Ethereum processed more transactions in the first three months of 2026 than in any quarter in its history — 200 million in total, a 43% jump from the previous quarter.
New User Growth Accelerates Across The BoardDeFi applications, token activity, and NFTs were all cited as areas where new participants have been showing up.
Price Stays Stuck While On-Chain Numbers ClimbETH traded in a narrow band around $2,105 to $2,200 through much of the quarter — far below the highs the asset hit in prior cycles. The gap between record-breaking network usage and a stagnant price has puzzled market watchers.
Reports indicate that capital flows and exchange deposit activity have become stronger indicators of price movement than on-chain usage figures, a shift from patterns seen during earlier market cycles.
Layer-2 Networks Draw Credit For Lower BarriersMuch of the growth in new users has been attributed to the continued build-out of Layer-2 infrastructure, which has cut the cost and time required to complete transactions on the network.
Reports say entry barriers have dropped significantly as these systems have matured, opening the door to users who might have avoided the network when fees were higher.
Analysts who track new address creation consider the numbers a marker of real adoption rather than short-term speculation. Whether the price eventually reflects that activity remains an open question.
Featured image from Unsplash, chart from TradingView
