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Solana
Crypto Trends

Solana’s Q3 Revenue Sharp Growth Puts It Ahead Of All Major Crypto Networks

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With major digital assets like Solana experiencing notable upside action once again, the broader cryptocurrency market appears to have flipped into a highly bullish state. Solana’s ongoing upward trend in price has coincided with a remarkable surge in the blockchain’s on-chain activity and adoption.

Q3 Blockchain Revenue Race Heats Up, And Solana Is Leading

Following a recent rally in the price of SOL, there has been a strong uptick in on-chain activity and engagement. Specifically, the Solana blockchain is experiencing substantial inflows, as revenue increases sharply.

The report from Solana’s official page on the social media platform X reveals that the blockchain is witnessing one of the fastest revenue growth rates in history. A surge in user activity, active DeFi participation, and a surge in demand for on-chain applications likely drive this sharp growth in revenue.

Furthermore, the development highlights the blockchain’s competitive advantage and durability in a dense market. While competitors have found it difficult to keep up, Solana’s effectiveness and scalability keep drawing in developers and funding, putting it at the vanguard of blockchain ecosystem expansion and profitability.

According to the data, Solana has cemented its position as a top-performing blockchain in the third quarter of this year in terms of overall revenue generated in the quarter. With over $222 million in revenue recorded in Q3, the blockchain has surpassed all major crypto networks in the sector.

SOL network revenue explodes | Source: Chart from Solana on X

It is worth noting that after dominating Q3 of 2025, Solana has now led all major crypto networks for 4 consecutive quarters as number 1. SOL’s persistent dominance in revenue for the past four quarters is obviously sending a strong message about SOL’s place in the future of decentralized finance and scalable blockchain infrastructure.

Over the last year, the platform highlighted that users on the SOL blockchain have paid the network more than $2.1 billion for blockspace. Interestingly, data shows that over 46% of the entire fees were paid in cryptocurrency.

SOL Blockchain Is Becoming The Hub For Stablecoins

The Solana blockchain’s adoption and interest are evidenced by the large number of stablecoin flows on the chain. In another X post from the official Solana page, stablecoin adoption on SOL is surging at an unprecedented pace when compared to other chains.

In terms of stablecoin inflows, the SOL blockchain is at the top, outpacing all layer 1 and layer 2 chains over a period of 24 hours. This development implies that SOL is becoming the go-to settlement layer for stablecoin transfers due to its lightning-fast transaction speeds and incredibly cheap costs, which encourage record inflows and on-chain activity.

With this dramatic increase in stablecoin inflows, SOL’s role in global crypto payments and Decentralized Finance (DeFi) is clearly growing. In addition, it solidifies the network’s standing as the leading hub for dollar-pegged assets in the dynamic blockchain market.

SOL trading at $231 on the 1D chart | Source: SOLUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

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Microsoft increases price of Xbox Game Pass Ultimate, despite record subscription revenue last year
Game Updates

Microsoft increases price of Xbox Game Pass Ultimate, despite record subscription revenue last year

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Microsoft has increased the price of its Xbox Game Pass Ultimate subscription, along with a shake up of its tiers.

Game Pass Ultimate will now cost $29.99 / £22.99 per month. It includes access to over 75 day one releases a year, Microsoft stated in a new Xbox Wire post, as well as Fortnite Crew and Ubisoft+ Classics. Cloud gaming is also set to receive a boost in quality, and there’s a new Rewards programme too.

The price change comes with a change to the existing tiers. These are as follows:

  • Game Pass Essential ($9.99, £6.99, €8.99/month) – offering 50+ games across PC, console, and cloud
  • Game Pass Premium ($14.99, £10.99, €12.99/month) – offering 200+ games across PC, console and cloud
  • Game Pass Ultimate ($29.99, £22.99, €26.99/month) – offering 400+ games across PC, console and cloud

Day one game releases are only included in the Ultimate tier. The Essential tier is the smallest, curated library of games. Current Standard subscribers will be automatically upraded to the Premium tier.

