An analyst sparked debate by claiming Ethereum is “dying” due to decreased network revenue. Ethereum’s fees in August were $39.2 million, down over 40% YoY and 20% MoM. Critics point to rising metrics, L2 scaling, and its role as a commodity. Ethereum has 552,000 daily active addresses as of Aug. 30.

Ethereum’s revenue fell due to the Dencun upgrade in March 2024. Data from growthepie shows a vibrant ecosystem with stablecoin supply and active addresses at all-time highs. Ethereum has been declared dead 150 times before, with 40 deaths this year. Ethereum continues to adapt and has staying power in the face of competition.

McMillin from Merkle Tree Capital believes Ethereum is not “dying” but faces challenges in a competitive landscape. Ethereum’s narrative may shift to become the choice for TradFi, but faces competition from L1s like Solana. ETFs have helped Ethereum in 2025, but Solana ETFs could level the playing field for mainstream capital inflows.

Read more at Cointelegraph: Ethereum Revenue Drops but Analysts Say Network Still Strong