Ethereum metrics are telling 2 very different stories right now

A Messari analyst says Ethereum is “dying” as revenue fell 44% in August. Others argue it’s a flawed way to measure the blockchain’s success.

A Messari analyst sparked heated debate over the weekend after declaring Ethereum is “dying” as network revenue declined in August.

In an X post on Saturday, Messari research manager AJC stated that “Ethereum’s fundamentals are collapsing,” as Ethereum's revenue from fees in August was $39.2 million, down over 40% year-over-year and approximately 20% month-over-month.

But many who read the post disagreed, pointing to Ethereum’s rising metrics, app revenue, stablecoin supply, continued L2 scaling and a distinction between Ethereum being a commodity, rather than a tech stock — meaning it shouldn’t be valued based on revenue. 

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