PC Game Pass will remain available, will include Ubisoft games, and will continue to receive day one games. Its price has also increased – it will now cost £13.49 / $16.49.

Image credit: Microsoft

The Game Pass shake up comes alongside a change to Microsoft Rewards. From today, users will no longer be able to directly redeem Rewards points for Xbox Game Pass subscriptions.

Instead, you’ll need to redeem your points for a gift card in a denomination sufficient to cover the cost of the subscription, and use this to purchase.

Last month, ID@Xbox boss Chris Charla discussed the current state of Game Pass with Eurogamer, stating this year marks Xbox’s “largest investment in Game Pass to date”.

“Last year, we worked with over 50 teams to sign their first Game Pass deal,” he said. “This year marks our largest investment in Game Pass to date, and we remain focused on delivering the most exciting and diverse catalogue in gaming.”

Charla’s comments follow criticism of the service, amid debate around how subscription services cannibalise direct sales of games, as well as questions on whether Game Pass is profitable.

This increase in the price of a Game Pass subscription would certainly indicate it’s not as profitable as Microsoft would wish it to be. That’s despite the subscription hitting almost $5bn in annual revenue last year, as Microsoft overall saw an 18 percent increase in revenue to $76.4bn.

It also comes just days after a hardware price hike in the US, with Xbox consoles now costing between $80 and $130 more.

Check our Xbox Game Pass guide for all the details on the games available.



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Blackrock Dominates With $260M Crypto Etf Revenue, Outpaces Rivals
Crypto Trends

BlackRock Dominates With $260M Crypto ETF Revenue, Outpaces Rivals

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In less than two years, BlackRock has established its Bitcoin and Ethereum exchange-traded funds (ETFs) as a multi-million-dollar business line. According to data shared by Leon Waidmann, research director at the Onchain Foundation, the firm’s crypto ETF business generates $260 million in annualized revenue, comprising $218 million from Bitcoin ETFs and $42 million from Ethereum products. 

BlackRock has quietly built a crypto empire!👇

In less than 2 ye,ars their Bitcoin and Ethereum ETFs are generating over $260M in annual revenue.

🔸 $218M from Bitcoin
🔸 $42M from Ethereum

That’s a quarter-billion-dollar business, built almost overnight. For comparison, many… pic.twitter.com/NuhZnlMMAS

— Leon Waidmann 🔥 (@LeonWaidmann) September 23, 2025

Blockchain analytics platform Dune, corroborates the firm’s dominance, reporting that BlackRock has close to $85 billion in assets under management (AUM), representing over 57% of the U.S. spot Bitcoin ETF market. Fidelity’s ETF takes in $22.8 billion, capturing only 15.34% of the market. 

BlackRock’s dominance is reinforced by consistent ETF flows. According to Farside, IBIT has attracted over $60B and ETHA $13B since launch. On September 22nd, IBIT flows were flat while ETHA saw a $15.1M outflow. Even with daily fluctuations, BlackRock’s market share remains unchallenged.

Institutional Benchmark and Market Impact

BlackRock’s release of the size of revenue represents a significant change. Cryptocurrency ETFs are no longer a novelty. They are core profit generators for those in asset management and investment management. To put it in perspective, many fintech unicorns take ten years to generate a similar amount of revenue. 

Waidmann argued that such profitability could be a jumping point for pension plans, sovereign funds, and insurance companies, pushing the TradFi to see a digital asset as a legitimate business line rather than as a novel opportunity.

BlackRock’s large market share might demonstrate to other financial platforms that regulated crypto ETFs can be profitable revenue streams as well as prudent and long-term value to traditional long-established institutional portfolios.

Looking Ahead: Beyond ETFs

At the start of the month, we reported that BlackRock is in fact exploring tokenized ETFs shortly after the success of their Bitcoin fund. If their existing products can generate $260M annually, tokenization would drive further profitability while creating access to even more investors across global markets.

