Ethereum May 2026 Update

Onchain Metrics

Ethereum’s Real Economic Value (REV) fell in May 2026, falling 30% to roughly ~$19M. Of the $19M, $6M was spent on stablecoin contract interactions (nearly 1/3rd). Despite the decrease in REV, Ethereum maintained its third position in network revenue market share (14%). Monthly transaction count moderated to ~67M in May, off the ~73M April peak but holding well above the 45–55M range that prevailed through 2H 2025. Monthly active addresses extended their decline for a fourth consecutive month, with the ~14M May print now down ~44% from February's ~25M peak as both new and returning cohorts continue to pull back. Throughput remains structurally elevated on a per-address basis, indicating the network is sustained by deeper engagement from a contracting active user base rather than fresh adoption. Ethereum application revenue declined modestly in May 2026, falling ~13% MoM to roughly ~$21M, resuming the wider multi-month downtrend.

Tokenized assets on Ethereum rose ~4%, from $16B in April to $16.6B by the end of May. This represents just over half of all tokenized assets across all chains. Within Ethereum, 50% of RWAs are bonds, 33% precious metals, and 11% private credit.