ETH’s price isn’t the only metric trending up

ETH onchain is slowly coming back while Crypto Twitter’s falling in love with a new flavor of gambling

article-image

scoutori/Shutterstock modified by Blockworks

share


This is a segment from the 0xResearch newsletter. To read full editions, subscribe.


Ethereum is having its moment in the spotlight, and while its performance has been attributed to flows from digital asset treasury companies (DATCOs) and ETFs, its price wasn’t the only metric that hit an all-time high. For the second consecutive month, ETH’s price action was accompanied by record levels of perp volume. August saw nearly $2 trillion in volume, 30% more than July’s $1.5 trillion.

August also marked Ethereum’s highest DA usage ever, and its market share increased from ~53% in July to 63% in August. However, since the blob target of six still hasn’t been hit (average of 4.17 in August vs. 4.13 in July), the cost of blobs remains extremely low (near one wei). In the upcoming Fusaka upgrade, a “floor price” will be implemented to help address this issue.

Thanks to a 50% increase in the gas limit YTD, monthly active addresses (MAAs) also hit an all-time high of 16.8 million (a 12.7% increase from July’s 14.9 million) while transaction count followed suit with ~51.7 million (an 11% increase MoM). 

And just in case you were wondering why Ethereum has the stablecoin narrative — the stablecoin supply on Ethereum reached $163 billion, a new all-time high and the highest among any chain. Stablecoin transfer volume on Ethereum also hit an all-time high in August, rising 17% MoM to $1.43 trillion (vs. $1.23 trillion in July). This marked the second month on record with (filtered) transfer volumes over $1 trillion.

Maybe flows alone aren’t telling the full story?


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).png

Research

Aave’s revenues have doubled from April lows and are fast approaching all-time highs. With 35% of borrow interest coming from ETH and 55% from stablecoins, Aave is emerging as a powerful proxy as an ETH and stablecoin beta. As looping strategies accelerate growth and Horizon positions the protocol to ride the RWA wave, Aave is shaping up as one of DeFi’s most compelling multi-narrative plays.

article-image

ETH onchain is slowly coming back while Crypto Twitter’s falling in love with a new flavor of gambling

article-image

The hunt for a killer app on Base hits a wall

article-image

Trust Wallet integration expands access as Ondo Global Markets opens equities trading to non-US investors

by Blockworks /
article-image

The new Amsterdam-listed entity aims to become Europe’s leading Bitcoin treasury with over 1,000 BTC already secured

by Blockworks /
article-image

Galaxy Digital and Superstate debut first Nasdaq-listed equity tokens

by Blockworks /
article-image

The startup aims to modernize finance by tokenizing assets like mortgages and credit

by Blockworks /