According to Token Terminal, Ethereum revenue, driven by token burns that benefit ETH holders, fell 44% month-over-month to $14.1 million, down from $25.6 million in July.
The decline comes despite ETH rallying more than 240% since April, hitting a record $4,957 on August 24. – Institutional interest remains strong, with Etherealize raising $40M to expand Ethereum adoption.
Much of the drop traces back to Ethereum’s Dencun upgrade in March 2024, which slashed transaction costs for layer-2 rollups. The trend has reignited debate about Ethereum’s long-term economic model. Critics warn that low fee revenue undermines the platform’s sustainability, while supporters argue Ethereum is evolving into the foundation of global decentralized finance.
Network fees also fell 20%, sliding from $49.6 million in July to $39.7 million last month.
The $40 million will fund new tools and platforms tailored to institutional workflows. Etherealize plans to build infrastructure for private trading and settlement of tokenized assets, including a settlement platform for tokenized bonds and other fixed income products.
Co-founder Grant Hummer previously noted that despite Ethereum’s presence in crypto ETFs, many institutions still lack the fundamental knowledge needed to engage meaningfully with ETH.
Etherealize, launched in January with backing from the Ethereum Foundation and co-founder Vitalik Buterin, is designed to bridge the gap between Ethereum’s complex ecosystem and the financial world’s demand for clarity, tools, and regulation-ready infrastructure.
In an X post, Lubin said Ethereum will replace many siloed systems at institutions like JPMorgan and become the backbone for financial services, staking, and smart contract execution. Backing the bullish stance of Fundstrat’s Tom Lee, Lubin stated he’s “100% aligned” with Lee’s view that Ethereum could flip Bitcoin in network value.
Ethereum co-founder Joseph Lubin believes ETH could rally 100x or more over time, calling it Wall Street’s future infrastructure as TradFi shifts toward decentralized finance.
Likewise, Lee has predicted that Ethereum will rally in the near term to $5,500, with an ambitious year-end target of $12,000.
During his August 26 guest appearance on the Amitis Investing program, Lee disclosed that institutional Wall Street sentiment toward Ethereum has shifted dramatically following the U.S. Senate’s passage of the GENIUS Stablecoin legislation.
He compared the moment to 1971 when the U.S. dollar left the gold standard, signaling a tectonic shift in financial architecture led by Ethereum.
