Ethereum application revenue has dropped significantly over the last months! 📉
Currently at $25.5M, down sharply from the $60M+ peaks we saw in 2025.
L2s now account for 18.71% of total application revenue.
This is a direct reflection of lower onchain activity, less speculation, and reduced DeFi volumes.
Data via growthepie_eth

Thanks for posting our charts as always Leon!
Added a bit more context here for those interested:

growthepie
@growthepie_eth
03-11
Application revenue is down, but it's not as bad as you think. Instead of measuring it in $USD, let's look at it in $ETH.
ETH price affects app TVL, it also affects users' wealth and a lot of things are priced/paired with ETH. When ETH price drops, it is normal to see a drop in x.com/LeonWaidmann/s…

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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