Ethereum’s Layer-1 network reached new usage records in the second quarter of 2026 even as monthly active users declined sharply, according to Token Terminal data. The network processed 203.9 million transactions during the quarter, up 68.4% from a year earlier, while average throughput hit an all-time high of 25.9 transactions per second.
Monthly active users fell 30% quarter over quarter to 9.2 million, down from roughly 13.2 million in Q1 2026. The widening gap suggests activity is increasingly driven by high-frequency users, protocols, automated systems, and infrastructure providers rather than a broadening retail base.
Onchain fees rose 31.6% to $52.5 million, while ETH burn revenue more than doubled to $17.1 million. Ethereum’s tokenized asset market averaged about $203.1 billion in Q2, including $176.8 billion in stablecoins and $20.8 billion in tokenized funds. Tokenized U.S. Treasury funds reached a record average of $7.5 billion.
Staking participation also set records, with 32% of ETH supply staked and ETH-holding addresses climbing to an all-time high of 312.1 million. ETH was trading around $2,474.27, down 1.5% over 24 hours, after recovering from lows near $1,500 in June. The report also noted that Machi Big Brother opened a $98 million ETH long position with a liquidation price of $2,429.
The data marks a second consecutive record quarter for Ethereum’s base layer, but the combination of higher fees, more burned ETH, and fewer distinct active participants complicates the network’s adoption narrative heading into Q3.