This trajectory also establishes BlackRock as the leader in crypto ETFs, and perhaps a model for introducing digital assets into traditional finance.

The implications are obvious: crypto has transitioned from being a speculative asset class to being a mainstream revenue producer at the heart of global finance.

BlackRock’s crypto ETFs now play the role of a profitability benchmark for institutions across the globe. Their leadership shows that digital assets are no longer on the fringes of the financial world but are entrenched in mainstream institutional strategy.  

As the ETFs open the door, the next stage of BlackRock’s approach could move to tokenized funds and/or broader digital asset participation, changing the way traditional finance intersects with crypto in the coming years.

Also Read: Maple Finance Hits $4B AUM, Overtakes BlackRock’s BUIDL





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Durant shirt from the back (鸣轩 冷/Unsplash)
Crypto Trends

BitGo Files for IPO With $4.2B in H1 2025 Revenue, $90B in Crypto on Platform

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Crypto custodian BitGo has filed its first public S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to list Class A common stock on the New York Stock Exchange under the ticker BTGO.

The filing provides a rare look at the company’s business scale. BitGo generated $4.19 billion in revenue in the first six months of 2025, nearly quadrupling the $1.12 billion recorded in the same period a year earlier.

Profitability, however, tightened: net income for the half-year fell to $12.6 million, down from $30.9 million in the first half of 2024, as rising operating costs weighed on margins.

In 2024, BitGo reported $3.08 billion in revenue and $156.6 million in net income, with $54.1 million attributable to common stockholders.

Based in Palo Alto, BitGo was founded in 2013 and built its reputation by offering cold storage and multi-signature wallets for exchanges, hedge funds, and banks. The firm now manages over $90 billion in cryptocurrency on its platform, from 1.14 million users.

These figures, however, remain concentrated in mostly five cryptocurrencies.

Per the filing: “The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Sui, Solana, XRP, and Ethereum, which constitute 48.5%, 20.1%, 5.7%, 3.9%, and 3.0% of our AoP [Assets on Platform] as of June 30, 2025, respectively.”

The S-1 also outlines a dual-class share structure, giving Class B shareholders, including co-founder and CEO Mike Belshe, 15 votes per share compared with one vote for Class A stock. That setup ensures Belshe will retain control after the offering, with BitGo qualifying as a “controlled company” under NYSE rules.

BitGo said IPO proceeds would fund technology development, acquisitions, and stock-based compensation while boosting visibility and financial flexibility.

The IPO follows public listing moves from other major companies in the cryptocurrency sector, including Circle, Gemini, and CoinDesk’s parent company Bullish.



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Helldivers 2 ranks at No.4 on revenue charts for August 2025 following Xbox launch | Newzoo Charts
Esports

Helldivers 2 ranks at No.4 on revenue charts for August 2025 following Xbox launch | Newzoo Charts

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Helldivers 2’s launch on Xbox culminated in a “substantial uplift” in revenue according to Newzoo, ranking in fourth on the data firm’s overall revenue chart for August.

The game’s August 26 release, which included a collaboration with Halo, also drove engagement pushing the co-op shooter to No.13 on Newzoo’s overall player engagement chart. It ranked at No.11 on Xbox’s individual chart.

Another highlight was Battlefield 6, which debuted at No.3 on the engagement chart despite only being available for eight days during an early access period followed by two open beta periods. The first attracted over 520,000 players, becoming the series’ most played game on Steam.

As noted by Newzoo, these numbers are “an encouraging signal ahead of [the game’s] October 10 full release.”

Battlefield 2042 also saw an increase in player engagement, which “accelerated sharply” following the Battlefield 6 beta due to a content update and discount.

As a result, the game reached its highest level of monthly active users – even more than its launch month in 2021.

