Ethereum August 2025 Update

Fundamentals

Furthermore, despite the ~19% price increase, Ethereum’s Real Economic Value (REV), which combines transaction fees and tips paid for transaction execution, decreased by ~16% to $46.5M (vs $55M in July). August was the third-lowest REV-generating month in the last year, but it mattered little thanks to the aforementioned flows. Below we show Ethereum’s monthly REV over the last year. 

Despite the ~19% price increase, Ethereum’s Real Economic Value (REV) fell ~16% to $46.5M (vs. $55M in July). Even so, ETH’s share of industry REV was roughly flat (~15% in July vs ~14% in August). In August, three chains recorded higher REV shares: Hyperliquid (32%), Solana (24%), and Tron (19%). Below we show Ethereum’s monthly REV share over the last twelve months. 

Ethereum also managed to grow its position in the data availability market, with its market share increasing from ~53% in July to 63% in August. The recent reclaim of DA market share since May has primarily been driven by a sharp 95% decline in data posted to Celestia by Eclipse. Below we show the DA providers’ market share over the last twelve months.