Ethereum processed a record 200.4 million transactions in the first quarter


According to CoinDesk, in the first quarter of 2026, the Ethereum network processed 200.4 million transactions — 43% more than 145 million in the fourth quarter of 2025, continuing its recovery after a low of 90 million in 2023 and a range of 100–120 million in 2024. Meanwhile, ETH is trading around $2 328, which is 50% below the all-time high in August 2025 — about $5 000. The increase in activity is attributed to Layer 2 networks, including Optimism and Arbitrum, which publish calculations and data on the base network, as well as to a record level of stablecoin supply on Ethereum at $180 billion, roughly 60% of the global market. Analysts warn that after the Dencun upgrade, the reduction in data transfer costs on Layer 2 decreases the revenue per transaction for the base layer, and the growth in transactions does not necessarily lead to a proportional increase in ETH burning; additionally, the share of bots in stablecoin transactions is rising.
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