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Ethereum revenue and network fees continue to dwindle, prompting debate about the layer-1 blockchain network’s financial fundamentals.
Ethereum revenue, the share of network fees that accrue to Ether (ETH) holders as a result of token burns, dropped by about 44% in August, even amid all-time high ETH prices.
Revenue for August totaled over $14.1 million, down from July’s $25.6 million, according to Token Terminal. The drop occurred amid ETH rallying by 240% since April and ETH hitting an all-time high of $4,957 on August 24.
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Network fees also dropped by about 20% month-over-month, falling from about $49.6 million in July to about $39.7 million in August.