Ethereum's Q1 mainnet transaction volume surpasses 200 million transactions, setting a new record.

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CryptoWorld News reported on April 17 that Artemis data shows the Ethereum network processed 200.4 million mainnet transactions in the first quarter of 2026, setting a new record. This is more than double the low point of about 90 million transactions in the 2023 quarter, completing a U-shaped recovery. However, Ethereum’s price remains over 50% below its peak of nearly $5,000 in August 2025, currently around $2,330, showing a divergence between fundamentals and price. The growth is mainly driven by Layer 2 solutions and stablecoin settlements, with Base and Arbitrum being the two largest L2 networks. Users interact on L2 at lower costs, and activity is reflected on the Ethereum mainnet through settlement and bridging. Token Terminal data indicates that the total supply of stablecoins on Ethereum has reached a record $180 billion, accounting for about 60% of the global stablecoin market.

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