In the first quarter of 2026, Ethereum’s on-chain activity reached a historical high. Monthly active users, transaction volume and throughput all set new records, showing continued expansion in network usage. At the same time, the dollar-denominated scale of on-chain assets and fee revenue declined during the same period, creating a mixed picture of stronger activity alongside weaker dollar-based asset size and fees.
Tokenized assets become the main growth area
Within the Ethereum ecosystem, tokenized assets expanded rapidly across categories including funds, commodities and stocks, leading the broader industry in this segment. Stablecoins remained the dominant asset class, continuing to serve as a major component of both on-chain assets and transaction activity.
Scaling upgrades reduced transaction costs and provided a foundation for higher throughput and more on-chain interactions. Institutions also accelerated their deployment of compliant tokenized financial products, reinforcing Ethereum’s role in hosting tokenized funds, commodities, stocks, stablecoins and related financial applications.