Ethereum Layer 1 network daily revenue fell to $200,000, a 99% drop in half a year

Odaily News Token Terminal data shows that Ethereum Layer1 network revenue has fallen sharply, plummeting 99% since March 2024. On March 5, Ethereum Layer1 network network revenue peaked at more than $35 million. On September 2, daily revenue had fallen to about $200,000, hitting the lowest point of daily revenue for the year. Cryptocurrency analyst Kun warned that if this trend continues, L2 networks may dominate and may abandon Ethereum's mainnet, especially for consumer applications. He emphasized that Ethereum needs to develop valuable use cases on its mainnet, otherwise it may face serious valuation problems. In addition, Bitcoin investor Fred Krueger expressed the same concerns, believing that if Ethereum's low income situation continues, it may face a "death spiral." He pointed out that Ethereum's current $200,000 in daily fee income, equivalent to $73 million per year, is far from enough to maintain its $300 billion market value. Krueger believes that a more realistic valuation may be closer to $3 billion, which highlights the disconnect between Ethereum's fee income model and its market valuation. (Cryptoslate)