Ethereum Q1 Mainnet Transaction Volume Surpasses 200 Million, Hits All-Time High According to Artemis data, the Ethereum network processed 200.4 million mainnet transactions in Q1 2026, setting a new record. This marks more than double the growth from the quarterly low of around 90 million transactions in 2023, completing a U-shaped recovery. However, Ethereum's price remains over 50% lower than its August 2025 peak of nearly $5,000, currently sitting at around $2,330, showing a divergence between fundamentals and price. The growth is primarily driven by Layer 2 solutions and stablecoin settlements. Base and Arbitrum are the two largest L2 networks, where users interact with lower fees, and activity is reflected on the Ethereum mainnet through settlement and bridging. Token Terminal data shows that the total supply of stablecoins on Ethereum has reached a record $180 billion, accounting for approximately 60% of the global stablecoin market. Analysts point out that the Dencun upgrade significantly reduced L2 data costs, meaning more activity has not translated into higher fees, token burns, or holder value.