Ethereum March 2026 Update

Onchain Metrics

Ethereum’s Real Economic Value (REV) declined in March 2026, falling to roughly ~$16M (down ~30% MoM) as onchain activity remained subdued relative to prior months.

Network activity moderated further in March 2026 following January’s peak, though levels remain elevated relative to late-2025. Monthly transaction count increased 10% to 68 million (vs February’s ~62 million), while still tracking well above pre-2026 averages. Conversely, monthly active addresses fell from February levels, as new users trended lower after the surge seen earlier in the year. Despite the pullback, activity remains structurally higher on a YTD basis, though some portion continues to be influenced by non-organic factors.

In March 2026, Ethereum’s REV market share declined to roughly ~12%, down from approximately ~16% in February, giving back a portion of the prior month’s gains. The pullback comes amid continued competition across the ecosystem, with Tron and Solana maintaining dominant positions.Ethereum application revenue declined further in March 2026, falling to roughly ~$21M (down ~11% MoM) and extending the downtrend from late-2025 highs near $60M. The continued compression points to softer onchain monetization across key verticals, despite activity remaining elevated on a relative basis.