Ethereum Set Another Network Activity Record

Record Transactions and Throughput

Ethereum's base layer posted back-to-back record quarters in 2026. According to a Token Terminal report published on September 14, the network processed 203.9 million transactions between April and June, representing a 68.4% rise compared to the same period in 2025. On a sequential basis, that figure also marked a 1.7% increase over Q1 2026. Average throughput reached an all-time high of 25.9 transactions per second.

Token Terminal noted that the divergence between record network usage and falling active users suggests existing users executed transactions more frequently, sustaining overall network volume in an environment of lower individual participation. Monthly active users fell 30% quarter over quarter to 9.2 million.

Fees, Burns, and Token Holder Growth

Transaction fees reached $52.5 million during the quarter, up 31.6% from Q1. ETH burned under the EIP-1559 mechanism also increased, with Token Terminal estimating approximately $17.1 million worth of $ETH was removed from supply during Q2, more than twice the $8.1 million recorded in Q1. That means roughly one third of network fees were permanently taken out of circulation.

The ETH staking rate rose to a record 32%, and ETH-holding addresses reached an all-time high of 312.1 million, up 27.4% year over year.

Ethereum's tokenized asset market averaged $203.1 billion during the quarter, with stablecoins accounting for $176.8 billion and tokenized funds contributing a further $20.8 billion. Tokenized U.S. Treasury funds also hit a record $7.5 billion average. The figures reinforce Ethereum's position as the primary settlement layer for on-chain dollar-denominated products.

The protocol's fully diluted market capitalization contracted 14.8% during Q2 2026, closing at $247.2 billion, underlining the persistent gap between on-chain fundamentals and price performance that has characterized the network through much of the year.

Sources:
The Crypto Times: Ethereum Q2 Revenue Jumps 112% as Active Addresses Fall 30%
Crypto Economy: Ethereum Hits Record 203.9M Transactions as Q2 Revenue Surges 112%
Coin Edition: Ethereum L1 Hits Record 25.9 TPS as Q2 Transactions Reach 203.9 Million