Ethereum Q2 2026 Transaction Volume Hits Record High of 203.9 Million

Token Terminal reported that Ethereum's L1 transaction volume reached a record 203.9 million in Q2 2026, a 1.7% increase from the previous quarter. Average TPS rose to 25.9. While monthly active users fell by 30% to 9.2 million, transaction frequency per address increased. Total transaction fees were $52.5 million, up 31.6% quarter-over-quarter, and ETH burn reached $17.1 million. Despite a 9.2% decline in total value locked (TVL) to $287.2 billion, tokenized U.S. Treasury funds on Ethereum hit a record $7.5 billion, driven by institutional adoption from firms like Franklin Templeton, Ondo Finance, BlackRock, and J.P. Morgan Asset Management.