Ethereum April 2025 Update

Fundamentals

Furthermore, along with the decreasing price, Ethereum’s Real Economic Value (REV), which combines transaction fees and tips paid for transaction execution, saw a 7% decrease MoM to $34.7M ($37.4M in March). This marked the fourth month in a row of declining REV growth and is the lowest REV since July 2020. Ethereum’s share of REV also fell from ~18% in March to ~16% in April - its lowest monthly market share ever. Below we show Ethereum’s monthly REV over the last twelve months. 

A breakdown of Ethereum’s REV shows that the relative importance of base fees has been declining since the middle of January and took a noticeable drop at the beginning of February. This is likely because of the increased gas limit combined with a decrease in activity. MEV boost accounted for over 37% of Ethereum’s REV for the third month in a row, while base fees were 22.8%. However, blob fees reached 2.25% of REV, and priority fees were ~38% (near all-time high post EIP1559). Below we show the daily breakdown of REV on Ethereum since March 2024. 

Ethereum managed to claw back some lost ground in the data availability market, with its market share increasing from ~7.5% to ~15%. This is primarily due to Eclipse posting less data (57% less) to Celestia. While Ethereum is set to raise the blob limit from three to six (and a max of nine), its data capacity still won’t suffice to match the demand from all L2s. In fact, it wouldn’t be enough to match the demand from Eclipse (even with blob aggregation). Below we show the DA providers’ market share since December 2023.