By April 2026, the Ethereum mainnet's monthly transaction volume reached 72.8 million transactions, setting a new all-time high, representing approximately a 12% increase from the previous record of about 65 million transactions at the end of 2021. Breakdown by type shows that token transfers account for as much as 62%, utility tools and financial transactions make up 13% and 8% respectively, while cross-chain transactions only constitute 2%. This structure indicates that Ethereum is accelerating its role as a crypto settlement layer—value transfer functions dominate, while participation in deep DeFi financial activities remains relatively low, reflecting a market risk appetite that is still cautious.

On the other hand, technological upgrades are reshaping the network architecture. The Dencun upgrade in March 2024 significantly reduced Layer 2 data costs, causing Layer 2 daily transaction volume to be roughly twice that of the Ethereum mainnet, with the mainnet shifting more towards a settlement layer strategic positioning. However, the fundamentals of prosperity have not translated into price levels: ETH is currently around $2,300, down more than 50% from the peak of nearly $5,000 in August 2025, showing a typical divergence pattern. The Layer 2 ecosystem diverts some transaction fees to its own network, weakening the fee-burning mechanism that originally endowed ETH with a deflationary property, creating great uncertainty in its value capture pathway. High transaction volume signifies that network effects continue to strengthen, but the market's redefinition of its long-term value logic remains fiercely contested. #Gate广场五月交易分享