Ethereum’s second-quarter network figures show a striking contrast: transaction activity reached record levels, fees increased and more ETH was burned, while monthly active users declined 30% in Q2 2026. The split is fueling fresh debate over what Ethereum’s growth really says about adoption.
Ethereum’s layer-1 processed 203.9 million transactions during the quarter, representing a 68.4% increase from a year earlier. Average network throughput also reached a record 25.9 transactions per second. ETH, however, has not kept pace with the network’s stronger activity metrics. The cryptocurrency was recently trading at $2,474.27, down 1.5% over the previous 24 hours.
The data points to a growing difference between overall network usage and the number of individual participants. While transaction volumes are rising, fewer unique users appear to be behind that activity. High-frequency traders, protocols, automated applications and infrastructure providers may now account for a larger share of transactions, rather than growth being driven by a broader retail audience.
That distinction could make it harder to use transaction growth alone as evidence of expanding adoption.
Ethereum Records Higher Fees, Burning and Staking
Ethereum’s Q2 performance was not limited to transaction growth. Onchain fees climbed 31.6% to $52.5 million, while ETH burn revenue more than doubled, rising 112% to $17.1 million. The $17.1 million represents fees that were permanently removed from the circulating ETH supply.
The figures indicate that Ethereum transactions generated more economic value than they did a year earlier, even though the numb
