Ethereum’s (ETH) efficiency has come beneath sharp scrutiny following claims by a number one crypto pundit that the community is “dying.” The remakes surfaced after recent knowledge revealed a staggering decline in ETH’s income and core fundamentals, elevating questions on its long-term sustainability regardless of worth milestones.
Ethereum Revenue Decline Sparks “Dying” Narrative
Messari Crypto Enterprise Research Manager, AJC, ignited controversy on X social media after boldly declaring that “Ethereum is dying.” His assertion facilities on the steep decline within the community’s income regardless of ETH attaining new all-time highs in August 2025.
According to knowledge, Ethereum generated simply $39.2 million in income for the month—a drastic 75% plunge from August 2023’s $157.4 million and a 40% crash from the $64.8 million recorded in August 2024. Alarmingly, it represents the fourth-lowest month-to-month income since January 2021.
The income chart shared by the Messari analysis supervisor additionally paints a regarding image. Ethereum beforehand noticed income peaks exceeding $1 billion throughout the highest 2021 and 2022 exercise, pushed by Decentralized Finance (DeFi) and NFT booms. However, income has since cooled to historic lows, exhibiting an prolonged downtrend that has not reversed regardless of bullish worth motion.
AJC’s central level is that Ethereum’s fundamentals, which had been as soon as touted because the spine of its long-term worth, are eroding. He argues that the broader group seems detached to those crimson flags so long as ETH’s market worth continues to climb.
Crypto Community Pushes Back On ETH Dying Claims
While AJC’s statements have gained traction, they’ve additionally sparked intense pushback from crypto and ETH group members. A well known crypto commentator, David Hoffman, criticized the notion of evaluating Ethereum solely as a revenue-generating community. He argued that ETH’s essence lies in its position as a decentralized ecosystem, remodeling it into the “quickest rising rising economic system.”
AJC acknowledged Hoffman’s perspective however disagreed with the notion that Ethereum is the fastest-growing economic system. The Messari analysis supervisor pressured that ETH’s actual benefit over Bitcoin lies in its place as a tech platform. If that basis falters, he cautioned, Ethereum might lose all claims of superiority to BTC.
Other trade voices added nuance to the controversy. Rick, a analysis analyst at Messari, countered that Ethereum can’t be declared “dying” when exercise metrics akin to app income, stablecoin provide, and layer-2 scaling are hitting document highs. He described Ethereum as probably the most flourishing decentralized monetary system thus far.
AJC, nevertheless, dismissed these indicators as deceptive. He argued that stablecoin issuers skew app revenues, whereas metrics like lively addresses or throughput fail to seize actual demand. He additional acknowledged that stablecoin development solely issues if it will increase transaction velocity, and scaling options are meaningless with out marginal person demand.
Meanwhile, one other group member, Leon Lanza, argued that Ethereum shouldn’t be in comparison with tech shares, stressing its commodity-like qualities. According to him, commodities usually are not valued strictly on income. AJC countered that even inside that framework, income stays important since it’s denominated in ETH and traditionally drives consumption demand.
Featured picture from Adobe Stock, chart from Tradingview.com
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