Elsewhere, 2K’s Mafia: The Old Country debuted at No.6 on the overall revenue charts, with two-thirds of sales generated on PlayStation.

Metal Gear Solid Delta: Snake Eater also made its way onto the Top 20 despite launching at the end of the month.

Here are the Top 20 games by revenue in the US, UK, Germany, France, Spain, and Italy for August 2025, across PC and consoles, according to Newzoo:

Rank
Last month Rank
Title

1
1
Fortnite

2
NEW
EA Sports Madden NFL 26

3
4
Counter-Strike 2 & Go

4
37
Helldivers 2

5
7
Call of Duty: Modern Warfare 2/3/Warzone/Black Ops 6

6
NEW
Mafia: The Old Country

7
3
Ready or Not

8
20
World of Warcraft

9
12
Roblox

10
13
Minecraft

11
5
EA Sports FC 25

12
14
League of Legends

13
15
Valorant

14
9
Marvel Rivals

15
NEW
Metal Gear Solid Delta: Snake Eater

16
8
The Sims 4

17
2
EA Sports College Football 26

18
16
Grand Theft Auto 5

19
26
Apex Legends

20
18
Dead by Daylight

And here are the Top 20 games by monthly active users across US, UK, Germany, France, Spain, and Italy for August 2025, across PC and consoles, according to Newzoo:

Rank
Last month Rank
Title

1
1
Fortnite

2
2
Call of Duty: Modern Warfare 2, 3, and Warzone 2.0

3
NEW
Battlefield 6

4
3
Roblox

5
4
Minecraft

6
5
Grand Theft Auto 5

7
6
EA Sports FC 25

8
7
Rocket League

9
8
Tom Clancy’s Rainbow Six Siege X

10
9
Counter-Strike 2 & Go

11
11
Marvel Rivals

12
10
NBA 2K25

13
29
Helldivers 2

14
49
Battlefield 2042

15
13
Apex Legends

16
14
Ready or Not

17
12
Peak

18
209
Delta Force

19
16
Dead by Daylight

20
23
Overwatch 1 & 2



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Tron (TRX) Destroyed Rest of Crypto Market With Massive 24-Hour Revenue
Crypto Trends

Tron (TRX) Destroyed Rest of Crypto Market With Massive 24-Hour Revenue

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  • Tron’s market dominance
  • Massive revenue stream

In terms of revenue, Tron has surpassed almost all other blockchains, generating an incredible $1.142 million in a single day. To put this in perspective, Ethereum made $174,677, while Solana, which came in second, only made $175,708. Tron’s revenue over the past 30 days has been $49.2 million more than three times Ethereum’s $14.78 million and 10 times Solana’s $4.61 million. Dominance is not a coincidence.

Tron’s market dominance

A significant amount of stablecoin supply is hosted on Tron, which has emerged as the foundation of the USDT (Tether) ecosystem. Large volumes of transactions are driven by this one factor throughout the Tron network, which directly results in high fees and steady income. Because stablecoin transfers keep Tron’s transaction throughput consistently high, it differs from most other chains in that activity only spikes during speculative rallies.

Source: DefiLIama

Tron is not only surviving the current crypto cycle but flourishing, as evidenced by its on-chain traction. While Solana’s speed draws developers and Ethereum remains the leader in smart contract innovation, Tron has established a distinct market niche by controlling stablecoin settlements. This dominance builds a strong moat against rivals and guarantees steady inflows. In terms of price, TRX has fared better than the larger altcoin market.

Massive revenue stream

The asset exhibits consistent strength while trading close to local highs, avoiding the sharp volatility observed in other tokens. Tron’s valuation is supported by a favorable environment created by network adoption, consistent USDT inflows and high on-chain revenue. Ultimately, Tron has shown that usefulness and steady income are more important than marketing.

Tron is in a strong position to continue being one of the most lucrative and significant networks in the market as USDT solidifies its position as the most popular stablecoin in the world.



