Ethereum reached 13.2 million monthly active users in Q1 2026, up 53.5% from the prior quarter and 85.9% year over year, according to a report published by Token Terminal. Layer-1 transaction fees fell to $39.9 million, down 47.9% from the previous quarter and 81.9% year over year, while transactions reached 200.4 million, up 38% quarter over quarter. The network processed more activity at a lower total cost as scaling upgrades reduced fees while expanding throughput to 25.78 transactions per second.
Ethereum Reaches 13.2M Monthly Users as L1 Fees Fall 47.9%
Monthly active users on Ethereum's layer-1 averaged 13.2 million in Q1 2026, up 53.5% from the prior quarter and 85.9% from a year earlier. Transactions reached 200.4 million, up 38% quarter over quarter, while throughput rose to 25.78 transactions per second.
Layer-1 transaction fees fell to $39.9 million, down 47.9% from the previous quarter and 81.9% year over year. ETH holders reached 292.8 million, up 8.1% from the prior quarter and 24.9% from a year earlier.
Tokenized Assets Hit $203.4B with Stablecoins Leading at $178.9B
Tokenized asset market cap on Ethereum averaged $203.4 billion in Q1 2026, up 42.9% from a year earlier. Stablecoins made up $178.9 billion of that total. Tether's USDT and Circle's USDC remained the two largest assets on the network, with Sky's USDS, Ethena's USDe, and Paypal's PYUSD also among the major issuers.
Tokenized funds rose 4.9% quarter over quarter to $19.4 billion. The segment includes products from Sky, Ethena, Blackrock, Wisdomtree, Superstate, and Ondo. Tokenized commodities jumped 60% from the prior quarter to $4.7 billion, largely dominated by tokenized gold products including Tether Gold and Paxos Gold. Tokenized stocks rose 16.5% to $365.1 million, with Ondo Finance leading the category.
Ecosystem total value locked averaged $316.2 billion, down 11% from Q4 but up 22.8% year over year. Active loans stood at $21.8 billion, while ecosystem fees reached $2 billion.
Ethereum Market Cap Falls 30.3% to $290B as Staking Ratio Rises to 31%
Ethereum's fully diluted market capitalization averaged $290 billion in Q1 2026, down 30.3% from the prior quarter. Trading volume across decentralized exchanges fell to $134.5 billion, a 24% quarterly decline.
The staking ratio rose to 31%, showing more ETH committed to network security. ETH holders reached 292.8 million, up 8.1% from the prior quarter and 24.9% from a year earlier.
Fusaka Upgrade and ERC-8004 Launch in Q1 2026
The Fusaka upgrade cycle's second Blob Parameters Only fork increased data capacity in January. ERC-8004 went live in February, creating a standard for AI-agent identity and reputation. The Ethereum Foundation set its 2026 priorities around scaling, user experience, and hardening layer-1.
FAQ
What user growth did Ethereum achieve in Q1 2026?
Ethereum reached 13.2 million monthly active users in Q1 2026, up 53.5% from the prior quarter and 85.9% year over year, according to a report published by Token Terminal. Transactions reached 200.4 million, up 38% quarter over quarter.
How much did Ethereum layer-1 fees fall in Q1 2026?
Layer-1 transaction fees fell to $39.9 million in Q1 2026, down 47.9% from the previous quarter and 81.9% year over year. The network processed more activity at a lower total cost as scaling upgrades reduced fees while expanding throughput to 25.78 transactions per second.
What was the total value of tokenized assets on Ethereum in Q1 2026?
Tokenized asset market cap on Ethereum averaged $203.4 billion in Q1 2026, up 42.9% from a year earlier. Stablecoins made up $178.9 billion of that total, with Tether's USDT and Circle's USDC remaining the two largest assets on the network.
