A researcher from the "Messari" platform: Ethereum revenues decline despite the rise in the currency's price!
The statement made by “AJC”, a researcher at the data analytics company “Messari”, has sparked widespread controversy as he claimed that the Ethereum network is on the verge of collapse, despite the significant price gains in recent times.
The researcher based his assessment on the decline in revenues on the network, where Ethereum recorded total revenues of $39.2 million in August 2025, a decrease of 75% compared to August 2023 and 30% from August 2024.
This is one of the worst revenue levels since January 2021, raising concerns about the health of its economic model.
Despite accusations against “Messari” of bias against Ethereum, “AJC” clarified that there are internal disagreements within the company, as some analysts believe that indicators such as the increase in active addresses and the number of transactions reflect positive trends.
However, the researcher considered these metrics meaningless statistics, emphasizing that the real impact of the increase in supply from stablecoins or the expansion of Layer 2 solutions (L2) remains limited unless accompanied by actual demand from users.
Ironically, Ethereum is simultaneously recording its best quarterly performance since its launch, with its value rising by 73% during the third quarter of 2025.
However, the lack of reflection of this increase on network revenues raises questions about the sustainability of its current growth.
