Ethereum revenue and network fees continue to dwindle, prompting debate about the layer-1 blockchain network’s financial fundamentals. Ethereum revenue, the share of network fees that accrue to Ether (ETH) holders as a result of token burns, dropped by about 44% in August, even amid all-time high ETH prices. Revenue for August totaled over $14.1 million, down from July’s $25.6 million, according to Token Terminal. The drop occurred amid ETH rallying by 240% since April and ETH hitting an all-time high of $4,957 on August 24. Network fees also dropped by about 20% month-over-month, falling from about $49.6 million in July to about $39.7 million in August. Read more
Tokenized equities have not been without controversy as global regulators and stock exchanges have pushed back against this new use of blockchain technology. XStocks, a tokenized stock product owned by Backed Finance, is launching on Ethereum with about 60 tokenized stocks, including NVIDIA, Amazon, Tesla, Meta and Walmart, according to an announcement on Tuesday. Before its debut on Ethereum, xStocks had launched on Solana, BNB Chain and Tron. Behind the platform is Backed Finance, a real-world asset (RWA) tokenization company that has been partnering with crypto exchanges, including Kraken and Bybit, to host its product. “Ethereum is one of the world’s most widely adopted smart contract networks — and xStocks were built to meet users where they already are,” a Kraken representative told Cointelegraph. Read more
Whale inflows into Ethereum are getting bigger as investors take profits from Bitcoin and rotate capital into Ether, raising hopes of new all-time highs soon. Key takeaways: Ethereum whales bought 260,000 ETH in the last 24 hours, signaling accumulation. Whales, BitMine and ETFs add billions of dollars in ETH, reinforcing bullish demand. Read more
Ethereum’s largest testnet, Holešky, will be sunset in the coming weeks after two years of rigorously testing Ethereum’s most important network upgrades. Ethereum’s largest testnet, Holešky, will sunset as part of a planned shutdown and migration to the Hoodi testnet following several technical issues earlier in the year. The foundation said Monday that Holešky will be shut down two weeks after the Fusaka upgrade is finalized on the network. The upgrade is proposed for sometime in the second half of September. “After this, Holešky will no longer be supported by client, testing or infrastructure teams,” it said. While the exact date isn’t clear, Ethereum core developers are looking to launch Fusaka on mainnet in November — so it must happen well before then. Read more