MarsBit’s Ethereum Q1 2026 report presents a divided picture of the ecosystem. On the usage side, monthly active users, transaction volume and TPS all reached historical highs, showing a new peak in on-chain activity. At the same time, some U.S. dollar-denominated indicators contracted during the quarter, creating a contrast between rising network activity and shrinking dollar-based metrics.
Blob scaling and record network usage
The report connects the increase in Ethereum’s on-chain activity with upgrades including Blob scaling. In the first quarter of 2026, Ethereum’s monthly active users, transaction volume and TPS all set new records. These data points describe growth at the network usage level rather than through a single price-based measure.
In asset categories, tokenized assets continued to lead the broader industry. Funds and commodities recorded large year-on-year growth, while stablecoins remained the dominant category. For ETH itself, the report notes that Ethereum’s market capitalization declined, but the staking rate and the number of holding addresses continued to rise, showing continued accumulation through staking and long-term holding behavior within the ecosystem.