Ethereum’s base layer transaction volume hit a new all-time high in Q1 2026, surpassing 200 million transactions for the first time.

According to CoinDesk, Ethereum processed 200.4 million base-layer transactions in Q1 2026—the highest quarterly figure on record and the first time it has surpassed 200 million in a single quarter. Data shows this metric has been steadily recovering since hitting a low of approximately 90 million in 2023, rising 43% from 145 million in Q4 2025. The report notes that this surge was primarily driven by settlement and bridging activity across Layer 2 networks, as well as increased stablecoin usage; the current on-chain stablecoin supply on Ethereum stands at $180 billion—roughly 60% of the global stablecoin market. However, ETH’s price remains down over 50% from its peak near $5,000 in August 2025.