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Tron’s Gas Fee Reduction Cuts Daily Revenue by 64% in 10 Days
Crypto Trends

Tron’s Gas Fee Reduction Cuts Daily Revenue by 64% in 10 Days

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Tron’s recent fee reduction has significantly cut into the revenue earned by its block producers, according to a new report from CryptoQuant.

The total daily network fees for Tron’s block producers, known as Super Representatives, dropped to $5 million on Sept. 7, the lowest level in over a year. That’s a 64% revenue decline in 10 days, down from $13.9 million the day before lower fees were implemented.

Onchain data shows that average gas fees on Tron have decreased by 60% after the network implemented a proposal slashing the energy unit price from 210 sun to 100 sun. Gas fees are transaction costs paid on the Tron network, measured in its smallest unit, called sun.

Tron Proposal #789, labeled “Decrease the transaction fees,” went live on Aug. 29 after a vote from the Super Representative community.

Tron transaction fees since January 2024. Source: CryptoQuant

Community member GrothenDI issued the proposal in August, arguing that lower transaction fees would “ensure the sustainable and healthy development of the Tron ecosystem.”

GrothenDI estimated that cutting the gas fees to 100 sun from 210 sun could result in an additional 12 million potential transfers from users. One TRON (TRX) equals 1 million sun, the lowest divisible part of TRX.

Related: Tron Inc. adds $110M in TRX to treasury, total holdings now top $220M

Tron dominates blockchain revenue among L1s 

Although Proposal #789 reduced gas fees on Tron, the blockchain still leads other layer-1 chains in revenue, according to data from Token Terminal.

Over the past seven days, Tron captured 92.8% of total revenue among layer-1 networks, ahead of Ethereum, Solana, BNB Chain and Avalanche. Fees generated from transactions on Tron amounted to $1.1 billion over the past 90 days.

Revenue generated by layer-1 blockchains over past 90 days. Source: Token Terminal

Ethereum has led revenue generation over the past five years with $13 billion, compared to Tron’s $6.3 billion.

Magazine: Ethereum L2s will be interoperable ‘within months’ — Complete guide



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Roblox kicks off Roblox Developers Conference 2025 with a "suite of innovations," including an 8.5% boost to creator revenue
Esports

Roblox kicks off Roblox Developers Conference 2025 with a “suite of innovations,” including an 8.5% boost to creator revenue

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Roblox has announced a “suite of innovations” across AI and creator monetization, and revealed that over the last year, creators earned over $1 billion through the DevEx program.

At last week’s Roblox Developers Conference, the company laid out a number of new initiatives, including plans to boost the Roblox Developer Exchange (DevEx) rate for all creators by 8.5%, explaining that “now, 100,000 earned Robux will equal $380, rather than $350 when converted to cash.”

Creators will also be able to utilize assets from Mattel, Kodanasha, and Lionsgate, all of which have joined the megacorp’s IP licensing program. This will introduce brands like Matchbox, Polly Pocket, and Blair Witch to the Roblox ecosystem.

Building on the Generative 3D creation tools introduced earlier this year, Roblox also unveiled its new generation of “fully functional 4D objects with AI, new language tools including text-to-speech and speech-to-text APIs, and real-time voice translation technology, and integration of MCP into Studio’s Assistant to accelerate creation.”

The company also revealed Roblox Moments, a “new way for users to discover experiences through short-form video clips of exciting gameplay moments, and creators to reach new audiences.”

“Users can capture, edit, and share clips of their gameplay, which others can click Join to instantly try out the experience themselves,” Roblox explained. “Soon, we’ll release Moments APIs, which will help creators grow their audience and drive stronger engagement.”

“Our announcements ladder up to a broader goal that we announced at last year’s RDC – that 10% of all gaming content revenue will flow through the Roblox ecosystem and be distributed within our community of creators,” Roblox added.

