Including major blockchain networks Ethereum (ETH), Solana (Sun)And Avalanche (AVAX) Over the past year, significant increases in on-chain activity and decreases in transaction costs have been recorded. tokens experienced significant declines.
This difference between market prices and underlying network fundamentals Bitselopens every three months stretching Report covering the second quarter of 2026.
According to analysis, Ethereum, solanaand Avalanche tokens are each down about half or more from year-ago levels. But usage metrics moved in the opposite direction.
Ethereum processed 203.9 million transactions in the quarter, up sharply from 121.1 million in the same period in 2025.
Following the increase in the block gas limit, the average transaction volume increased from 15 to 26 transactions per second.
At the same time, the average cost per transaction fell from about $1.08 to $0.31, while network revenue in dollars fell 51 percent to about $64 million.
When measured ETH But in terms of terms, revenue increased for the first time in more than a year. Solana showed similar resilience.
The network processed nearly 9.8 billion non-voting transactions, near all-time highs and above the 8.9 billion recorded a year ago.
Transaction costs dropped significantly from about three cents to half a cent, contributing to a drop in total revenue from $272 million to $51 million.
Avalanche’s C-Chain saw the most dramatic growth in terms of volume, processing 235.6 million transactions compared to just 58 million previously, a roughly fourfold increase.
cost per process It fell from 2.7 cents to 0.14 cents, and revenue fell accordingly to $330,000.
Head of On-chain Research at Bitwise Kam Benbrick clearly defined the pattern: there is a noticeable gap between network fundamentals and broader market sentiment.
Prices are still lower than in 2025 block chains It becomes both cheaper to use and more active.
The report attributes most of the fee reductions to intentional protocol improvements that expand available block space, rather than a general weakening of demand.
staking Participation across networks remained strong.
Ethereum It reached a record 40.2 million ETH stakes, representing approximately 33 percent of the total supply, driven largely by institutional inflows from staking ETFs, corporate treasuries, and other large holders.
Solana’s odds are close to 68 percent, and high odds have been observed elsewhere as well. Avalanche around 41 percent.
Institutional involvement has gone beyond staking.
tokenized assets, real-world applications, and payment activities continued to expand on these chains.
Protocol roadmaps remain active, with upcoming upgrades aimed at further improving scalability and user experience.
data to recommend that lower token prices do not translate into reduced network usage. Instead, higher efficiency and capacity appear to support higher levels of activity at lower costs; This points to the underlying strength of infrastructure, even in a softer environment. Sunday conditions.
