Token Terminal has summarized Ethereum's performance in the first quarter of this year. Overall, the conclusion is that in Q1 2016, both Ethereum users and transaction volume reached historic highs. However, due to proactive expansion, the "road" was widened, resulting in a significant decrease in transaction fees The logic behind this is to consider the problem in the long run: first make it cheaper and more comfortable for everyone to use, and then the total demand will surge back. Specifically, tokenization (stablecoins, funds, gold, stocks on chain) continues to develop and is in a leading position. Specifically, From the perspective of usage: innovative high The average monthly active users are 13.2 million (+53% month on month,+86% year-on-year), a historical high. The number of transactions exceeded 200 million, and the transaction volume per second also reached a new high. However, the total L1 handling fee was only 39.9 million US dollars, a sharp drop of nearly 48% month on month and 82% year-on-year. Why? Because the upgraded block space has increased, single transactions have become cheaper, and with more users, the transaction volume has increased and the total cost has decreased, following the path of "small profits, quick turnover". From the perspective of tokenized assets: continue to grow, with Ethereum accounting for the majority The total scale of tokenized assets on the chain is approximately $203.4 billion (basically unchanged, with a year-on-year increase). Stablecoins: 178.9 billion (mostly USDT+USDC), with a slight decrease compared to the previous period but a year-on-year increase of 37%. Tokenized fund: 19.4 billion, with good growth (promoted by traditional institutions such as BlackRock and BUIDL). Tokenized gold: 4.7 billion, with the strongest growth (+60% month on month). Tokenized stocks: Although still small (365 million), they are rising from almost zero. Ethereum has a high market share in stablecoins, funds, and gold, especially in gold and funds. From the overall activity of DeFi: TVL (total locked in value) was 316.2 billion US dollars, a decrease of 11% month on month (due to the overall market downturn), but still increased year-on-year. Lending and transaction volume have both declined, but Ethereum still leads in the top tier chains (especially in terms of lending and application fee income). From the perspective of ETH itself: ETH's fully diluted market value (FDV) is approximately $290 billion, down 30% month on month (mainly due to a price drop). The staking ratio has increased to 31% (more people are staking ETH). The number of addresses holding ETH continues to increase (approaching 293 million). Finally, the report compares the current tokenization to the Internet in 1996, which is similar to the time when Amazon started selling books. Everyone thinks it is unreliable. Now, Ethereum is actively sacrificing some short-term fee income in order to widen the "road" and attract more institutions and users to come in. Why do institutions choose Ethereum? It's not because of sentimentality, but because 'true neutrality+liquidity' is there, everyone can use it and won't lean towards a particular competitor.