Ethereum’s H1 2026 earnings: a bear market dip in a growing network

Key takeaways

• Ethereum's gross revenue fell 69.3% year-over-year (YoY) from $414 million in H1 2025 to $127 million in H1 2026, consistent with a comparable 64% decline between H1 2022 and H1 2023 (DeFiLlama, Blockworks, TokenTerminal. Data as of 30 June 2026).
• Despite the revenue decline, stablecoins on Ethereum grew 22% YoY to approximately $156 billion in assets under management (AUM), and Ethereum captures approximately 47% of the $34 billion tokenized real-world asset market (rya.xyz, Blockworks. Data as of 30 June 2026).
• Ethereum holds 54% of all total value locked (TVL) across crypto networks while representing 32% of the altcoin crypto market cap, and monthly active addresses and smart contract deployments are both growing YoY (DeFiLlama, CoinGecko, TokenTerminal. Data as of 30 June 2026).

Ethereum's revenue fell sharply, and that has happened before

Ethereum's gross revenue fell from $414 million in H1 2025 to $127 million in H1 2026, a 69.3% YoY decline (DeFiLlama, Blockworks, TokenTerminal. Data as of 30 June 2026). Bear market conditions damped demand for block space across trading and decentralized finance (DeFi) activity, pulling transaction fees sharply lower across all four of Ethereum's revenue streams: base fees, Layer 2 (L2) fees, priority fees, and maximum extractable value (MEV).