Ethereum processed 200 million transactions in Q1, setting a new record

Ethereum processed 200 million base layer transactions in Q1 2026, showing a multi-year U-shaped recovery in network activity. Despite a surge in usage, the price of Ether remains more than 50% below its nearly $5,000 peak in August 2025. Layer 2 and stablecoin settlements drove growth in base layer transaction volume, but after the Dencun upgrade, this did not directly translate into higher fees, token burns, or holder value.