According to a MarsBit report on Ethereum’s first quarter of 2026, the ecosystem showed a divided performance: on-chain activity reached new highs, while several U.S. dollar-denominated indicators contracted. The report said monthly active users, transaction volume and TPS all set historical records, supported by upgrades including Blob expansion.
Tokenized assets remained the leading category
The report highlighted tokenized assets as a leading area across the industry during the quarter. Funds and commodities recorded sharp year-on-year growth, while stablecoins continued to dominate the structure of tokenized assets on Ethereum. This kept stablecoins at the center of asset activity within the network.
At the same time, ETH’s market capitalization declined, creating a contrast with the rise in usage indicators. The report also noted that ETH’s staking rate and the number of holding addresses continued to increase, showing continued accumulation of users, assets and participation across the Ethereum ecosystem.