In the second quarter of 2026, Ethereum’s performance was mixed, with record transaction activity and higher revenue balanced by decreased active users and poorer performance in a number of key DeFi categories.
The network handled 203.9 million transactions during the quarter, up 1.7% from Q1 and 68.4% year over year, according to Token Terminal’s Ethereum Q2 2026 report. Additionally, the average throughput hit a record of 25.9 transactions per second. Monthly active users fell 30% to 9.2 million despite this increase, indicating that current users were making more purchases.
Ethereum made over $17.1 million in sales in the second quarter, up 112.2% and more than twice as much as the first. Revenue, however, was still 66% less than it was during the same time previous year. While ETH burnt under EIP-1559 surged to around $17.1 million, more than double Q1’s amount, transaction fees jumped 31.6% quarter over quarter to $52.5 million.
There was still pressure on the larger DeFi ecosystem. At $287.2 billion, the average total value locked fell 9.2%. Liquid staking dropped 26.2% to $33.3 billion, while lending TVL dropped 26.1% to $44.1 billion. Additionally, the average amount of outstanding loans fell to $16.2 billion. With a value of over $183.4 billion throughout the quarter, stablecoins continued to be Ethereum’s largest ecosystem component.
One significant improvement was tokenization. The average value of Ethereum’s tokenized assets was $203.1 billion, up 38.7% over the previous year. From Q1 to Q7.5 billion, tokenized U.S. Treasury funds increased by 55.7%. At the conclusion of the quarter, BlackRock’s BUIDL, Ondo Finance’s USDY, and Franklin Templeton’s tokenized fund all had more than $1 billion on Ethereum.
At the conclusion of Q2, Ethereum’s stablecoin value was over $176.8 billion, maintaining its position as the top stablecoin network.
Overall, the data shows that the Ethereum ecosystem is evolving, with increasing tokenization and transaction volumes.
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