Ethereum Network Transaction Volume Reaches Highest Level Since 2023! Here Are the Details

The Ethereum mainnet reached its highest ever quarterly transaction volume in the first quarter of 2026, processing a total of 200.4 million transactions.

This figure represents more than double the increase seen in 2023, when the figure was around 90 million, indicating that the network is experiencing a strong “U-shaped recovery”.

However, the divergence between the network’s fundamental data and price performance is noteworthy. Ethereum’s price has fallen by more than 50% compared to its peak of around $5,000 in August 2025, and is currently trading around $2,330.

According to experts, the main driving force behind the increase in transaction volume has been the rise in Layer 2 solutions and stablecoin usage. Specifically, the Base and Arbitrum networks have increased user engagement thanks to lower transaction fees, and this activity is reflected back to the Ethereum mainnet through bridging and consensus processes.

On the other hand, Token Terminal data shows that the stablecoin supply on Ethereum has reached a record high of $180 billion, accounting for approximately 60% of the global market.

Analysts note that the Dencun update significantly reduced Layer-2 data costs, but this hasn’t been reflected to the same extent in metrics like transaction fees and token burning.

*This is not investment advice.