Ethereum Sees Record User Growth Despite Fee Revenue Drop

Ethereum's Q1 report reveals a mixed quarter for the network. On one hand, usage hit new highs, while on the other, market value and fee revenue took a hit. According to Token Terminal, monthly active users averaged 13.2 million, up 53.5% from the prior quarter and 85.9% from a year earlier.

Transactions reached 200.4 million, up 38% quarter over quarter, while throughput rose to 25.78 transactions per second. However, layer-1 transaction fees fell to $39.9 million, down 47.9% from the previous quarter and 81.9% year over year.

The tokenized asset market on Ethereum averaged $203.4 billion in Q1, with stablecoins making up the bulk of that total at $178.9 billion. Tokenized funds continued to grow, rising 4.9% quarter over quarter to $19.4 billion, while tokenized commodities jumped 60% from the prior quarter to $4.7 billion.

Ethereum also maintained its lead in several core DeFi metrics, including ecosystem total value locked and active loans. The network's user base continued to expand, with $ETH holders reaching 292.8 million, up 24.9% from a year earlier.