MarsBit’s review of Ethereum in the first quarter of 2026 shows that on-chain activity reached a historical high during the period. Monthly active users, transaction volume and throughput all set new records, pointing to a continued expansion in network usage. At the same time, the review noted a decline in the scale of assets measured in U.S. dollars and in fee revenue, creating a mixed picture alongside the stronger activity indicators.
In terms of asset composition, tokenized assets were described as the fastest-growing segment of the quarter. The review specifically mentioned rapid growth in tokenized funds, commodities and stocks, placing this category in a leading position across the industry. Stablecoins continued to dominate, meaning that value transfer on Ethereum still centered largely on stablecoin assets, while the network also carried more on-chain representation of funds, commodities and equities.
Technology upgrades and institutional activity were also part of the quarter’s review. Scaling upgrades reduced transaction costs, while institutions accelerated their deployment of compliant tokenized financial products. Taken together, Ethereum’s first quarter of 2026 was marked by record on-chain activity, growth in tokenized assets, lower transaction costs and faster institutional work on regulated tokenized finance.