Gate News message, April 17 — According to CoinDesk, Ethereum processed 200.4 million base layer transactions in Q1 2026, marking a historic high and the first time quarterly volume exceeded 200 million. The metric has shown continuous recovery since bottoming at approximately 90 million transactions in 2023, with Q1 2026 representing a 43% increase from Q4 2025’s 145 million transactions.
The growth was primarily driven by Layer 2 network settlement and bridging activities, as well as increased stablecoin adoption. Ethereum’s on-chain stablecoin supply has reached $180 billion, accounting for approximately 60% of the global stablecoin market.
However, ETH’s price remains down more than 50% from its near-$5,000 peak in August 2025.
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