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Ethereum printed ~200M transactions in Q1 2026, up from ~150M the quarter before. A 33% jump at this scale points to sustained usage rather than short bursts. What stands out for me is timing. This comes ten years after launch, when growth was supposed to slow, yet activity keeps expanding. For the market, this strengthens the base layer narrative. Demand is holding even as fees, L2s, and competition evolve around it.