Ethereum’s mainnet reached its highest quarterly trading volume ever in the first quarter of 2026, processing a total of 204 million transactions.
This number is more than double the approximately 90 million increase in 2023 and indicates a strong “U-shaped recovery” for the network.
However, the discrepancy between the network’s fundamental data and price performance is noteworthy. Ethereum’s price has fallen more than 50% since August 2025, when it reached a high of around $5,000, and is currently trading at around $2,330.
According to experts, the main drivers of increased trading volume are the increased usage of layer 2 solutions and stablecoins. Specifically, the Base and Arbitrum networks increase user engagement through lower transaction fees, and this activity is reflected on the Ethereum mainnet through bridging and consensus processes.
Meanwhile, the supply of stablecoins on Ethereum has reached an all-time high of $180 billion, accounting for about 60% of the global market, according to Token Terminal data.
Analysts note that while the Dencun update has significantly reduced layer 2 data costs, this is not reflected as much in metrics such as transaction fees and token burn.
*This is not investment advice.
