Ethereum April 2026 Update

Onchain Metrics

Ethereum’s Real Economic Value (REV) rose in April 2026, climbing to roughly ~$27.7M (+66% MoM). This rise in onchain activity was due to a material increase in DeFi activity across the board, with SwapX consuming the most gas. Monthly transaction count hit an all-time high of ~73M, surpassing January's prior peak and continuing the structural step-change higher seen since late 2025. Monthly active addresses, however, moderated for a second consecutive month following February's ~25M peak, with both new and returning address cohorts pulling back. Throughput gains are being driven by higher per-user activity and programmatic/contract interactions rather than expanding user acquisition. In April 2026, Ethereum’s REV market share rose to roughly ~25%, up from approximately ~12% in March, its highest market share since October 2025. Tron remained the market leader for the second month in a row (32%) while Solana declined to third (19%). Ethereum application revenue recovered modestly in April 2026, rising ~13% MoM to roughly ~$24M, stopping the multi-month downtrend but remaining well below the Sep–Oct 2025 cycle peak near $58M. In April 2026, Ethereum’s share of the DA landscape calldata moderated from March levels, settling around 38% (from 42% in March). The pullback reflects softer relative usage and increased competition, though Ethereum remains a core contributor to overall data consumption. The Ethereum validator entry queue remained elevated through April 2026, with entry wait times reaching ~two months, while exit pressure also picked up to ~ten days. Onchain data attributes the bulk of new validator activations to DATCOs.