Ethereum hits record 203.9 million transactions in Q2 as active users slide

<p dir="ltr">The divergence between record network usage and falling active users complicates the bull case built purely on adoption metrics. Rising onchain fees and a sharp jump in ETH burn revenue point to healthier underlying demand for block space, which should support arguments that network usage is deepening even as it narrows to fewer participants. The record staking rate of 32% continues to tighten liquid ETH supply, a dynamic some traders treat as a structural tailwind regardless of near-term price action. Growth in tokenized assets, led by stablecoins, reinforces Ethereum's positioning as settlement infrastructure rather than a purely speculative venue, a theme that tends to attract institutional rather than retail flow. None of this prevented ETH from sliding toward $1,500 during the quarter itself, though the token has since rallied back above $2,500 in September, leaving open the question of whether that recovery reflects the underlying activity data or a broader market bounce.</p><p dir="ltr">---</p><p dir="ltr">Earlier:</p><ul><li><a href="https://investinglive.com/cryptocurrency/crypto-democrats-meet-ahead-of-tuesday-s-crucial-clarity-act-vote-btc-eth-implications" rel="follow" target="_blank">Democrats meet ahead of Tuesday's crucial Clarity Act vote; BTC, ETH implications.</a></li><li><a href="https://investinglive.com/cryptocurrency/bitcoin-at-risk-of-a-sell-the-fact-reaction-on-the-clarity-act-vote-as-fomc-decision-looms" rel="follow" target="_blank">Bitcoin at risk of a "sell the fact" reaction on the CLARITY Act vote as FOMC decision looms</a></li></ul><p dir="ltr">--- Ethereum's network did more work with fewer people in Q2, a split between record throughput and record staking on one side and a 30% drop in active users on the other.</p><p dir="ltr">Summary:</p><ul dir="ltr"><li>Ethereum L1 processed 203.9 million transactions in Q2 2026, up 68.4% year over year, per Token Terminal.</li><li>Average throughput reached an all-time high of 25.9 transactions per second.</li><li>Monthly active users fell 30% quarter over quarter to 9.2 million.</li><li>The ETH staking rate rose to a record 32%, and ETH-holding addresses reached an all-time high of 312.1 million.</li><li>Onchain fees rose 31.6% to $52.5 million, while ETH burn revenue climbed 112% to $17.1 million.</li><li>Tokenized assets on Ethereum averaged around $203.1 billion, including roughly $176.8 billion in stablecoins and $20.8 billion in tokenized funds.</li></ul><p dir="ltr"></p><p dir="ltr">Ethereum's base layer processed a record 203.9 million transactions in the second quarter of 2026, according to data from <a href="https://tokenterminal.com/" rel="follow">Token Terminal</a>, with average throughput climbing to an all-time high of 25.9 transactions per second. The transaction count marks a 68.4% increase from a year earlier, extending a run of records that has now stretched across consecutive quarters.</p><p dir="ltr">The headline numbers sit alongside a less flattering trend. Monthly active users on the network fell 30% quarter over quarter to 9.2 million, a decline that runs counter to the rising transaction count. The gap suggests that a smaller pool of participants, likely including bots, automated trading systems and infrastructure providers settling transactions on behalf of layer 2 networks, is driving an outsized share of activity rather than a broadening base of new users.</p><p dir="ltr">Other metrics point to firming demand for Ethereum's core function as settlement infrastructure. Onchain fees rose 31.6% over the quarter to $52.5 million, and ETH burn revenue, the portion of fees permanently removed from circulating supply, jumped 112% to $17.1 million. Both increases indicate that the transactions moving through the network in Q2 carried more economic weight than the equivalent volume a year ago.</p><p dir="ltr">The staking side of the network also set records. The proportion of ETH staked reached 32%, an all-time high, while the number of addresses holding ETH climbed to 312.1 million, also a record. Rising staking participation removes ETH from immediate circulation, a dynamic that traders sometimes read as a supply-side tailwind independent of transaction activity.</p><p dir="ltr">Tokenized assets on Ethereum averaged about $203.1 billion in market value during the quarter. Stablecoins accounted for the bulk of that figure at roughly $176.8 billion, with tokenized funds contributing a further $20.8 billion, underscoring Ethereum's continued role as the primary settlement rail for onchain dollar and fund products.</p><p dir="ltr">The record activity did not translate into price strength during the quarter itself. ETH fell from around $2,400 in early April to lows near $1,500 by June, a decline that unfolded alongside the rising transaction count, staking rate and burn revenue described above. That gap between usage and price echoes a pattern seen in the first quarter of 2026, when a record transaction count similarly failed to lift the token. The price has since recovered, with ETH trading above $2,500 by mid-September, though whether that move reflects growing confidence in the fundamentals shown in the Q2 data or a broader crypto market rebound is not yet clear.</p><p dir="ltr">Taken together, the quarter presents a network that is doing more, generating more in fees and burning more ETH, while serving fewer active participants. Whether that pattern reflects a maturing, institution-heavy phase of adoption or a narrowing of genuine user growth will likely depend on whether active user counts stabilize or continue declining through the third quarter.</p><p dir="ltr"></p> This article was written by Eamonn Sheridan at investinglive.com.