“In order to get there, we are investing in every stage of the creator development cycle from creation to monetization – these new releases are designed to help Roblox creators bring to life compelling content, scale their audience, increase their earning potential, and build successful businesses.”

For more, visit Roblox’s RDC 2025 recap.

Last week, Roblox partnered with the International Age Rating Coalition (IARC) to replace its current maturity labels.



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Hi-Fi Rush screenshot
Product Reviews

Former Xbox VP says Game Pass creates ‘weird inner tensions’ because a game’s popularity can actually damage sales: ‘The majority of game adoption on GP comes at the expense of retail revenue’

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Pete Hines, the former vice president of communications and marketing at Bethesda, recently opined on what he described as “short-sighted thinking” driving subscription-based game services like Game Pass: “If you don’t figure out how to balance the needs of the service and the people running the service with the people who are providing the content—without which your subscription is worth jack shit—then you have a real problem.”

“You need to properly acknowledge, compensate, and recognize what it takes to create that content and not just make a game, but make a product,” Hines said in a recent interview with Dbltap. “That tension is hurting a lot of people, including the content creators themselves, because they’re fitting into an ecosystem that is not properly valuing and rewarding what they’re making.”

Tango Gameworks’ Hi-Fi Rush is cited as an example of this tension: The game was by all reports a big success, attracting three million players and being celebrated by Microsoft as a “breakout hit.” But three million players, many of which presumably arrived through Game Pass, isn’t the same as three million sales, and in June 2024 Microsoft closed the studio. An explanation for the closure was never really provided—words were spoken, but little was said—but the obvious bottom line was that creating a popular game wasn’t enough to ensure continued employment.


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In a subsequent message posted to LinkedIn, former World’s Edge studio head and Xbox Games Studios vice president Shannon Loftis acknowledged the issue, writing, “As a longtime first party Xbox developer, I can attest that Pete is correct.”

“While GP can claim a few victories with games that otherwise would have sunk beneath the waves (Human Fall Flat, e.g.), the majority of game adoption on GP comes at the expense of retail revenue, unless the game is engineered from the ground up for post-release monetization,” Loftis wrote. “I could (and may someday) write pages on the weird inner tensions this creates.”

Games on Game Pass don’t make as much as they potentially could if they were not available on the service because people can play them without actually buying them: They get full access for their flat, unchanging monthly subscription fee. The counter-argument is that not everyone playing on Game Pass would pay for all the games they play—would Hi-Fi Rush have managed more than three million copies sold if it wasn’t available on Game Pass?—but the counter-argument to that is that the presence of those games is what makes the services so appealing: That is, the creative work of studios whose games might not be big hits in the conventional retail market is what makes Game Pass work, and they should be paid for it.

Whether Game Pass ‘works,’ and whether it’s viable in the long term, remains a matter of some debate. It’s popular, and seems central to Microsoft’s gaming ambitions, but Arkane founder Raphael Colaontonio said earlier this year that it’s “an unsustainable model that has been increasingly damaging the industry for a decade.”

Former Sony Worldwide Studios boss Shawn Layden expressed reservations of his own in August, saying that subscription services encourage a “wage slave” approach to game development: “They’re not creating value, putting it in the marketplace, hoping it explodes, and profit sharing, and overages, and all that nice stuff. It’s just, ‘You pay me X dollars an hour, I built you a game, here, go put it on your servers’.”

Microsoft says Game Pass is profitable, even though it doesn’t include lost first-party game sales when making that determination, but that didn’t prevent it from laying off 9,000 people, cancelling multiple games, and closing Perfect Dark developer The Initiative in July—despite making $27.2 billion in net income in the fourth quarter of its 2025 fiscal year. Weird inner tensions, indeed.

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Ethereum Revenue Drops but Analysts Say Network Still Strong
Crypto Trends

Ethereum Revenue Drops but Analysts Say Network Still Strong

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A Messari analyst sparked heated debate over the weekend after declaring Ethereum is “dying” as network revenue declined in August.

