Ethereum Q2 Total On-Chain Yield Drops to 2.68%, Hitting Historical Low

The DeFi Report's Ethereum Q2 2026 update shows that Ethereum's network revenue for the quarter rebounded slightly quarter-over-quarter, but still declined significantly year-over-year, while on-chain real yield, L1 economic activity, DeFi activity, and Layer 2 participation overall continued to weaken. The report noted that as user activity continues to migrate to Layer 2, competition for Ethereum mainnet block space decreased, leading to weakened priority fees and MEV capture capabilities.