Ethereum’s (ETH) performance has come under sharp scrutiny following claims by a leading crypto pundit that the network is “dying.” The remakes surfaced after fresh data revealed a staggering decline in ETH’s revenue and core fundamentals, raising questions about its long-term sustainability despite price 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 statement centers on the steep decline in the network’s revenue despite ETH achieving new all-time highs in August 2025.
According to data, Ethereum generated just $39.2 million in revenue 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 monthly revenue since January 2021.
The revenue chart shared by the Messari research manager also paints a concerning picture. Ethereum previously saw revenue peaks exceeding $1 billion during the highest 2021 and 2022 activity, driven by Decentralized Finance (DeFi) and NFT booms. However, revenue has since cooled to historic lows, showing an extended downtrend that has not reversed despite bullish price action.
AJC’s central point is that Ethereum’s fundamentals, which were once touted as the backbone of its long-term value, are eroding. He argues that the broader community appears indifferent to these red flags as long as ETH’s market price continues to climb.
Crypto Community Pushes Back On ETH Dying Claims
While AJC’s statements have gained traction, they have also sparked intense pushback from crypto and ETH community members. A well-known crypto commentator, David Hoffman, criticized the notion of evaluating Ethereum solely as a revenue-generating network. He argued that ETH’s essence lies in its role as a decentralized ecosystem, transforming it into the “fastest growing emerging economy.”
AJC acknowledged Hoffman’s perspective but disagreed with the notion that Ethereum is the fastest-growing economy. The Messari research manager stressed that ETH’s real advantage over Bitcoin lies in its position as a tech platform. If that foundation falters, he cautioned, Ethereum could lose all claims of superiority to BTC.
Other industry voices added nuance to the debate. Rick, a research analyst at Messari, countered that Ethereum cannot be declared “dying” when activity metrics such as app revenue, stablecoin supply, and layer-2 scaling are hitting record highs. He described Ethereum as the most flourishing decentralized financial system to date.
AJC, however, dismissed these indicators as misleading. He argued that stablecoin issuers skew app revenues, while metrics like active addresses or throughput fail to capture real demand. He further stated that stablecoin growth only matters if it increases transaction velocity, and scaling solutions are meaningless without marginal user demand.
Meanwhile, another community member, Leon Lanza, argued that Ethereum should not be compared to tech stocks, stressing its commodity-like qualities. According to him, commodities are not valued strictly on revenue. AJC countered that even within that framework, revenue remains critical since it is denominated in ETH and historically drives consumption demand.
