Ethereum Turns 11 With $148B Stablecoin Base But Cooler Mainnet Fees
Ethereum turned 11 still as a critical crypto settlement layer, but base-chain revenue has fallen sharply. Recent data shows about $148.8 billion in stablecoins and roughly $15.5 billion in tokenized real-world assets on Ethereum, while daily mainnet revenue was near $330,000 and base-chain fees around $734,000 over 24 hours. Ethereum’s first decade was defined by survival, upgrades, and expansion into DeFi, stablecoins, NFTs, DAOs, and institutional infrastructure. The current decline in mainnet fees is not necessarily negative: it reflects successful scaling, with activity shifting to rollups and Layer 2s. Stablecoins and tokenized assets remain key anchors, keeping Ethereum strategically important even as execution moves off mainnet. The central question now is value capture: whether Ethereum can preserve ETH economics through settlement, data availability, and Layer 2 alignment as its modular scaling model matures.
