Ethereum processed a record 203.9 million transactions in the second quarter of 2026, up 68.4% from a year earlier, while average throughput reached 25.9 transactions per second. Fees climbed 31.6% to $52.5 million, and ETH burn revenue more than doubled to $17.1 million. Activity rose despite a 30% quarter-over-quarter decline in monthly active users to 9.2 million, indicating greater transaction intensity among the remaining users. Ethereum’s tokenized asset market averaged $203.1 billion, including $176.8 billion in stablecoins and $20.8 billion in tokenized funds; tokenized U.S. Treasury funds averaged a record $7.5 billion. Ecosystem TVL declined 9.2% to $287.2 billion, while the staking ratio reached a record 32% and ETH-holding addresses rose 6.6% to 312.1 million. Token Terminal described Q2 as a period of consolidation after a record first quarter, despite record activity, staking and ETH-holder metrics.