Crypto
Home›Crypto›Market Structure›Ethereum turns 11, hosting $148.8B in stablecoins as m…
Ethereum turns 11, hosting $148.8B in stablecoins as mainnet revenue drops
Ethereum-based apps generated $8.6M in 24-hour fees, while the base chain pulled in about $330,000 in revenue in the same window, per DeFiLlama data.
Ethereum marked its 11th anniversary on July 30, the date users generated and loaded the Frontier genesis block in 2015, according to CryptoSlate. Over the past decade, the network weathered major events including the DAO crisis and later completed the Merge to proof-of-stake, while becoming a central venue for stablecoins, decentralized finance, and tokenized assets.
CryptoSlate, citing data from DeFiLlama and RWA.xyz, said Ethereum currently hosts about $148.8 billion in stablecoins and roughly $15.5 billion in tokenized real-world assets. Ethereum-based applications generated about $8.56 million in 24-hour fees at the time checked, with the base chain generating roughly $734,000 in fees and about $330,000 in revenue over the same period.
The move to lower costs has also changed Ethereum's economics, the outlet noted. A June 2026 academic study found that the median transaction fee on the Ethereum mainnet fell from more than $2 to less than $0.02 between 2024 and early 2026, while the median layer-2 fee dropped by more than 95%, helping drive adoption but reducing the fee burn that supported the earlier “ultrasound money” narrative.
CryptoSlate also highlighted debate about how value could accrue to ETH in the next stage, including roles for ETH as primary collateral, rollups returning economics to ETH, based rollups, and greater demand for blob space. The story says Joseph Lubin argued for keeping base-layer fees low to boost adoption and that Ethereum may need multiple mechanisms to translate network growth into ETH value.
Latest closeEthereum $1,861.61 ▼2.9%