TL;DR:
The network processed a record 203.9 million transactions in Q2 2026, representing a 68.4% year-over-year increase.
Quarterly revenue reached $17.1 million, marking a 112.2% sequential rebound compared to Q1 2026.
Monthly active addresses contracted by 30%, settling at 9.2 million at the close of the period.
Ethereum’s. operational performance during Q2 2026 reflected an all-time record in transactional activity alongside a 112.2% increase in quarterly revenue, even as its active user base declined.
https://t.co/MjgsGo0nkU
— Token Terminal 
(@tokenterminal) September 14, 2026
The Monday, September 14 report from Token Terminal indicates that the network processed 203.9 million transactions between April and June. This figure represents a 1.7% sequential increase over the previous quarter and a 68.4% rise compared to the same period in 2025. Concurrently, the average processing throughput reached an all-time high of 25.9 transactions per second.
In contrast, the monthly average of active users fell 30% to 9.2 million. The report highlights that this divergence suggests existing users executed transactions more frequently, sustaining overall network volume in an environment of lower individual participation.
Meanwhile, the protocol’s fully diluted market capitalization contracted 14.8% during Q2 2026, closing at $247.2 billion.
A rebound in network fees drove overall revenue higher. Protocol revenue reached $17.1 million for the quarter, more than doubling Q1 figures, though remaining 66% below the levels registered in Q2 2025.
Global transaction fees climbed to $52.5 million, posting a quarter-over-quarter increase of 31.6%.
Under the EIP-1559 mechanism, token burn also accelerated markedly. Token Terminal estimates place the value of burned ETH during Q2 at $17.1 million, compared to the $8.1 million recorded in the first quarter of 2026.
DeFi Contraction and Expansion of Tokenized Assets
The decentralized finance ecosystem on the network underwent a broad-based adjustment. Average total value locked decreased 9.2% to $287.2 billion at the end of June 2026, marking its second consecutive quarterly decline.
Lending protocols and liquid staking witnessed the steepest drops. Liquidity across lending platforms slipped 26.1% to $44.1 billion, while liquid staking dropped 26.2% to finish at $33.3 billion.
Similarly, outstanding loan volume shrank to an average of $16.2 billion, down roughly 25% from the preceding quarter.
In contrast, real-world assets and tokenized funds demonstrated steady momentum. The market for tokenized assets on the network averaged $203.1 billion in Q2 2026, up 38.7% year-over-year.
Tokenized U.S. Treasury funds averaged $7.5 billion, representing a quarter-over-quarter expansion of 55.7%. Institutional offerings such as BUIDL by BlackRock, USDY by Ondo Finance, and Franklin Templeton’s fund each exceeded $1 billion in assets under management on the network by the end of Q2.
The tokenized equities market expanded 68.2% compared to Q1, reaching $614.6 million.
In the stablecoin vertical, the protocol preserved a 61.6% market share among the top five networks tracked by Token Terminal, with a market capitalization of $176.8 billion at the end of June. Of that total, Tether’s USDT accounted for $92.1 billion and Circle’s USDC reached $50.9 billion.
Staking activity hit record territory with an average ratio of 0.32x, up from 0.30x in Q1 2026, while addresses holding ETH grew 6.6% to reach 312.1 million wallets.
Monitoring of these on-chain metrics will continue with the release of Q3 2026 network statements, scheduled for October by leading on-chain analytics firms.