In the first quarter of 2026, Ethereum’s on-chain activity reached a historic high. According to the MarsBit quarterly review, monthly active users, transaction volume and network throughput all set new records during the period, showing a continued rise in usage across the Ethereum network. At the same time, the review noted a different trend in financial metrics: dollar-denominated asset size and fee revenue declined, creating a mixed picture of stronger activity but weaker dollar-based scale and fee income.
Tokenized assets became the main growth line
Tokenized assets stood out as the leading growth area across the industry. The review highlighted rapid expansion in tokenized funds, commodities and equities during the quarter, making them one of the most active categories within the Ethereum ecosystem. Stablecoins, however, continued to hold the dominant position and remained the core asset class in on-chain activity.
Scaling upgrades also played a role by lowering transaction costs on Ethereum. With cheaper transactions, institutions accelerated their deployment of compliant tokenized financial products. The quarter therefore showed several clear characteristics at once: record-setting user activity, transaction volume and throughput; faster growth in tokenized assets; continued dominance of stablecoins; and pressure on dollar-denominated asset size and fee revenue.