**Key Takeaways from Ethereum’s Recent Revenue Surge**
Ethereum [ETH] has been making headlines after achieving a record-high in application revenue. On October 14th, according to Growthepie’s data, the Ethereum mainnet captured $48 million per day from apps—a significant jump from the previous record of $41 million set in 2022.
**What’s Driving Ethereum’s Revenue Surge?**
The main driver behind this impressive growth has been stablecoin transactions, led by Tether’s USDT and Circle’s USDC. A deeper dive into the key growth areas revealed that half of this revenue came from stablecoin swaps, amounting to approximately $46 billion in transaction volume during October alone.
Despite the growing popularity of Layer 2 solutions (L2s), they captured only 14% of Ethereum’s revenue share. This contrasts with the widely held view that sidechains are eating into Ethereum’s market share in a significant way.
**Expert Reactions and Insights**
Reacting to the update, analyst Joseph Young linked the revenue growth to Ethereum’s “positive flywheel” of scaling. He explained:
> “It’s a positive flywheel working: high throughput → low fees → more usage → more value. Ethereum isn’t just scaling. It’s accelerating as an economic machine.”
However, by the time of writing, Ethereum’s revenue had dropped to $35 million per day, reflecting a wider cool-off across crypto markets.
**Ethereum Revenue vs. Other Chains**
When observing the broader blockchain ecosystem, competition is heating up. Blockworks data from the past 30 days shows Hyperliquid [HYPE] leading on app revenue by capturing 30% of total network revenue. Ethereum came in second at 21.5%, followed by Binance [BNB] at 16%. Solana [SOL] and Tron [TRX] were tied for fourth with 11% each.
On a protocol level, Ethereum’s revenue continues to be dominated by the activity from Tether, Circle, and Sky (formerly Maker).
**Will ETH’s Price Benefit?**
The firm currently holds 3.4 million ETH to capitalize on anticipated stablecoin and tokenization growth. While some experts, like Tom Lee, see promise for ETH’s value due to this traction, others remain cautious. Analysts at Coinbase have tempered bullish expectations for Ethereum, suggesting that Bitcoin [BTC] could continue to dominate in the mid-term. Their monthly outlook notes that after the post-October crash, investor focus could remain on BTC before another market rotation occurs.
**Conclusion**
Ethereum’s latest revenue figures underscore its growing importance as an economic engine in the crypto space. Stablecoins have played a major role in driving usage and revenue, yet competition from other chains is intensifying. The long-term impact on ETH’s price remains uncertain, with analysts divided over whether Ethereum can outpace Bitcoin in the coming months.
https://bitcoinethereumnews.com/ethereum/ethereum-app-revenue-hits-record-high-but-will-economic-machine-fuel-next-rally/
