Despite recent market fluctuations impacting Ethereum’s price, the network’s on-chain activity is thriving. Apps generating on the Ethereum blockchain generated over $1 billion in fees during the first quarter of 2025, according to data from Token Terminal. This level of activity aligns with the Q1 2024 figures, demonstrating the continued stability and engagement within the Ethereum ecosystem. 2025’s performance follows a similar pattern compared to the previous year, although ETH trading levels remain within a more limited range. Notably, Ethereum app fees have reached $2 billion during past market peaks but dipped below $500 million in bearish periods. Experts attribute this sustained activity to expanding decentralized finance (DeFi) applications and increased investment from institutional players.