Overwhelming response from the Ethereum community has been that revenue is not an important metric.
Although I disagree with that premise, perhaps they are right.
However, I do feel it necessary to point out that this is a complete change in thinking from how the Ethereum community has previously thought about revenue.
Revenue was so important, actually, that Bankless previously pointed out that Solana was not sustainable and must increase block sales (revenue).
Is revenue truly no longer an important metric, or did the revenue numbers get so bad for Ethereum that it’s no longer a useful narrative?
Ethereum is dying.
Despite $ETH reaching new ATHs in August, Ethereum revenue in August was $39.2 million. To put that in perspective:
- Down 75% from Aug-23 ($157.4 million)
- Down 40% from Aug-24 ($64.8 million)
- 4th lowest monthly revenue since Jan-21.
Ethereum’s fundamentals are collapsing, but the .eths don't care so long as the price goes up.
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