Ethereum’s Q2 Metrics Reveal Increasing Differences in User Activity

Ethereum’s network activity accelerated in the second quarter of 2026, with transaction volumes, fees and ETH burning all posting significant gains. However, monthly active users declined 30%, creating a notable disconnect between the amount of activity on the blockchain and the number of users generating it.

Ethereum’s layer-1 processed 203.9 million transactions during Q2, up 68.4% from a year earlier. Average throughput also reached a record 25.9 transactions per second. ETH has moved in a different direction, with the cryptocurrency recently trading at $2,474.27, down 1.5% over the previous 24 hours.

The data indicates that Ethereum is processing substantially more transactions even though the pool of active participants has become smaller. High-frequency users, decentralized protocols, automated applications and infrastructure providers could be responsible for a larger share of the network’s activity.

That trend raises questions about whether higher transaction counts are translating into broader adoption among individual users.

Ethereum’s Fees and ETH Burn Jump

Network fees also increased during the quarter. Ethereum generated $52.5 million in onchain fees, representing a 31.6% year-over-year increase. ETH burn revenue climbed 112% to $17.1 million, reflecting the portion of transaction fees that was permanently removed from circulation.

The rise in both fees and burn activity suggests that transactions on Ethereum carried greater economic value than they did a year earlier, even as the number of active users declined.

Staking participation reached another milestone, with 32% of ETH supply staked during Q2. The number of ETH-holding addresses also reached a record 312.1 million.

Ethereum’s role in tokenization continued to expand as well. Tokenized assets on the blockchain averaged approximately $203.1 billion throughout the quarter. Stablecoins represented about $176.8 billion of that total, while tokenized funds accounted for approximately $20.8 billion.

These figures reinforce Ethereum’s position as a major settlement network for stablecoins, tokenized assets and other blockchain-based financial products.

At the same time, activity across the ecosystem appears to be increasingly concentrated among larger participants. Institutional ETH accumulation has gained attention, while activity from other networks has continued moving onto Ethereum’s base layer. The shift suggests that institutional and infrastructure use may be playing a larger role in network growth.

Record Throughput Meets Falling Active Users

Ethereum’s Q2 results extend a trend that was already visible in the first quarter. Data cited from Token Terminal shows that the network processed 200.4 million layer-1 transactions in Q1, with average throughput of around 25.78 TPS.

Monthly active users averaged approximately 13.2 million in Q1. The subsequent 30% decline therefore represents a significant change in the network’s user activity profile.

A higher block gas limit has been proposed as one possible factor behind Ethereum’s sustained throughput growth, although the available primary data does not directly establish that connection.

Overall, Ethereum’s latest figures are difficult to categorize as purely positive or negative. The network is handling more transactions, generating higher fees and burning more ETH, but those gains are occurring alongside a decline in active users.

The 32% staking rate could further reduce the amount of ETH available for immediate trading, which some market participants consider a potential supply-side tailwind. Still, the effect on ETH’s price remains uncertain.

ETH fell from around $2,400 in early April to nearly $1,500 in June before recovering to above $2,500 by mid-September. Whether that rebound reflects stronger fundamentals or simply a broader crypto market recovery remains unclear.

The next quarter’s user data could become an important indicator. If active users recover or stabilize, Ethereum’s Q2 numbers may point to deeper institutional and infrastructure adoption. If the decline continues, it could signal that the network’s growing activity is increasingly being driven by a narrower group of participants.