PANews reported on April 17th that, according to Artemis data, the Ethereum network processed 200.4 million mainnet transactions in the first quarter of 2026, a record high, more than doubling from the low of approximately 90 million transactions in the second quarter of 2023, completing a U-shaped recovery. However, the price of Ethereum is still down more than 50% from its high of nearly $5,000 in August 2025, currently around $2,330, showing a divergence between fundamentals and price. The growth was mainly driven by Layer 2 and stablecoin settlement. Base and Arbitrum are the two largest L2 networks, where users interact with lower fees, and activity is reflected on the Ethereum mainnet through settlement and bridging. Token Terminal data shows that the total supply of stablecoins on Ethereum reached a record $180 billion, accounting for approximately 60% of the global stablecoin market. Analysts point out that the Dencun upgrade significantly reduced the data costs of L2, ensuring that more activity did not translate into higher fees, token burning, or holder value.