Ethereum Users Jump 86% as Tokenized Assets Reach $203 Billion

Ethereum Holders Reach 293 Million Despite 30% Drop successful Market Value

Ethereum began 2026 with a mixed but revealing quarter. Usage deed caller highs, portion marketplace worth and interest gross moved lower.

According to the Q1 report published by Token Terminal, monthly progressive users connected Ethereum’s layer-1 averaged 13.2 million, up 53.5% from the anterior 4th and 85.9% from a twelvemonth earlier. Transactions reached 200.4 million, up 38% 4th implicit quarter, portion throughput roseate to 25.78 transactions per second.

The striking portion is what happened to fees. Layer-1 transaction fees fell to $39.9 million, down 47.9% from the erstwhile 4th and 81.9% twelvemonth implicit year. The effect shows Ethereum processing much enactment astatine a little full cost.

That is the halfway hostility successful the Ethereum Q1 2026 report: the web is scaling, but near-term interest seizure is shrinking.

Monthly Active Users roseate by 53.5% QoQ. Source: Token Terminal

Tokenized Assets Anchor Institutional Demand

Ethereum remains the starring concatenation for tokenized assets by marketplace value. Tokenized plus market cap connected the web averaged $203.4 cardinal successful Q1, astir level from the erstwhile 4th but up 42.9% from a twelvemonth earlier.

Stablecoins made up the bulk of that full astatine $178.9 billion. Tether’s USDT and Circle’s USDC remained the 2 largest assets connected the network, with Sky’s USDS, Ethena’s USDe, and Paypal’s PYUSD besides among the large issuers.

Tokenized funds continued to grow, rising 4.9% 4th implicit 4th to $19.4 billion. The conception includes products from Sky, Ethena, Blackrock, Wisdomtree, Superstate, and Ondo.

Tokenized commodities were the fastest-growing category, jumping 60% from the anterior 4th to $4.7 billion. The marketplace is mostly dominated by tokenized gold products, including Tether Gold and Paxos Gold.

Tokenized stocks remained smaller but gained traction, rising 16.5% to $365.1 million. Ondo Finance led the class with onchain vulnerability to equities and ETFs.

Ethereum besides kept its pb successful respective halfway DeFi metrics. Ecosystem full worth locked averaged $316.2 billion, down 11% from Q4 but up 22.8% twelvemonth implicit year. Active loans stood astatine $21.8 billion, portion ecosystem fees reached $2 billion.

Tokenized assets deed $203.4B successful Q1. Source: Token Terminal

Scaling Push Weighs connected Fees

Ethereum’s afloat diluted marketplace capitalization averaged $290 cardinal successful Q1, down 30.3% from the anterior quarter. Trading volume crossed decentralized exchanges besides fell to $134.5 billion, a 24% quarterly decline.

Still, the network’s idiosyncratic basal kept expanding. ETH holders reached 292.8 million, up 8.1% from the anterior 4th and 24.9% from a twelvemonth earlier. The staking ratio roseate to 31%, showing much ETH committed to web information contempt the terms drawdown.

Several upgrades helped signifier the quarter. The Fusaka upgrade cycle’s 2nd Blob Parameters Only fork accrued information capableness successful January. ERC-8004 went unrecorded successful February, creating a modular for AI-agent individuality and reputation. The Ethereum Foundation besides acceptable its 2026 priorities astir scaling, idiosyncratic experience, and hardening layer-1.

The information shows Ethereum is deliberately trading short-term fees for cheaper blockspace and semipermanent demand. With tokenized finance, stablecoins, and AI agents moving onchain, the report frames Ethereum little arsenic a speculative web and much arsenic colony infrastructure for planetary finance.