Ethereum Hits Record Transactions Amid Falling Active Users

Ethereum's network activity hit new heights in Q2 2026, with its base layer processing a record 203.9 million transactions, a 68.4% increase from the same period last year.

This surge in throughput was accompanied by an all-time high average of 25.9 transactions per second and rising onchain fees, which climbed 31.6% to $52.5 million.

However, this increased activity came alongside a decline in active users, which fell 30% quarter over quarter to 9.2 million.

The divergence between record network usage and falling active users raises questions about the sustainability of Ethereum's growth and whether it is driven by institutional or retail adoption.