In an X post on Saturday, Messari research manager AJC stated that “Ethereum’s fundamentals are collapsing,” as Ethereum’s revenue from fees in August was $39.2 million, down over 40% year-over-year and approximately 20% month-over-month.

Source: AJC

But many who read the post disagreed, pointing to Ethereum’s rising metrics, app revenue, stablecoin supply, continued L2 scaling and a distinction between Ethereum being a commodity, rather than a tech stock — meaning it shouldn’t be valued based on revenue. 

Ethereum is still a vibrant ecosystem  

A large part of Ethereum’s fall in revenue has come as a result of the Dencun upgrade in March 2024, which lowered transaction fees for layer-2 scaling networks using it as a base layer to post transactions.

Speaking to Cointelegraph, Henrik Andersson, chief investment officer of investment firm Apollo Crypto, said it is unlikely Ethereum is dying, because data from Ethereum L2s analytics tool growthepie shows it’s still “a vibrant ecosystem with stablecoin supply, throughput, and active addresses are all at or close to all-time high.” 

As of Aug. 30, there were also over 552,000 daily active addresses on Ethereum according to investment research platform YCharts, representing a 21% increase since the same time in 2024. 

There were over 552,000 daily active addresses on Ethereum as of Aug. 30. Source: YCharts

“We believe both Ethereum and Bitcoin have a place in a crypto portfolio,” Andersson said. 

“Ethereum is becoming the neutral decentralized base layer for finance and just like Bitcoin is not valued on revenue but as a store of value, we don’t believe Ethereum can be valued solely on its revenue.”

In response to critics, however, AJC defended his use of revenue to value the layer-1 blockchain, explaining that because it’s collected in Ether (ETH), one of the largest historical demand drivers of consumption is now “trending toward zero.” 

At the same time, AJC argued that active addresses and transactions are “meaningless statistics as it pertains to demand.” 

Ethereum has been declared “dead” 40 times this year

Ethereum has been declared by various sources at least 150 times since 2014; most of these deaths have been recorded this year, with about 40, according to Ethereum Obituaries.

Ethereum has been declared dead 150 times before ACJ’s post. Source: Ethereum Obituaries

Ryan McMillin, chief investment officer at Merkle Tree Capital, told Cointelegraph that Ethereum continues to adapt and is generally declared dead in moments of narrative weakness, falling fees, transaction trending lower, or when competitors outpace it.

He said that in theory, because smart contracts are a competitive sector, developers and capital could slowly but permanently migrate elsewhere.

“But in practice, its developer community, entrenched DeFi protocols, and regulatory acceptance give it more staying power than the obituaries suggest; its current narrative is it will be the TradFi chain of choice, although the SOL ETF may disrupt that too,” McMillin said. 

“The bigger story is that crypto is maturing into an ecosystem of differentiated assets, and Ethereum will remain one of the central pieces for years to come, and competition with other L1s is very healthy.” 

McMillin said he doesn’t think Ethereum is “dying,” but said it has been stuck in a “difficult spot” for nearly two years because it’s trapped between Bitcoin’s narrative as digital gold and Solana’s pitch as the faster, cheaper alternative. 

Related: Ether whales have added 14% more coins since April price lows

“Ethereum’s ultra-sound money framing was never going to win against Bitcoin’s harder monetary premium, and when it comes to throughput and cost, Solana simply offers magnitudes of improvement,” he said. 

One area that has helped Etherum in 2025 is its spot exchange-traded funds, which unlocked traditional finance flows and positioned Ether as a levered play on stablecoin adoption and network growth, according to McMillin.

“But that advantage may not last long, spot Solana ETFs are expected in the coming weeks, which could quickly level the playing field for mainstream capital inflows.” 

Magazine: Korean bill to legalize ICOs, Chinese firm’s Ethereum RWAs mystery: Asia Express



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