The Ethereum smart contract network reached the highest number of base layer transactions in its history in the first quarter of 2026. According to Artemis data on Bloomberg, 200.4 million transactions were recorded on the Ethereum main chain during this period. This marks the first time Ethereum has exceeded the 200 million threshold in a quarter.
Historical rise in the number of transactions
The number of quarterly transactions, which dropped below 90 million in 2023, remained flat in the 100-120 million band throughout 2024. However, starting from mid-2025, a clear revival was observed in transactions on the network. The increase in each quarter reached a 43 percent jump in the first quarter of 2026 compared to the previous period, from 145 million to over 200 million.
The Ethereum network is known worldwide for its ability to make automatic agreements without banks, lawyers or intermediaries. Transactions recorded on the blockchain; The local presence of the network refers to many actions such as transfer with ether (ETH), use of smart contracts or sending different tokens.
According to data shared by Artemis, Ethereum’s transaction volume on a quarterly basis exhibited a vertical recovery for the first time after 2023 and reached a record level.
Serious drop in ETH price
Despite the revival on the network, the ether price could not provide the expected response. ETH, which closed August 2025 at approximately $ 5,000, dropped to $ 2,328 on Friday morning when the news was written. The price has fallen by more than 50 percent compared to its 2025 peak.
CryptoAppsy According to data, ether (ETH) was trading at $2,328 on Friday. Market experts may interpret the fact that the price remains so low despite the rapid growth in the number of transactions and network statistics as a potential opportunity.
Layer 2 solutions and stablecoin impact
Most of the transaction density on the network takes place in Layer 2 (L2) networks, which are built on Ethereum and provide cheaper transactions. Base and Arbitrum are the L2 platforms with the most users; Many users prefer these networks directly due to their low transaction fees. However, the actual consensus and bridging related transactions are reflected in the base layer of Ethereum.
Stablecoins, the blockchain equivalents of real currencies, are also used extensively in Ethereum. According to Token Terminal, the total stablecoin supply in Ethereum reached 180 billion dollars. This corresponds to approximately 60 percent of the amount of stablecoins worldwide.
Thanks to Layer 2 solutions, end users can make transactions without touching the base, while both these bridge transactions and stablecoin transfers increase the number of transactions in the base. Analysts point out that the activity on Layer 2 puts pressure on transaction fees on the main network.
The significant reduction in data costs of Layer 2 networks following the Dencun upgrade has also reduced Ethereum’s revenue per transaction. Therefore, the increased transaction amount may not create the same response in terms of direct network burn or the total value of coin holders.
It is argued that the long-term recovery in Ethereum indicates a period before price action. Whether more than 200 million transactions will occur in the following quarters and whether the increase in transactions is driven by constant users or automation and bots are among the critical issues for the direction of the Ethereum ecosystem.
