Ethereum June 2026 Update: EF steps back, DATCOs step up

Onchain Metrics

Ethereum now has PropAMMs. Prop volume scaled from $2M/day at the beginning of June to ~$10M/day run-rate by the end of the month. This design lets market makers post a proprietary, continuously updated onchain quote and coordinates block builders who land those updates at the top of the block. This structure sidesteps RFQ last-look adverse selection and recaptures flow that previously settled as direct maker fills on CoW or via RFQ venues. At ~$10M/day, the category is still a rounding error against both Ethereum DEX and Solana Prop volume (both at over $1B/day). It’s the first instance of a major Solana-derived innovation reaching Ethereum.  In June 2026, Ethereum’s Real Economic Value (REV) fell 18% to ~$16.5M. Of the $16.5M, over $6.7M was spent on stablecoin contract interactions (40%). Despite the decrease in REV, Ethereum maintained its third position in network revenue market share (11%). This also marks the third month in a row of Ethereum outpacing Solana’s REV.  Monthly stablecoin transfers hit an all-time high of ~54M (though transfer volume remained flat at ~$928B). With ~40% of REV attributable to stablecoin services, this is becoming a more important sector for Ethereum. Ethereum application revenue remained flat in June 2026 at roughly $21M, pausing the wider multi-month downtrend. Bear in mind, we are currently tracking a subset of applications, so we presumably underestimate total app revenue on the network, though only marginally. Outside of price appreciation, a greater focus on offchain revenue and scaling the L1 is likely needed for a material turnaround. The vast majority Ethereum ecosystem tokens closed the month down, with AAVE as the only outperformer. AAVE returned 4.7%, while the worst performers, FLUID and ENS, fell by 41% and 30% respectively. While AAVE was the only index asset with a positive return, the flat number hides a turbulous month. AAVE fell ~25% in the first week of June but recovered thanks to protocol-specific catalysts. Aave V4 deposits passed $200M, the activation of Aavenomics 3.0, an automated buyback mechanism, a Standard Chartered $3,500-by-2030 note, and its strongest day of new-wallet creation in almost five years. Fluid lost approximately $215,000 after its Ethereum-based reward distribution system was exploited on June 1 due to compromised operational keys, small in dollar terms but trust-eroding. ENS domain registrations declined 30% MoM in June and derivatives open interest dropped 48%. 

Tokenized assets on Ethereum eased ~5% in June, from ~$16.8B to ~$15.9B, extending a pullback from the ~$18B mid-May peak. Ethereum still hosts just over half (roughly 53%) of all tokenized real-world assets across every chain. Within Ethereum, bonds and Treasuries make up ~47% of RWAs, precious metals ~26% (down from ~29% as gold retraced), and private credit ~13%.