Ethereum's L1 fees have fallen to record lows, and network revenue declined from $366.63 million in Q3 2025 to $260 million in Q1 2026 after the Glamsterdam upgrade cut fees by 78%. Even so, monthly transactions have climbed to a new all-time high near 80 million, suggesting usage remains strong despite weaker fee-driven revenue. ETH is also down about 6.2% in May, raising debate over whether the market is undervaluing its on-chain activity.

Ethereum's Clear Signing went live on May 12, 2026, with Ledger, Trezor and MetaMask switching signature prompts from hex strings to human-readable transaction details. The change targets signature-phishing losses that reached $6.27 million from 4,741 victims in Q1 2026, while keeping blind signing possible but more avoidable. The standard improves clarity for approvals such as "unlimited" token spend, though it does not remove risks tied to compromised apps or incomplete dApp metadata.

Uniswap (UNI) was priced at $3.44 at press time, down 7.50% in 24 hours, while trading volume jumped over 61% to $239.90 million. The token is testing an ascending trendline support held since April 12, 2026, and a break could open the way toward $3.00, though a rebound would challenge that view. Derivatives metrics turned more negative and spot flows showed $302K moved to exchanges over 24 hours, even as the top 100 wallets increased holdings by 3.41%.

Jupiter (JUP) fell 13% over the past 24 hours, with the token’s market cap hovering around $635 million. Annualized Fees (30-day average) dropped 29% to about $332 million and Daily Active Users declined 19% over 30 days to 37,800, while spot netflow turned negative with $477,860 in net buying alongside roughly $3.43 million in total spot buys.

Ethena (ENA) fell more than 10% on May 23, moving toward a demand area between $0.0760 and $0.0809. By May 24, ENA rebounded to around $0.1005, though the weekly chart remained weak with the token down nearly 6%. Spot Volume rose 46.63% to $76.84 million during the move, while whale-sized orders appeared near recent lows.

Stablecoin supply expanded to around $323 billion, with more than $3 billion added this month, as liquidity conditions improved. Ethereum’s staking ratio also climbed to a new all-time high of 32.4%, while ETH/BTC stayed under pressure after weeks of declines. The setup puts focus on whether past links between stablecoin liquidity and ETH’s relative strength versus Bitcoin re-emerge this cycle.

The XRP Ledger is nearing activation of the "fixCleanup3_1_3" amendment in XRPL 3.1.3 after it entered a two-week activation window. The change is expected to go live on May 27, 2026 and has shown an uncommon 100% validator consensus, exceeding the 80% threshold typically required for amendments to pass.

Corporate Ethereum reserves have climbed to $16 billion, with strategic holders controlling 7.33 million ETH—about 6% of total supply. In May, Ethereum ETFs saw roughly -$300 million in net flows, a shift that has pressured sentiment and coincided with an around 8% monthly decline in ETH.