Ethereum Earnings Soar, But Price Fails to Follow

The Ethereum network has seen significant growth in application fees, earning $1.79Bn during Q2 2026.

However, this activity has not translated to value capture for ETH holders, with the token's price remaining below $2,000, roughly -60% off its all-time high near $4,950 set in August 2025.

On-chain analyst @Tanaka_L2 published a breakdown of the numbers, highlighting that Ethereum L1 itself captured only 4.9% of the economic value generated by its application layer in Q2, $88.4M in Real Economic Value.

This disparity is largely due to the growing use of Layer 2 rollups, which now process 1,270 user operations per second compared to just 20.4 UOPS on the Ethereum mainnet.