Ethereum February 2026 Update

Onchain Metrics

Ethereum’s Real Economic Value (REV) was relatively flat, rising to roughly $23.5M (up ~8% MoM). 

Network activity remained elevated in February 2026, though below January’s record highs. Monthly transaction count came in at roughly 62 million, down from the ~70 million record set in January but still well above late-2025 averages. Monthly active addresses also moderated to approximately 21.6 million from January’s peak of 25.4 million, with new addresses declining to roughly 8 million after reaching an all-time high the prior month. While activity levels have been strong YTD, a portion of the growth is attributable to poison attacks, suggesting that not all incremental usage reflects organic demand.

In February 2026, Ethereum’s revenue market share increased to roughly 15%, up from approximately 11% in January. The gain comes after several months of compression and suggests Ethereum recaptured incremental share within a still-fragmented competitive landscape. Hyperliquid and Solana continue to command significant portions of aggregate revenue, with 33% and 17%, respectively.Ethereum application revenue declined in February 2026, falling to roughly $24M, down ~29% MoM from January’s ~$34M. The drop extends the downtrend from late-2025 highs near $60 million and reflects softer onchain monetization despite still-elevated activity levels. While Ethereum recaptured some relative share versus competing ecosystems, absolute application-layer revenue remains compressed, underscoring a more subdued demand environment across DeFi and broader onchain usage.
In February 2026, Ethereum continued to anchor the DA landscape, accounting for roughly 50% of total data consumed, up from the sharp dip seen in January after MegaETH’s stress test. Celestia recovered modestly to the low-20% range after its earlier volatility.Ethereum’s validator entry queue remains high while exit pressure is still comparatively muted. Onchain data shows that the new validator operations are primarily coming from DATCOs.