In May 2026, the Ethereum network achieved a critical milestone: monthly transactions surpassed 70 million for the first time, setting a new all-time high. This figure not only reflects unprecedented network activity but also sparked discussions about the drivers of this growth—is it the explosion of Layer2 solutions, or a manifestation of genuine on-chain demand?
Record Transaction Volume and Network Efficiency
According to data platforms like Token Terminal, Ethereum processed approximately 203.9 million transactions in Q2 2026, an increase of over 68% year-over-year. Of these, monthly transactions in May exceeded 70 million, marking the first time the network reached this level in its history. Concurrently, network efficiency significantly improved. In May 2026, Ethereum's median transaction fee dropped to an all-time low of approximately $0.00554. From early 2024 to Q1 2026, the mainnet's average daily transaction processing capability (TPS) also increased from approximately 13.67 transactions to 25.78 transactions.
Explosive Growth of Layer2
Layer2 scaling solutions are undoubtedly the core force driving the expansion of overall transaction volume. Since Ethereum completed the Dencun upgrade in early 2024, Layer2 data storage costs have significantly decreased, directly fostering the prosperity of its ecosystem. Data shows that the total monthly transaction volume on Layer2 networks increased from approximately 135.6 million in January 2024 to approximately 543.8 million in March 2026, a significant increase. By April 2026, Layer2 networks were processing nearly twice the daily transaction volume of the mainnet. Their processing capability (TPS) also increased from approximately 78.60 to 226.92 during the same period.
Mainnet's Real Demand and Value Capture
Despite a large volume of transactions being offloaded to Layer2, Ethereum's mainnet transaction activity has not shrunk; instead, it has achieved strong organic growth. For example, on March 25, 2025, the mainnet processed 3.61 million transactions in a single day, with smart contract interactions accounting for 68%. On December 22, 2025, the mainnet also reached a peak of 1.91 million transactions in a single day. This indicates that, in addition to the scalability transactions brought by Layer2, core economic activities such as DeFi, NFTs, and asset transfers remain robust on the mainnet.
OKX Ventures noted in a report that the combination of record-high transaction volume and record-low fees indicates that Ethereum is evolving into a more efficient, low-cost network. The competitive focus for Layer-1 blockchains is shifting towards actual utility and user experience. Investors can continue to monitor on-chain data changes for Ethereum and its Layer2 ecosystem on market platforms like Svmuu.
Ecosystem Evolution and Future Outlook
Current trends show that the Ethereum ecosystem is forming a healthy, layered, and modular structure: Layer2 handles high-frequency, low-cost daily transactions and applications, greatly expanding the user base and use cases; while the Ethereum mainnet serves as the ultimate layer for security and settlement, capturing core value and ensuring the trust foundation of the entire ecosystem. Although there are discussions about whether the success of Layer2 will challenge ETH's value capture, at this stage, the prosperity of Layer2 and the growth of mainnet activity show a clear positive correlation.
Overall, Ethereum's monthly transactions surpassing 70 million is a result of the combined effect of the Layer2 technology explosion and the growth of genuine on-chain demand. This signifies that Ethereum's scalability transformation has made substantial progress, and a more inclusive on-chain economy driven by actual utility is taking shape.
The platform information for sale in the article changes with the listing and delisting dynamics of various exchanges. Please refer to the official announcements of the exchanges.
