and stablecoins
Stablecoin volumes on Ethereum reached $8 trillion in Q1, a sign that the network remains the dominant settlement layer for dollar-pegged tokens. The transaction count itself is a record for any three-month period, according to the data. Layer-2 networks also saw a surge in adoption, though exact figures weren't provided.
Fee decline
Total fees paid on Ethereum dropped 34% year-over-year to $344 million. That's a notable shift: more activity but lower costs. The decline likely reflects the growing use of layer-2 rollups, which bundle transactions and settle them on the main chain at a fraction of the price. For users, it means cheaper transfers and swaps.
The scaling story
The Q1 numbers paint a clear picture: Ethereum is handling more load while getting cheaper. That's been the goal since the Dencun upgrade last year, which cut blob fees for L2s. The surge in L2 adoption suggests the strategy is working. Whether the trend continues into Q2 will depend on network congestion and broader market demand.
