Ethereum forfeited over $100M in 2025 L2 fees as Coinbase's Base led profits

In 2025, Ethereum posted record network activity, yet ETH fell 10% year-to-date under $3000 and the ETH/BTC ratio dropped 6%. Layer-2 revenues totaled $129.17 million, with only around $10 million paid to the mainnet, leaving $119 million to operators; Base generated more than $75 million, nearly 60% of the sector. The Dencun upgrade cut fees and weakened burn-driven support for ETH.