Ethereum hits record 203.9 million transactions in Q2 as active users slide

AI summary

<p dir="ltr">The divergence between record network usage and falling active users complicates the bull case built purely on adoption metrics. Rising onchain fees and a sharp jump in ETH burn revenue point to healthier underlying demand for block space, which should support arguments that network usage is deepening even as it narrows to fewer participants. The record staking rate of 32% continues to tighten liquid ETH supply, a dynamic some traders treat as a structural tailwind regardless of near-term price action. Growth in tokenized assets, led by stablecoins, reinforces Ethereum's positioning as settlement infrastructure rather than a purely speculative venue, a theme that tends to attract institutional rather than retail flow. None of this prevented ETH from sliding toward $1,500 during the quarter itself, though the token has since rallied back above $2,500 in September, leaving open the question of whether that recovery reflects the underlying activity data or a broader market bounce.</p><p dir="ltr">---</p><p dir="ltr">Earlier:</p><ul><li><a href="https://investinglive.com/cryptocurrency/crypto-democrats-meet-ahead-of-tuesday-s-crucial-clarity-act-vote-btc-eth-implications" rel="follow" target="_blank">Democrats meet ahead of Tuesday's crucial Clarity Act vote; BTC, ETH implications.</a></li><li><a href="https://investinglive.com/cryptocurrency/bitcoin-at-risk-of-a-sell-the-fact-reaction-on-the-clarity-act-vote-as-fomc-decision-looms" rel="follow" target="_blank">Bitco