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

Ethereum began 2026 with a mixed but revealing quarter. Usage hit new highs, while market value and fee revenue moved lower. According to the Q1 report published by Token Terminal, monthly active users on Ethereum’s layer-1 averaged 13.2 million, up 53.5% from the prior quarter and 85.9% from a year earlier. Transactions reached 200.4 million, up 38% quarter over quarter, while throughput rose to 25.78 transactions per second. Layer-1 transaction fees fell to $39.9 million, down 47.9% from the previous quarter and 81.9% year over year. The result shows Ethereum processing more activity at a lower total cost.

Ethereum remains the leading chain for tokenized assets by market value. Tokenized asset market cap on the network averaged $203.4 billion in Q1, almost flat from the previous quarter but up 42.9% from a year earlier. Stablecoins made up the bulk of that total at $178.9 billion. Tokenized funds continued to grow, rising 4.9% quarter over quarter to $19.4 billion. Tokenized commodities were the fastest-growing category, jumping 60% from the prior quarter to $4.7 billion, dominated by tokenized gold products. Tokenized stocks rose 16.5% to $365.1 million.

Ecosystem total value locked averaged $316.2 billion, down 11% from Q4 but up 22.8% year over year. Active loans stood at $21.8 billion, while ecosystem fees reached $2 billion. Ethereum’s fully diluted market capitalization averaged $290 billion in Q1, down 30.3% from the prior quarter. Still, the network’s user base kept expanding. ETH holders reached 292.8 million, up 8.1% from the prior quarter and 24.9% from a year earlier. The staking ratio rose to 31%, showing more ETH committed to network security despite the price drawdown.

Several upgrades helped shape the quarter. The Fusaka upgrade cycle’s second Blob Parameters Only fork increased data capacity in January. ERC-8004 went live in February, creating a standard for AI-agent identity and reputation. The Ethereum Foundation also set its 2026 priorities around scaling, user experience, and hardening layer-1. The data shows Ethereum deliberately trading short-term fees for cheaper blockspace and long-term demand, positioning itself as settlement infrastructure for global finance.

Source: https://news.bitcoin.com/ethereum-users-jump-86-as-tokenized-assets-reach-203-billion/