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Ethereum’s on fire with record activity, but ether price and blockchain fees lag

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(DeFiLlama)

Ethereum’s network activity has surged to all-time highs across multiple metrics, but the growth has failed to lift ether’s price or boost fee generation at the base layer.

A weekly report from analytics firm CryptoQuant published March 10 found that daily active addresses on Ethereum approached 2 million in February 2026, exceeding peaks seen during the 2021 bull market. Active addresses are unique blockchain wallet addresses that have sent or received a transaction within a specific timeframe, like the past 24 hours

Smart contract calls, or codes on blockchain telling it to do something specific, topped 40 million per day, and token transfers driven by internal contract interactions also set records. The findings point to broad adoption across DeFi, stablecoins and automated protocol activity, even as investment demand for ether has weakened.

Record network user activity typically bodes well for the market value of the blockchain’ native token. But that’s not the case with Ethereum.

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It’s native token ether is down roughly 30% over the last six months, and the one-year change in Ethereum’s realized capitalization has turned negative, indicating net capital outflows from the market.

Exchange flow data from CryptoQuant shows ether moving to trading venues at a faster rate relative to bitcoin, a pattern consistent with elevated selling pressure.

Focus on capital flows

CryptoQuant argued that capital flows, rather than network activity, now explain ETH price dynamics more effectively.

In prior cycles, particularly 2018 and 2021, rising on-chain activity coincided with price rallies. That relationship has weakened. The firm’s scatter analysis showed recent observations clustering at high activity levels but relatively low prices, suggesting incremental usage growth now has less explanatory power for ether’s valuation.

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The fee picture reinforces the disconnect. Data from DefiLlama shows Ethereum generated roughly $10.3 million in transaction fees over the past 30 days, placing it third behind Tron at nearly $25 million and Solana at about $20 million.

(DeFiLlama)

On a revenue basis, the gap widens further. Ethereum ranked fifth in 30-day protocol revenue at $1.22 million, trailing Tron as well as Polygon, Base and Solana. Base, an Ethereum layer-2 network built by Coinbase, generated roughly three times Ethereum’s protocol revenue over the same period.

(DeFiLlama)

The disparity reflects the growing role of Ethereum’s layer-2 ecosystem. Networks such as Base and Polygon process large volumes of transactions while paying relatively small settlement costs back to the base chain, distributing economic activity across the broader Ethereum ecosystem rather than concentrating it on the base layer.

Stablecoins remain a bright spot for adoption. Ethereum hosts approximately $162 billion in stablecoin supply, roughly 52% of the global market, according to DefiLlama. Yet that activity has not translated into proportional value capture for ether itself.

Ethereum may be busier than ever, but the blockchain’s native asset is capturing less of the value created on top of it.

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Internet Computer (ICP) Price Soars 16% on Upbit Listing: Details

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ICPUSDT_2026-03-11_08-55-52


ICP soared by 16% after being listed on South Korea’s largest exchange, but will the momentum last?

Internet Computer (ICP) saw its price explode by roughly 16% following its listing on South Korea’s largest cryptocurrency exchange, Upbit.

The altcoin’s value rose from around $2.35 to a high of $2.73 within minutes of the announcement. Trading pairs include ICP/KRW, ICP/BTC, and ICP/USDT.

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ICPUSDT_2026-03-11_08-55-52
Source: TradingView

In case you’re wondering, exchange listings on major centralized venues have historically led to considerable price increases for newly listed cryptocurrencies. This is especially true for altcoins with thinner market depth, where it’s easier to move the price with smaller amounts.

Upbit is currently the third-largest centralized spot exchange in the world, with a 24-hour trading volume of around $1.16 billion, according to CoinMarketCap, trailing only Binance and Coinbase.

ICP is the 47th largest cryptocurrency by means of total market capitalization ($550M) and around $147 million in 24-hour trading volume – a metric that’s a whopping 170% up in the past day, showcasing the impact of the listing.

Usually, though, these moves are not as sustainable and result in reversals, but it’s interesting to see if ICP will follow a similar path.

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Pi Network’s PI Token Jumps Again a Day Before Key Update Implementation

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Pi Network (PI) Price on CoinGecko


The PI token exceeded $0.23 earlier today before it retraced slightly.

