Ethereum Hits Record Users As Network Activity Explodes
Ethereum set all-time highs in monthly active users, transactions, and throughput in Q1 2026, according to Token Terminal data, even as layer-1 fees declined sharply.
Record Metrics Across the Board
Ethereum ($ETH) recorded all-time highs in users, transactions, and throughput during the first quarter of 2026, according to Token Terminal's quarterly ecosystem report. The figures mark what analysts describe as a decisive acceleration after several quarters of slower growth.
Monthly active users on the Ethereum mainnet averaged 13.2 million in Q1, up 85.9% year over year and 53.5% from the prior quarter. Transaction count reached 200.4 million for the quarter, a figure that represents the first time Ethereum has crossed that threshold in a single quarter. Throughput climbed to a record 25.78 transactions per second, a 41.2% rise from Q4 2025.
Year-over-year, the picture is equally striking. Transactions rose 81.5% and network throughput gained 81.7% compared with Q1 2025, according to Token Terminal data cited by multiple analysts.
Lower Fees, Higher Activity
The surge in usage came alongside a sharp drop in fees. Layer-1 fee revenue fell 47.9% quarter over quarter to $39.9 million, a decline attributed largely to expanded data capacity following the Fusaka upgrade in late 2025. The dynamic reflects a deliberate trade-off: cheaper block space appears to be unlocking broader demand rather than simply eroding revenue.
Holder addresses also broadened during the period. ETH holder addresses rose 8.1% quarter over quarter and 25% year over year, suggesting ownership continued to widen even as the token's price remained well below its August 2025 peak, according to Benzinga's reporting on the Token Terminal data.
Looking ahead, the upcoming Glamsterdam upgrade is expected to more than triple the gas limit. Ethereum's longer-term roadmap targets 10,000 TPS and faster finality by 2029, according to the Ethereum Foundation's published Strawmap framework.
Sources:
CoinDesk: Ethereum's Record 200 Million Transactions in Q1 2026
FXStreet: Ethereum Q1 2026 Network Activity and Tokenization
KuCoin: Ethereum Q1 2026 Review via Token Terminal
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Soumen DattaSoumen has been a crypto researcher since 2020 and holds a master’s in Physics. His writing and research has been published by publications such as CryptoSlate and DailyCoin, as well as BSCN. His areas of focus include Bitcoin, DeFi, and high-potential altcoins like Ethereum, Solana, XRP, and Chainlink. He combines analytical depth with journalistic clarity to deliver insights for both newcomers and seasoned crypto readers.