Token Terminal’s Q1 2026 Ethereum report shows a sharp split between usage and dollar-denominated metrics. Ethereum mainnet reached new highs in monthly active addresses, transaction count and TPS, while ETH valuation, TVL, trading volume and fees declined. Tokenized assets remained concentrated on Ethereum, with institutions continuing to expand on-chain finance deployments.

Token Terminal’s Q1 2026 Ethereum report shows a sharp split between usage and dollar-denominated metrics. Monthly active addresses, transaction count and TPS on Ethereum mainnet reached record highs, while ETH fully diluted valuation, mainnet fees and DEX volume declined. Ethereum remained the largest platform for stablecoins, tokenized funds and tokenized commodities by the metrics covered in the report.