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Gate Square New & Returning Creator Rewards are ongoing!
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Ethereum Layer 2 Transaction Volume Reaches New Heights, Mainnet Fees Under Pressure
At the beginning of 2025, Ethereum’s on-chain activity levels surpassed previous records, and its position within the DeFi ecosystem appeared to strengthen; however, fee revenues generated by the main network experienced a significant decline. This paradoxical situation is a direct result of the rapid growth of Layer-2 solutions.
Revenue Distribution of Layer-2 Networks and Mainnet Losses
Layer-2 platforms generated a total revenue of $129 million in the recent period, with only 8% of that, $10 million, transferred to the Ethereum mainnet for settlement security. The remaining $119 million was used by L2 operators for operational costs and development. Due to Ethereum remaining outside direct control, this resulted in a loss of over $100 million in potential fee revenue for the network.
Dominant Role of Coinbase Base Network
The Base network managed by Coinbase stood out within this segment, contributing $75 million, nearly one-third of Layer-2 revenues. This figure clearly demonstrates the market power of a Layer-2 solution controlled by a centralized player.
Long-Term Effects of the Dencun Upgrade
The Dencun upgrade, aimed at reducing mainnet fees, achieved its designed goals but also brought unintended side effects. The Ethereum token price declined by approximately 10% throughout 2025, and the impact of deflationary mechanisms weakened. The latest data shows ETH has decreased by 3.98% over the past year.
DeFi Positioning and Network Transactions
Amid these challenges, Ethereum’s dominance in the DeFi market remains strong. Considering the total value locked, the network’s share in the DeFi ecosystem has reached approximately 64%. This indicates that Ethereum’s structural advantages in on-chain activities continue.