ETH Earnings Report Q3 2025

Ethereum experienced a significant Q3 2025 revival, marked by increased L1 user activity, a 30% surge in stablecoin supply, and strong growth in tokenized real-world assets and institutional ETH holdings.

• Ethereum saw a Q3 revival with a 25% increase in L1 active users and a 30% rise in stablecoin supply.

• Network GDP grew by 32%, and tokenized real-world assets, especially public equities, saw substantial increases.

• Institutional adoption of ETH for staking and via ETFs reinforced its store-of-value proposition, alongside declining ETH balances on centralized exchanges.

Ethereum's Q3 2025 performance showed a strong revival, with most metrics improving compared to Q2. Active users on the L1 increased by 25%, driving economic performance, while the stablecoin supply grew by 30% to $178 billion, with Ethereum hosting over 58% of all stablecoins. Significant increases were also observed in network GDP, real-world assets on-chain, and institutional ETH staking, reinforcing ETH's store-of-value narrative.

Q3 Performance Overview

• 00:06:58 Ethereum experienced a 'mini revival' in Q3 2025, showing improved performance across nearly all metrics compared to Q2. This positive trend was driven by a 25% increase in active users on the L1, which boosted the network's economic activity. Key areas like network fundamentals, stablecoins, and token economics demonstrated robust growth, with the stablecoin supply on Ethereum notably expanding by 30% in a single quarter to reach $178 billion.

Network Economics & Yields

• 00:12:46 Ethereum's total on-chain yield decreased by 7.5% from last quarter, despite a 17% increase in Real Economic Value (REV), which includes base fees, priority fees, MEV, and blob fees. This decline in yield is attributed to a 1.3% increase in ETH staked supply, diluting the revenue distributed per staker. While 93% of the nominal on-chain yield comes from network issuance, only 7% stems from actual user payments, impacting the 'real yield' for ETH holders.

Growth in DeFi and Assets

• 00:15:33 Ethereum's Q3 GDP, aggregating fees from applications within its ecosystem, surged by 32% to $2.3 billion, mainly propelled by blue-chip DeFi protocols like Aave, Lido, and Uniswap. Real-world assets on-chain, excluding stablecoins, reached $9.6 billion, with public equities seeing an astounding 6,000% increase, albeit from a small base. Additionally, total value locked (TVL) in DeFi hit $88 billion, up 42% from Q2, though this growth was largely influenced by the 66% rise in ETH price.

ETH as a Store of Value

• 00:44:33 The store-of-value narrative for Ether strengthened significantly in Q3, with ETH held in ETFs increasing by 61% to 6.6 million ETH, and institutional digital asset treasury companies showing 367% growth in their ETH holdings. Companies like Bitmine, BTCS, SBET, and BitDigital are rapidly acquiring ETH, with Bitmine alone holding over 2.5% of the total ETH supply. Concurrently, ETH balances on centralized exchanges reached their lowest levels since the network's inception, as more users move ETH off exchanges for staking, DeFi, or through institutional products like ETFs.