Ethereum’s network fundamentals show worrying signs of decline, according to a Messari researcher — even as ETH posts one of its strongest quarters ever.
Revenue Drop Raises Concerns
Analyst AJC from blockchain analytics firm Messari claims that Ethereum is “dying,” pointing to a dramatic collapse in network revenue.
- In August 2025, Ethereum generated only $39.2 million in revenue
- That’s a 75% decline compared to August 2023
- And a 30% drop versus August 2024
This makes August 2025 one of Ethereum’s weakest months since January 2021 in terms of revenue.
Debate Over Metrics
The statement sparked backlash among Ethereum supporters, who accused Messari of bias. AJC responded that even within the firm, there are different opinions:
“Multiple people from Messari are disagreeing with me, so not sure what your point is.”
Other Messari analysts argue that Ethereum is showing signs of resilience:
- Active addresses are trending slightly upward
- Transaction count and throughput show improvement
Still, AJC dismissed these as “meaningless statistics”, insisting they don’t reflect real economic demand. He also argued that:
- Stablecoin supply growth means little without increased velocity
- Layer-2 scaling solutions add little value without new user demand
Ethereum’s Paradox: Best Q3 Ever
Despite revenue weakness, Ethereum is on track for its best-performing Q3 since launch. ETH has gained 73% this quarter, marking one of its strongest rallies in history.
The paradox: while ETH price soars, network revenues collapse, raising questions about whether the rally is sustainable — or simply disconnected from the blockchain’s economic reality.
