August saw a 44% decline in Ethereum revenue, which is the portion of network fees that go to Ether holders due to token burning, even though the price of ETH reached an all-time high.
Compared to July’s $25.6 million, August’s overall revenue of about $14.1 million is lower, according to Token Terminal. Coincident with ETH’s recent massive gain since April and its all-time high of $4,957 on August 24, the revenue dropped. From $49.6 million in July to $39.7 million in August, network fees fell almost 20% month-over-month.
With the Dencun upgrade in March 2024, the monthly fees for utilizing the Ethereum network dropped dramatically. This was because the upgrade greatly reduced the fees for layer-2 scaling networks that used Ethereum as their base layer to post transactions.
Proponents of Ethereum claim that it is the foundation of the future financial system, while detractors contend that the layer-1 smart contract platform has unsustainable underpinnings, and the argument has been prompted by the network’s declining fees and revenues.
There has been a lot happening on the Ethereum network in 2025, with the community presenting the blockchain platform to Wall Street corporations and the emergence of ETH public treasury companies sending ETH prices to record highs.
According to analysts, the yield-bearing properties of Ether are attracting both institutional and conventional financial investors. Businesses are looking at staking Ethereum, which involves locking up ETH tokens to protect the network, as a way to make money by validating layer-1 blockchain smart contracts.
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