On-chain metrics recorded during February 2026 show measurable activity and observable trends across six major blockchain networks: Ethereum, Solana, BNB Chain, Bitcoin, Tron, and Base. The data includes daily observations for total value locked (TVL), chain fees, chain revenue, decentralized exchange (DEX) volume, perpetual futures (perps) volume, token market capitalization, stablecoin capitalization, active addresses, and transaction counts.
Across the observed period, most networks experienced declining TVL during the first week of February, followed by partial stabilization during the middle and later weeks. Ethereum maintained the largest share of locked value and stablecoin supply. Solana recorded the highest transaction throughput and consistently elevated DEX activity relative to its TVL size. Bitcoin displayed declining locked value but maintained steady transactional activity. Tron demonstrated stability in stablecoin-driven usage, while Base showed gradual stabilization after early declines. BNB Chain exhibited consistent engagement across multiple metrics with moderate daily variability.
Ethereum
Ethereum remained the largest network by TVL throughout February 2026. The network began the month near $61.9 billion and ended around $53.1 billion. The lowest point occurred during the first week, when TVL declined below $52 billion before recovering and stabilizing. Chain fee levels showed daily variability, with early February recording elevated activity exceeding $1 million on several days. Mid- and late-month periods reflected lower but stable fee levels, typically ranging between approximately $170,000 and $510,000.
DEX trading activity was highest during the first week, with daily volumes surpassing $4 billion. Later in the month, DEX volumes ranged between approximately $1 billion and $2 billion. Perpetual futures activity remained relatively consistent, ranging between roughly $1.2 billion and $1.7 billion daily. Token market capitalization fluctuated, while stablecoin capitalization remained relatively stable near $155 billion. Active addresses varied between approximately 550,000 and 1.17 million. Daily transaction counts consistently exceeded 1.7 million and frequently surpassed 2 million.
Solana
Solana recorded lower TVL compared with Ethereum and recorded higher transaction counts and active address levels. TVL declined from approximately $7.5 billion early in the month to near $6.1 billion during the first week. The network later stabilized within a range of approximately $6.4 billion to $6.6 billion. Chain fee activity remained elevated, frequently exceeding $700,000. Chain revenue demonstrated measurable variability with several higher daily values. DEX volume ranged between approximately $1.2 billion and $4 billion during the month.
Early February volumes exceeded $4 billion, followed by a range between approximately $1.2 billion and $2.3 billion. Perpetual futures activity remained stable. Stablecoin market capitalization increased slightly. Active address counts consistently exceeded 2 million and frequently surpassed 3 million. Transaction counts regularly exceeded 90 million and reached above 100 million on several days.
BSC
BNB Chain recorded measurable activity across TVL, fees, DEX volume, active addresses, and transactions throughout February 2026. TVL remained within a measurable range with short-term fluctuations, particularly during the first half of the month. Chain fee and revenue levels demonstrated moderate variability. DEX activity fluctuated daily, with occasional increases in volume recorded. Stablecoin supply remained stable. Active addresses varied within a measurable range during the month. Transaction activity remained steady with moderate daily levels.
Bitcoin
Bitcoin showed a decline in locked value during February 2026. TVL decreased from approximately $5.9 billion early in the month to lower levels by the end. Network fee activity fluctuated. Periods of increased fee levels were followed by lower daily activity. Transaction counts remained within a narrow range during the month. Active addresses demonstrated moderate variability but remained within a stable range. TVL declined during the month, while transaction counts remained within a stable range.
Tron
Tron recorded measurable activity across TVL, fees, stablecoin capitalization, DEX volume, active addresses, and transactions during February 2026. TVL declined during the first week before stabilizing near the $4.0 billion range. Chain fees and revenue showed moderate variation. Stablecoin capitalization represented a large share of Tron’s on-chain value and remained within a narrow range during the month. DEX volume fluctuated but remained moderate. Active addresses and transaction counts demonstrated stable and consistent engagement.
Base
Base recorded early-month declines in TVL followed by values ranging between approximately $3.8 billion and $4.0 billion. TVL declined early before stabilizing between approximately $3.8 billion and $4.0 billion. Chain fee activity and DEX volume showed moderate variability. Stablecoin capitalization and token market value remained consistent. Active address levels and transaction counts remained within a consistent range during the month, compared with the previous monthly report (january).
Key Monthly Data Highlights
- Early Month TVL Decline: Most networks recorded declining TVL during the first week of February.
- Mid-Month Stabilization Across Networks: Stabilization occurred during the middle of the month.
- Solana recorded the highest transaction counts and active address levels among the observed networks.
- Stablecoin market capitalization on Ethereum and Tron remained within a narrow range during the month.
- Ethereum and Solana recorded higher DEX volumes than the other observed networks.
- Fee and Revenue Variability: Chain fees and revenue showed daily fluctuations.
Observable On-Chain Patterns
- Cross-Network TVL Movement: Declines occurred simultaneously during early February.
- Networks with larger stablecoin capitalization recorded smaller percentage changes in TVL during the observed period.
- Transaction Distribution Differences: Solana showed higher throughput, while Bitcoin maintained consistent activity.
- DEX Activity Peaks Early in the Month: High volumes were concentrated in early February.
- Tron and Base recorded narrower ranges of variation across observed metrics compared to some other networks.
- Periods with higher transaction counts and DEX volumes coincided with higher recorded fee and revenue levels.
February 2026 data reflects measurable differences across networks. Ethereum maintained the largest TVL and stablecoin presence. Solana recorded the highest transaction counts and higher DEX volumes relative to several other observed networks. Bitcoin recorded declining TVL during the month while transaction counts remained within a stable range. Tron recorded relatively narrow variation in observed metrics, while Base recorded early declines followed by values within a narrower range later in the month.
Across all networks, observable patterns included early February volatility, mid-month stabilization, stablecoin supply consistency, and variable fee activity. These metrics provide a measurable overview of activity and engagement during the month.
The full blockchain metrics dataset is available for download on the official GitHub repository.
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