Data compiled by Woofun AI shows Ethereum achieved its highest activity levels in Q1 2026, driven by a surge in users, transactions, and throughput on the layer-1 network. Despite this operational peak, ecosystem fees declined to $39.9 million, a 47.9% drop from the previous quarter, attributed to increased data capacity reducing transaction costs.

Concurrently, the total value locked averaged $316.2 billion, reflecting an 11% quarterly decline but a 22.8% year-over-year increase.

Meanwhile, decentralized exchange trading volume totaled $134.5 billion, with Uniswap handling approximately $85.5 billion. The tokenized asset market averaged $203.4 billion, dominated by stablecoins which comprised 87.9% of the value. Tokenized funds rose 4.9% quarterly to $19.4 billion, while tokenized commodities grew 60% to $4.7 billion. ETH’s fully diluted market cap averaged $290 billion, down 30.3% quarterly, as monthly active users reached 13.2 million.