Ethereum transactions hit record high in Q1 as ETH price stalls

Ethereum network transactions surpassed 200 million in the first quarter of this year, reaching an all-time high, CoinDesk reported. This figure is more than double the low of 90 million transactions seen in 2023. The majority of these transactions occurred on Layer 2 networks such as Base and Arbitrum. However, some observers point out that the price of ETH has not risen in proportion to the increase in network activity, suggesting that the growth in Layer 2s may be masking the mainnet's lower profitability.