Ethereum February 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 53% decrease MoM to $78M ($166M in January). This marked the second month in a row of declining REV growth and is the lowest REV since September 2022. Despite the material decline, Ethereum’s share of REV remained the same MoM at ~20%. Below we show Ethereum’s monthly REV over time. 

A breakdown of Ethereum’s REV shows that the relative importance of base fees has been declining since the start of the middle of January but 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 40% of Ethereum’s REV, the largest ever in a single month. Base fees were 33%, Blob fees stood at only 1% of REV and priority fees were 26%. Below we show the daily breakdown of REV on Ethereum since December 2024. 

Ethereum also lost more ground in the data availability market with its market share declining from 16.5% to 8.7%. This is primarily due to Eclipse posting its data to Celestia as it ramps up for mainnet launch, however, even post-Pectra when the blob target is raised to six (and a max of nine), Ethereum’s 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 November.