Ethereum Jumps 200% Since April on Network Demand

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75% of ETH network revenue now comes from fees and MEV, while stablecoin supply grew to $156 billion, signaling rising activity.

The price of Ethereum (ETH) has rocketed 200% from its mid-April lows, but the real story is unfolding on its blockchain.

While a recent pullback from its new peak above $4,900 captured headlines, there’s a resurgence in fundamental network activity, suggesting this is more than just a speculative rally.

On-Chain Fundamentals Ignite

Michael Nadeau of The DeFi Report noted on X that Ethereum’s network fundamentals are strengthening alongside price gains.

His research shows that roughly 75% of the network’s revenue now comes from priority fees and MEV activity, a sign that demand for blockspace is climbing. Furthermore, stablecoin supply has expanded to $156 billion, a 14% improvement since the beginning of July, with USDT and USDC dominating circulation on the network.

Transfer volumes are also nearing record levels, with Layer 1 (L1) processing around $6 billion in daily settlements. This intensifying network activity has coincided with growing institutional involvement in ETH. On August 25, Tom Lee’s BitMine Immersion Technologies announced it had accumulated almost 1.7 million ETH valued at more than $8 billion to become the largest corporate holder of the cryptocurrency.

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