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Token Terminal's Q1 2026 Ethereum report shows monthly active users hit a record 13.2 million, up 85.9% year-on-year, while transaction count reached 200.4 million (+81.5% YoY) and throughput climbed to 25.78 TPS (+81.7% YoY) — all all-time highs. Ethereum L1 fees fell to $39.9 million, down 81.9% year-on-year.
Why it matters
The split is the headline. User counts, transactions, and throughput all jumped more than 80% in a single year while the cost of using the base layer dropped by the same magnitude. That decoupling — demand at record highs, fees at a fraction of last year's level — is the structural story every L1 investor should be reading.
Market impact
Ethereum ecosystem TVL reached $316.2 billion, representing 71% of the top five chains combined. Active loans totaled $21.8 billion, and ecosystem application fees hit $2.0 billion, a signal that the activity is settling on-chain rather than just routing through. The fee collapse and the usage surge in the same quarter frame Ethereum as the only major L1 where volume and cost moved in opposite directions at scale.
Frequently asked questions
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What did Token Terminal's Q1 2026 Ethereum report show?
Monthly active users hit a record 13.2M (+85.9% YoY), transactions reached 200.4M (+81.5% YoY), and throughput climbed to 25.78 TPS (+81.7% YoY), all all-time highs, while L1 fees fell 81.9% YoY to $39.9M.
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Why is the Ethereum fee decline significant if usage is rising?
Decoupling demand from cost is the structural story. Record user growth and transaction volume shipping through a base layer that became dramatically cheaper to use points to scaling improvements, not just demand expansion.
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What was Ethereum ecosystem TVL in Q1 2026?
Token Terminal reported ecosystem TVL of $316.2 billion, representing 71% of the combined TVL across the top five chains.
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How much were active loans and app fees on Ethereum in Q1 2026?
Active loans totaled $21.8 billion and ecosystem application fees reached $2.0 billion, per Token Terminal's Q1 2026 report.
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Did Ethereum transactions reach an all-time high in Q1 2026?
Yes. Transaction count hit 200.4 million, up 81.5% year-on-year, and throughput reached 25.78 TPS, both all-time highs according to Token Terminal.
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