Ethereum ‘Dying’ Debate Erupts As Messari Flags ETH Revenue Crash Despite All-Time High And Stablecoin Boom
A heated debate over whether Ethereum is “dying” has erupted online after a Messari analyst flagged a sharp decline in the blockchain’s revenue, even after ETH hit an all-time high and stablecoin activity on the network surges. Messari analyst AJC highlighted on X that Ethereum generated $39.2 million in revenue in August, down 75% from $157.4 million in the same month in 2023 and 40% lower than last year’s $64.8 million. This marked the network’s fourth-lowest monthly revenue since January 2021. “Ethereum is dying,” he said . “Ethereum’s fundamentals are collapsing, but the .eths don’t care so long as the price goes up.” The analyst added that the decline in network fundamentals is “alarming,” despite ETH hitting a new all-time high of $4,953.73 on Aug. 24. ETH price chart (Source: CoinMarketCap ) EHT has since retraced over 13% to trade at $4,300.40 as of 3:17 a.m. EST. A large part of...