According to a MarsBit market analysis item, Ethereum’s report for the first quarter of 2026 describes the network as entering a phase characterized by “lower fees in exchange for scale.” The report says Ethereum reached record highs in user count, transaction volume and throughput during the quarter, indicating that on-chain usage continued to expand.
At the same time, the report notes that transaction fees, TVL, trading volume and market capitalization declined compared with the previous quarter. The figures present a mixed picture: network activity expanded to new highs, while several financial and valuation-related indicators moved lower quarter over quarter.
The report also states that Ethereum’s core positioning is shifting from a DeFi-focused public chain toward a global financial settlement layer. It says Ethereum holds a leading position in stablecoins, tokenized funds and commodities, while institutional participation from BlackRock, JPMorgan and others is accelerating the implementation of tokenized assets.