ETH Earnings Report Q3 2025
•October 16, 2025
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Why It Matters
Improving usage and stablecoin growth signal renewed demand for Ethereum, which can boost staking yields and strengthen the network’s economics, but collapsing blob fees and rising supply pose questions about long-term revenue and security economics. Investors and stakers should watch how L1/L2 capacity expansion affects fee-driven returns and tokenomics.
Summary
Ethereum posted a modest comeback in Q3 2025, with most network metrics improving versus Q2. Active users on Layer 1 rose about 25% quarter-over-quarter and real economic value (base fees, priority fees, MEV and blob fees) increased ~17% QoQ, though it remains materially lower year-over-year. Stablecoin supply on Ethereum jumped roughly 30% to about $178 billion, with ~58% of stablecoins on L1 and over 60% when including L2s. The report highlighted collapsing blob fees (down ~99% QoQ) and a tension between expanding block/blob supply and the revenue needed to support staking yields and network security.
Original Description
📣DeFi Report
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