Ethereum has shown signs of growth in the first half of 2026, despite its stagnant trading performance. According to Token Terminal data, Ethereum completed a highly successful Q1 and reached peak transaction activity in H1, following another upgrade to lower gas fees.
The network supported lending, liquidity provision, and various airdrop farming venues, with the total value locked at $316.2B, up by over 22% in the past quarter. The biggest driver of value locked for Ethereum is the new wave of asset tokenization, which has seen 1,058 assets tokenized, with 199,156 holders, up 11% in the past month.
The Ethereum network entered a period of transition in H1, after a wave of exits from key engineering experts. The chain now relies on a mix of institutional interest and a return of retail users, as well as the specific attraction of DeFi apps.