Ethereum Network Revenue Falls 35% as DeFi Trading Rises

Ethereum network revenue fell about 35% to $41 million in the third quarter as trading and lending across decentralized finance grew, underscoring a gap between broader activity and Ethereum’s own revenue. Spot trading on decentralized exchanges (DEXs) rose 13% from Q2 to $571 billion, its first quarterly gain in four quarters. DEX spot volume reached 23.3% of centralized-exchange spot volume, up from 20.3%. The figures cover activity through Sept. 30. The tokenized-equity trading increase changed the mix of that activity.