Quarterly transactions hit 200.4 million in Q1 2026, the first time above 200 million and more than double the 2023 lows. Ethereum processed a record 200.4 million base-layer transactions in the first quarter of 2026, capping a multi-year U-shaped recovery in network activity. Despite the surge in usage, ether remains more than 50 percent below its August 2025 peak near $5,000, creating a divergence between fundamentals and price. Much of the growth is driven by Layer 2 and stablecoin settlemen…
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