The updates recently implemented by the team, as well as the upcoming ones, continue to benefit Pi Network’s underlying asset, as PI is among the few alts in the green today.

Aside from the expected completion of protocol v20.2 upgrade by tomorrow, the Pi Network community is also anticipating Pi Day – March 14.

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Pi’s Upcoming Updates

The past several weeks have been quite eventful for Pi Network, especially in terms of upgrades and price movements. On February 21, the team announced that the protocol v19.6 migration was successfully completed, and the subsequent v19.9 iteration arrived on March 4.

They explained at the time that the v20.2 update was next in line, with initial deadline expectations set for March 14, which was later moved to March 12. Both of the already completed updates were followed by impressive price gains from PI, and it seems the hype about the upcoming upgrade has not disappointed so far.

Another factor that could be boosting the native token is the buildup to what became known as Pi Day, March 14, due to its symbolic resemblance to the mathematical constant π. As it happened last year, the community has hyped itself up, expecting some major announcements, perhaps a listing on a top-tier exchange such as Binance.

PI Defies Market Correction

As mentioned above, the protocol updates and perhaps anticipation for Pi Day have resulted in impressive gains for PI lately. The token is up by over 6% in the past day and sits just inches below $0.23. Moreover, it’s one of the best-performing crypto assets on a monthly scale, gaining 56%, and it’s up by 73% since its latest all-time low of $0.1312 marked on February 11.

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A few things to consider for its future price moves include the token unlock schedule, as over 13.5 million coins will be unlocked in three consecutive days starting today, and the number will jump to 17 million on March 17. Additionally, PI has a history of performing well in the weeks leading up to big announcements or updates, only to crash hard after in a classic sell-the-news event.

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Pi Network (PI) Price on CoinGecko
Pi Network (PI) Price on CoinGecko

 

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Babylon, Ledger Integration Expands Bitcoin Vault Access

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Babylon, Ledger Integration Expands Bitcoin Vault Access

Bitcoin staking infrastructure developer Babylon Labs has integrated with Ledger, a cryptocurrency hardware wallet maker, in a move that could make it easier for holders to put their Bitcoin (BTC) to work in financial applications without giving up self-custody.

In a Tuesday announcement, the companies said Ledger signers will be used for Babylon’s Trustless Bitcoin Vaults, also known as BTCVaults. The vaults allow BTC holders to lock their tokens into programmable contracts governed by onchain conditions while retaining self-custody of the underlying asset.

Ledger devices will act as the secure signing layer for BTCVault transactions, enabling users to authorize vault interactions directly from their hardware wallet.

The feature relies on Ledger’s Clear Signing technology, which displays human-readable transaction details on the device screen so users can verify exactly what they are approving before signing. The approach is designed to reduce the risk of signing malicious or opaque transactions, a common concern in crypto workflows.

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The tie-up is significant given Ledger’s scale as a hardware wallet provider, with the company reporting more than 8 million devices sold globally. As Cointelegraph recently reported, Ledger is said to be in talks with major financial institutions about a US initial public offering. 

One estimate of the projected size and growth rate of the crypto hardware wallet market. Source: Mordor Intelligence

Related: Ledger and Trezor 2025 hardware wallets released: What’s new for users?

Digital asset vaults growth surges

Self-custodial vaults are emerging as a growing use case in digital assets as users look for ways to put their crypto to work without relinquishing control of their funds. 

Unlike traditional custodial platforms, where assets are deposited with an exchange or intermediary, vaults are typically governed by programmable conditions that allow users to retain ownership while participating in lending, staking or yield strategies.

Vault strategies have gained traction in decentralized finance. Protocols such as Yearn Finance popularized the concept through automated yield vaults that allocate user deposits across lending and liquidity markets. 

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More recently, messaging platform Telegram introduced vault-style yield products within its integrated crypto wallet, allowing users to deposit assets such as Bitcoin, Ether (ETH) and Tether’s USDt (USDT) into structured strategies designed to generate returns.

Institutional players are also joining the fray. Asset manager Bitwise recently collaborated with DeFi lending protocol Morpho to curate onchain vault strategies designed to generate yield through overcollateralized lending markets.

Related: Bitcoin company Fold pays off $66M debt, frees up BTC collateral