The 7-day moving average (7DMA) for daily staker revenue on Ethereum ETH -3.68% fell to $5.44 million on Thursday, Sept. 12. This represents a six-month low for this metric, recording its lowest figures since the middle of February.

Staker revenue on Ethereum refers to the rewards and earnings that participants in Ethereum's proof-of-stake (PoS) consensus mechanism receive to validate transactions and secure the network. This revenue is typically generated through block rewards and transaction fees, which are distributed among stakers proportionally based on the amount of ETH they have staked.

This metric falling means stakers are earning less from their participation in the network, which could be influenced by factors such as lower network activity, leading to fewer transaction fees being paid.

This is further backed by the 7DMA of the number of transactions on the Ethereum network being close to February 2024 levels as well, with just 1.15 million transactions on Friday, Sept. 13. This is down around 13% from its yearly high in March. Meanwhile, the 7DMA of Ethereum’s on-chain volume has also been hovering around February’s levels as well, with just $2.83 billion, down about 60% from its yearly highs in March and roughly 56% from just over a month ago.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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