A Messari’s analyst caused a heated debate over the weekend after Ethereum was declared “dying” as the network revenue refused in August.
In an X post on Saturday, the Messari Research Manager AJC said “Ethereum’s foundations collapsed,” as Ethereum’s income from the fees in August was $ 39.2 million, down more than 40% year-year and approximately 20% month-to-month.
But many who read the post do not agree, Teaching In the rising metreeum measurement, app income, stablecoin supply, continued L2 scaling and a difference between Ethereum being A commodity, rather than a tech stock – means it should not be appreciated based on income.
Ethereum is still a vibrant ecosystem
A large portion of Ethereum’s fall into income comes as a result of Dencun upgrading in March 2024lowering transaction fees for layer-2 scaling networks using it as a base layer to post transactions.
Talking to Cointelegraph, Henrik Andersson, chief investment firm Firm Apollo Crypto, said it was not dying in Ethereum, because data from Ethereum L2S Analytics tool Growthepie Shut up It is still “a lively ecosystem with a stablecoin supply, throughput, and active addresses are in or close all the time.”
As of August 30, there are also more than 552,000 days -day active address in Ethereum According to On the investment research platform Ycharts, which represents a 21% increase from the same time to 2024.
“We believe both Ethereum and Bitcoin have a place in a crypto portfolio,” Andersson said.
“The Ethereum becomes a neutral decentralized base layer for financial and like Bitcoin is not appreciated in revenue but as a store of value, we do not believe that Ethereum can only be appreciated by its income.”
In response to critics, however, AJC defended His use of income to appreciate the layer-1 blockchain, explaining that because it was collected in ether (Eth), one of the largest demand drivers of consumption history today is “trending towards zero.”
At the same time, AJC Argued Active addresses and transactions are “meaningless statistics pertaining to demand.”
Ethereum has been declared “dead” 40 times this year
Ethereum has been declared by various sources at least 150 times since 2014; Most of these deaths were recorded this year, with about 40, according to Ethereum obituary.
Ryan McMillin, chief investment official in the Merkle Tree Capital, told Cointelegraph that Ethereum continued to adapt and generally declared dead in moments of narrative weakness, falling fees, transactions lower, or when competitors exceeded it.
He said that in theory, because Smart contracts is a competitive sector, developers and capital may be slow but permanently moved elsewhere.
“But in practice, the community of its developer, hidden defi protocols, and receiving regulation give it more power than the obituary suggestions; its current narrative will be the Chain of the Trade, though Sol ETF can interfere,” MCMillin said.
“The bigger story is that Crypto grows up in an ecosystem of different possessions, and Ethereum will remain one of the middle pieces in the coming year, and the competition with other L1 is very healthy.”
McMillin said he didn’t think that “Ethereum was dying,” but said it was stuck in a “difficult place” for almost two years because it was trapped between Bitcoin’s story as Solana’s digital gold and pitch as a faster, cheaper alternative.
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“Ethereum’s ultra-sound framing will never win against Bitcoin’s more difficult premiums, and when it comes to throughput and cost, Solana only offers magnitude improvements,” he said.
A place that helped with the etherum in 2025 was its place Funds exchanged by exchange.
“But that advantage may not last long, Solana ETF areas are expected in the coming weeks, which can quickly level the field of play for the major capital flow.”
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