In Q1 2026, Ethereum's base layer transaction volume reached a historic high, surpassing 200 million for the first time

According to CoinDesk, Ethereum processed 200.4 million base layer transactions in the first quarter of 2026, setting a new historical high and becoming the first quarter to surpass 200 million transactions.

Data shows that this metric has continued to recover since its low of about 90 million transactions in 2023, with Q1 2026 growing 43% compared to 145 million transactions in Q4 2025. The report points out that this round of growth is mainly driven by Layer 2 network settlements and bridging activities, as well as an increase in stablecoin usage; currently, the supply of stablecoins on the Ethereum chain has reached $180 billion, accounting for about 60% of the global stablecoin market. However, the price of ETH has still fallen over 50% from its high of nearly $5,000 in August 2025.