I’ve been watching Ethereum’s numbers, and it’s quite interesting: the network processed 200.4 million transactions in Q1 2026, the highest quarterly figure I’ve ever seen. That’s a 43% increase compared to the 145 million from the previous quarter—the U-shaped recovery that people had been talking about.

But then there’s something strange: Ethereum’s value is around $2.33K right now, a sharp drop from the $4.95K it hit back in August 2025. In other words, transaction volume is exploding, but the price isn’t keeping up in the same proportion. Layer 2s like Base and Arbitrum pulled a lot of this growth, along with stablecoins that reached $180 bilhões on the network.

The issue that some analysts are raising is this: after the Dencun upgrade, costs dropped so much that revenue per transaction became lower. More transactions don’t necessarily mean more value is being generated. Also, another risk is bots inflating stablecoin volume—something that nobody’s really talking about much. You need to stay alert to this.