Ethereum Sees 69.3% Revenue Decline in H1 2026 Amid Growing Stablecoin Market

Ethereum's revenue took a sharp hit in the first half of 2026, plummeting by 69.3% year-over-year to $127 million from $414 million in the same period last year. This decline is consistent with previous bear markets, where Ethereum's revenue fell by 64% between H1 2022 and H1 2023.

Despite the downturn, stablecoins on Ethereum continued to grow, increasing by 22% year-over-year to approximately $156 billion in assets under management. The network also holds a significant share of tokenized real-world assets, commanding around 47% of the $34 billion market.

Ethereum's dominance is not limited to revenue streams alone; it also leads in total value locked across crypto networks, holding 54% of the approximately $70 billion TVL. The network's developer activity and user engagement remain strong, with monthly active addresses increasing by 15% year-over-year to 8.4 million.

The bear market has filtered out speculative noise, allowing Ethereum's core infrastructure and moat to continue strengthening. With a majority of crypto's TVL on just 32% of the market cap, Ethereum benefits from the Lindy Effect, the longer a network operates reliably, the more trust it accrues, and capital stays where it has proven safe.