Ethereum users surge 85.9%; tokenized assets hit $203.4B
Monthly active Ethereum addresses rose 85.9% year over year to 13.2 million in Q1 2026; tokenized assets averaged $203.4 billion for the quarter.
Ethereum’s layer-1 recorded higher user activity in Q1 2026, according to Token Terminal’s Q1 report. Monthly active addresses averaged 13.2 million, up 85.9% year over year and 53.5% from Q4 2025. Transactions totaled 200.4 million and throughput averaged 25.78 transactions per second.
Layer-1 transaction fees for the quarter were $39.9 million, down 47.9% from Q4 2025 and 81.9% from Q1 2025.
Tokenized assets on Ethereum averaged $203.4 billion in Q1. Stablecoins accounted for $178.9 billion, with major issuers including Tether’s USDT and Circle’s USDC and other issuers such as Sky (USDS), Ethena (USDe) and PayPal’s PYUSD. Tokenized funds totaled $19.4 billion, a 4.9% increase from the prior quarter. Tokenized commodities rose 60% quarter over quarter to $4.7 billion, driven mainly by tokenized gold products. Tokenized stocks reached $365.1 million, up 16.5% from Q4 2025.
Core decentralized finance metrics were mixed. Average total value locked on Ethereum was $316.2 billion in Q1, down 11% from Q4 2025 and up 22.8% year over year. Active loans stood at $21.8 billion. Ecosystem fee revenue totaled about $2 billion for the period. Decentralized exchange trading volume fell to $134.5 billion, a 24% decline from the previous quarter.
Market measures diverged from participation metrics. Fully diluted market value averaged $290 billion in Q1, down 30.3% quarter over quarter. The number of ETH holders rose to 292.8 million, up 8.1% from Q4 2025 and 24.9% from a year earlier. The staking ratio was 31%.
Protocol work in the quarter included the Fusaka upgrade cycle’s Blob Parameters Only fork in January, which increased data capacity, and the launch of ERC-8004 in February, a standard for AI-agent identity and reputation. The Ethereum Foundation published its 2026 priorities, focusing on scaling, user experience improvements and hardening layer-1.
Token Terminal compiled the Q1 2026 data cited above.
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