Ethereum’s 2025 strength vs. revenue headwinds: 212% RWA jump and 53% L2 earnings drop frame 2026

In 2025, Ethereum posted record network activity alongside a sustained 50%+ DeFi share and a 212% rise in total RWA value, even as price performance lagged. Entering 2026, Vitalik Buterin emphasized decentralization and real‑world applications while revenue pressure persisted, including a 53% L2 earnings decline and nearly $100 million in lost income. Exchange reserves fell 20% to 16.6 million, underscoring long‑term positioning over speculation.