Analysis: Ethereum "Sacrifices" Over $100 Million in Subsidies for Ecosystem Expansion in 2025


In 2025, the Ethereum network performed strongly, handling a record-breaking volume of transactions and dominating the DeFi market (mainnet TVL share of 64%). However, the ETH price declined by 10% throughout the year to below $3000, decoupling from network activity.
Due to Ethereum proactively lowering transaction fees through technical upgrades to promote L2 network growth and ecosystem expansion, mainnet revenue significantly declined. In 2025, L2 total revenue dropped 53% to $129 million, but fees paid to the mainnet plummeted to just $10 million, with L2 operators retaining approximately $119 million in profit. This means Ethereum's mainnet "sacrificed" over $100 million in potential revenue (a decrease of about $103 million compared to 2024) to subsidize ecosystem growth.
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