Token Terminal said monthly active users reached 13.2 million and transaction count climbed to 200.4 million, pointing to heavier network activity even as base-layer fees dropped sharply year over year.
Ethereum posted record usage in Q1 2026, with Token Terminal saying monthly active users rose to 13.2 million, up 85.9% from a year earlier, while transaction count reached 200.4 million, up 81.5% YoY. The report also said Ethereum’s L1 (base blockchain layer) fees fell 82% year over year. The combination suggests network activity continued to expand even as the cost paid on the base layer declined, reflecting how usage and fee generation can diverge as blockchain activity patterns evolve.