Ethereum L1 Processes Record 203.9 Million Transactions in Q2 2026

Ethereum’s base layer processed a record 203.9 million transactions during the second quarter of 2026, while average network throughput climbed to an all-time high of 25.9 transactions per second, according to data from Token Terminal cited by WuBlockchain.

Transaction activity increased 68.4% from a year earlier, marking a significant expansion in Ethereum’s onchain usage even as the network recorded a decline in monthly active users during the quarter.

Ethereum Staking Rate Reaches Record 32%

Ethereum’s staking participation Cryptocurrency also reached a new high, with 32% of the ETH supply staked during Q2 2026. The number of addresses holding ETH climbed to 312.1 million, another all-time high.

The increase in staking participation comes as Ethereum continues to balance network security, capital participation and demand for block space. A larger share of ETH being committed to staking can reduce the amount of immediately liquid supply available to the market, although the figures alone do not establish a direct relationship with ETH’s price.

Despite the rise in transaction volumes, monthly active users declined 30% quarter over quarter to 9.2 million. The divergence between transaction throughput and active-user counts indicates that higher network activity was not accompanied by equivalent growth in the number of monthly participants.

Ethereum Fees and Tokenized Assets Expand

Ethereum’s onchain fees increased 31.6% during the quarter to $52.5 million, while ETH burn revenue more than doubled, rising 112% to $17.1 million.

The increase in fees and burn activity provides a measure of the economic activity taking place directly on Ethereum’s base layer. It also highlights the continued importance of transaction demand to the network’s fee market and ETH’s supply dynamics.

Tokenized assets represented another major component of Ethereum’s activity. Tokenized assets on the network averaged approximately $203.1 billion in market value during Q2, including about $176.8 billion in stablecoins and $20.8 billion in tokenized funds.

The combination of record transaction throughput, higher staking participation and a large tokenized-asset base points to continued institutional and financial use of Ethereum, while the decline in monthly active users remains a key metric to monitor. The next quarters will show whether rising transaction activity and tokenized asset adoption can translate into sustained growth in active participation.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.