The blockchain market showed signs of cooling during the week of March 23–29, 2026, with most major networks experiencing declines in trading volumes, user activity, and fees toward the end of the period. While early-week momentum remained strong, a broader slowdown became visible across ecosystems. However, stablecoin usage and transaction throughput continued to demonstrate resilience, highlighting sustained underlying demand despite reduced speculative activity.
Ethereum
Ethereum recorded mixed performance throughout the week, with its total value locked (TVL) peaking at $56.25 billion on March 24 before declining to $52.67 billion by March 29. Chain fees fluctuated between $476K and $203K, while DEX volumes dropped significantly from $1.66 billion to $765 million. Perpetual trading remained relatively stable between $1.2 billion and $1.5 billion, but user activity declined sharply, with active addresses falling from 680K to 436K and transactions dropping from 2.6 million to 1.83 million. This indicates reduced engagement and liquidity outflows despite steady derivatives demand.
Solana
Solana maintained strong trading dominance early in the week, with DEX volume peaking at $2.65 billion on March 23 before declining to $1.26 billion by March 29. TVL saw a slight decrease from $6.76 billion to $6.35 billion, while chain fees remained consistently high between $400K and $620K. However, perpetual trading volume dropped sharply from $2.22 billion to $547 million, and the token market cap declined from $52 billion to $46.9 billion. Stablecoin market capitalization remained steady at around $15 billion, suggesting a cooling of speculative activity following strong initial momentum.
BNB Chain (BSC)
BNB Chain demonstrated consistent network usage despite declines in financial activity. TVL remained stable between $5.2 billion and $5.5 billion throughout the week, while chain fees declined from $495K to $255K. DEX volumes dropped from $1.55 billion to approximately $795 million, and perpetual volumes remained stable around $260 million. Notably, user engagement stayed strong, with active addresses ranging from 2.3 million to 2.8 million and daily transactions consistently between 13 million and 16 million, reinforcing BNB Chain’s position as a leading network for retail activity.
Bitcoin
Bitcoin experienced a contrasting trend, with TVL rising significantly from $2.8 billion to $4.49 billion during the week, indicating capital inflows. However, chain fees declined from $171K to $108K, while DEX volumes dropped from approximately $967K to $354K. Perpetual trading volume also decreased from $27 million to $9.5 million, and market capitalization fluctuated between $1.32 trillion and $1.42 trillion. This suggests that while capital entered the ecosystem, overall trading activity and short-term speculation weakened.
TRON
TRON continued to demonstrate strong network fundamentals, particularly in stablecoin activity. TVL remained stable between $4.0 billion and $4.15 billion, while fees ranged from $600K to $1.12 million. Stablecoin market capitalization held steady at approximately $86 billion, significantly higher than other networks. Active addresses remained strong at around 2.5 million to 2.95 million, and transactions consistently ranged between 9 million and 11 million. This highlights TRON’s dominance in stablecoin transfers and high-throughput transactions.
Base
Base experienced a steady decline in activity across most metrics during the week. TVL decreased from $4.18 billion to $3.96 billion, while chain fees dropped significantly from $199K to $44K. DEX volumes declined from $1.2 billion to $396 million, and stablecoin market capitalization remained stable at around $4.7 billion. Active addresses fluctuated between 327K and 517K, while transactions ranged from 6.9 million to 12.7 million, indicating reduced engagement and trading activity on the network.
Overall, the week reflects a broader market cooldown, with declining DEX volumes, reduced user activity on key networks like Ethereum and Base, and weakening perpetual trading activity, especially on Solana and Bitcoin. Despite this, stablecoin usage remained strong, particularly on TRON, and transaction volumes on networks like BNB Chain continued to show resilience. This suggests that while speculative momentum has slowed, core blockchain usage and infrastructure demand remain intact.
Weekly Comparison: Mar 16–22 vs Mar 23-29,2026
Compared to March 16–22, the latest week (March 23–29) shows a broad slowdown across all major blockchains. Ethereum and Solana saw clear declines in TVL, trading volumes, and user activity, indicating reduced market participation. BNB Chain remained relatively stable with strong transaction activity, though trading volumes and fees declined. Bitcoin stood out with rising TVL but weaker trading activity, suggesting capital inflows without strong momentum. TRON continued to lead in stablecoin dominance and maintained consistent usage, while Base experienced a noticeable drop in TVL, fees, and DEX volume. Overall, the market shifted into a cooling phase with lower speculative activity but steady core network usage.
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