According to MarsBit, Ethereum’s ecosystem in the first quarter of 2026 showed a clear divergence: on-chain activity reached new highs, while several dollar-denominated indicators contracted. The report said Ethereum’s monthly active users, transaction volume and TPS all set historical records, with the improvement benefiting from upgrades including Blob scaling. This made network usage one of the most direct highlights of the quarter.
Tokenized assets were described in the report as the leading segment across the industry. Funds and commodities recorded sharp year-on-year growth, while stablecoins continued to dominate the tokenized asset structure. The report grouped tokenized assets together with rising on-chain activity as key features of Ethereum’s first-quarter ecosystem performance.
At the same time, ETH’s market capitalization declined as part of the contraction in dollar-denominated metrics. However, the report also noted that ETH’s staking ratio and the number of holding addresses continued to rise. This combination showed that Ethereum’s first quarter was marked by weaker price-linked measurements alongside stronger network participation, higher usage and continued accumulation of on-chain assets.