Ethereum October 2025 Update

In October 2025, Ethereum’s Real Economic Value (REV) surged 56% month-over-month to ~$64M, marking the strongest rebound since the start of the year. The sharp increase was largely driven by heightened onchain activity stemming from widespread liquidations, which boosted both priority fees and MEV-boost tips in particular. While base fee growth remained moderate, the spike in volatility and liquidations temporarily reversed the multi-month downtrend in network revenue, underscoring Ethereum’s sensitivity to market stress events even amid continued scaling adoption and efficiency gains.

In October 2025, Ethereum’s share of industry Real Economic Value (REV) rose to ~26%, up from ~22% in September. The gain reflected a relative pickup in mainnet activity amid increased market volatility. Ethereum continued to hold the second-largest share of network revenue, surpassing Solana (16%) for the first time since September 2024, with BNB taking the lead (30.5%). The chart below tracks REV share across major L1s and L2s over the past year.

In October 2025, Ethereum extended its lead in the data availability (DA) market, capturing nearly three-quarters of total data consumption (excluding EigenDA). The network’s share has steadily increased over the past several months as Celestia’s activity continued to taper following the midyear surge tied to new rollup testnet launches. Ethereum’s regained dominance highlights its entrenched position as the default DA layer for rollups and L2s, buoyed by deep ecosystem integration and reliability, even as competitors seek to differentiate on modularity and cost efficiency. The chart below tracks the evolving DA market share between Ethereum and Celestia over the past year. Data availability (DA) consumption on Ethereum reached another all-time high in October, continuing the steady climb since the Pectra upgrade in May that doubled the blob target from 3 to 6. Average blob usage rose to 5.3 per block, up ~8% from 4.9 in September, signaling growing rollup demand for Ethereum’s DA layer. Despite record utilization, blob fees remained near 1 wei, highlighting the ample supply of blockspace introduced by Pectra and the efficiency gains in data posting. The upcoming Fusaka upgrade, expected to implement a “floor price” mechanism, could help mitigate fee volatility and improve DA revenue capture. The chart below shows blob utilization across major rollups and other submitters during September.

In October 2025, Ethereum DEX volumes slipped modestly to ~$93B, down ~4% from ~$97B in September. The decline reflected lighter trading conditions and lower market volatility. Stablecoin swaps remained the dominant pair category, accounting for the majority of activity, while ETH-to-stablecoin and BTC pairs also saw moderate pullbacks. Despite the slowdown, aggregate DEX activity continues to trend above early-year levels. Below we show monthly Ethereum DEX volume, broken out by pair category over the last twelve months.