Ethereum May 2025 Update

Fundamentals

Furthermore, along with the ~40% price increase, Ethereum’s Real Economic Value (REV), which combines transaction fees and tips paid for transaction execution, also increased by ~40%. May saw Ethereum’s REV grow from $34.7M in April to $49.54M in May, marking the end to Ethereum’s four-month streak of declining REV.

Ethereum’s share of REV also rose from ~16% in April to ~18% in May. However, when zoomed out, the picture is less optimistic as Ethereum’s market share continues to be eroded. In May, two chains recorded higher REV shares: Solana (44%) and Tron (21%). Below we show Ethereum’s monthly REV over the last twelve months. 

Similarly, application revenue on Ethereum also rose, ending May with $60M, a 28% increase over April’s $49M. CDP (Collateralized Debt Position) continues to be the largest sector, with Maker DAO dominating (94% of the revenue share). Outside of unnamed sectors, Lending takes second place with 12% market share (Aave being the market leader), followed by Liquid Staking at 10% (Lido). Despite the 28% increase, Ethereum’s application revenue market share remained relatively flat at 15.8% (vs April at 15.3%) Below we show the application revenue by sector on Ethereum over the last twelve months.