The value narrative of Ethereum is undergoing a fundamental transformation: it is shifting from an asset that relies on future visions to an 'economic machine' that generates measurable, sustainable cash flow like an internet company.
Solid Foundation: Revenue Hits All-Time High
On October 14, 2025, Ethereum's mainnet daily application revenue reached $48 million, setting a new historical high, surpassing the peak of 2022. This indicates that its network economic activity has reached unprecedented intensity.
Core Drivers: Stablecoins and Real Use Cases
This revenue growth is not incidental but driven by structural demand:
· Stablecoin Settlement Core: About half of the growth momentum comes directly from transactions of stablecoins like Tether (USDT) and Circle (USDC). The total market capitalization of stablecoins surpassed $280 billion in the third quarter of 2025, with Ethereum being its most important settlement layer.
· Beyond Speculation: Revenue growth benefits from clear regulatory progress, continued institutional buying (e.g., publicly traded companies incorporating ETH into their balance sheets), and the realization of real financial use cases such as tokenization of real-world assets (RWA).
Structural Shift: From 'Commitment' to 'Cash Flow'
This trend signifies a deeper shift. The cryptocurrency market is maturing in 2025, with growth drivers shifting from speculation to institutions, real use cases, and regulated infrastructure. With its security, decentralization, and mature ecosystem, Ethereum is becoming the preferred financial infrastructure for the global digital dollar economy, and its network revenue thus possesses a structural foundation for sustainable growth.
Conclusion
Therefore, the value support of Ethereum is no longer limited to the potential of technology and ecology. Through stablecoins, DeFi, and an ever-expanding array of real-world applications, it is generating sustainable cash flow at internet scale, and the flywheel effect of its 'economic machine' has already begun to accelerate.
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