Ethereum Network Value Expands Despite Weaker Prices

Ethereum's network value has expanded despite weaker prices, driven by increased institutional buying and a rise in ecosystem deposits.

In the first half of 2026, Ethereum recorded 3.6 million daily transactions and 600,000 daily active wallets, solidifying its position as a key hub for DeFi and stablecoin transfers.

Total deposits across the Ethereum ecosystem, including apps and vaults, stood at $316.2 billion, up over 22% from the previous quarter.

The growth in network value is attributed to increased demand for lending, liquidity provision, and airdrop farming, as well as recent upgrades that lowered gas fees, making it easier for small investors to trade on the platform.

However, Ethereum prices have not kept pace with the network's growth, falling 17.2% in the second quarter and posting a net loss of 29.1% in the first quarter.