According to a MarsBit report on Ethereum’s first quarter, the Ethereum ecosystem in Q1 2026 showed a polarized pattern: on-chain activity reached new highs, while U.S. dollar-denominated metrics contracted. The report said monthly active users, transaction volume and TPS all reached historical highs, supported by upgrades including Blob scaling.
Tokenized assets led the broader industry during the quarter. The report highlighted strong year-on-year growth in tokenized assets linked to funds and commodities. Stablecoins continued to dominate the tokenized asset structure within the Ethereum ecosystem and remained a central part of on-chain asset activity.
The report also noted that ETH’s market capitalization declined during the period, while the staking rate and the number of addresses holding ETH continued to rise. These indicators show that even as dollar-denominated measures came under pressure, Ethereum’s on-chain participation and long-term value accumulation metrics continued to increase.