Written by: 0xjs@Golden Finance
On September 7, 2025, Messari analyst Avg Joes pointed out from Ethereum network revenue metrics that Ethereum is heading towards decline.
Despite ETH reaching a new high in August, Ethereum's revenue in August was only $39.2 million. Specifically: down 75% from August 2023 ($157.4 million); down 40% from August 2024 ($64.8 million); marking the fourth lowest monthly revenue since January 2021.
Bankless co-founder David Hoffman replied under Avg Joes' post:
Have we forgotten what we wanted to do? We created this technology, and since the emergence of nation-states with churches, monarchies, tanks, guns, and fighter jets… finally, for the first time in history, we can create currency that is made by the people and serves the people… yet we are judging these things as if they are merely technology platforms based on profit.
These things are cryptocurrency, and they should be judged as such.
Ethereum is the fastest-growing emerging economy on Earth. Ethereum's economic model is similar to early Singapore or Shenzhen, where there is complete commercial freedom rather than a focus on centralized taxation.
David Hoffman's reply seems to be heartfelt. The day before his reply, on September 6, David Hoffman personally wrote on Bankless that the Ethereum project itself is not just about the ETH asset, but a system that allows humanity to collaborate in unprecedented ways. Unfortunately, people choose not to support Ethereum. Many focus on dismantling Ethereum as quickly as possible—because if they can invest in stripping valuable components from Ethereum's open-source architecture, they can become super wealthy.
David Hoffman's full text is as follows:
A few days ago, I stumbled upon a silly but interesting tweet.
The idea is that if we all coordinate around the same asset, buy it, and drive its price up infinitely, we can all use it as collateral to borrow. Infinite money loophole!
I also liked the replies to this tweet. "It's called Bitcoin." "That's Bitcoin."
The implication is that Bitcoin is the first asset owned by the people and serving the people, which we can all buy, never sell, and then live off its returns. Bitcoin works because it has a Schelling point as an asset. Bitcoin is an asset you never sell. Bitcoin is not just an asset—it is the asset itself.
Clearly, the scale of this belief is limited, but it expresses well what Bitcoin aspires to be.
A similar phenomenon occurs with Ethereum, but it is more about the Ethereum project itself rather than the ETH asset. For many Ethereum users, including myself, Ethereum is not just a project that requires effort.
Ethereum is that kind of project.
Ethereum is a project of human coordination. It is an open-source collection of all code with economic value. It is the architecture for creating wealth that we can pass on to our descendants. It is a system that allows humanity to collaborate in unprecedented ways. It is a pathway to global peace, wealth, and happiness, on a scale never seen before.
If we can get all of humanity onto the same coordination layer, humanity can take a step forward.
These are grand ideas, but I wholeheartedly believe in them. The outcomes of peace, prosperity, and happiness are not a five-year plan but a fifty-year project. They do not stem from the birth of a few excellent smart contracts but from the second and third-order effects of 5,000 excellent smart contracts.
If we can all coordinate around Ethereum as a trusted neutral financial structure on Earth, we can accomplish more things faster.
However, just as not everyone can support Bitcoin as an asset, unfortunately, people choose not to support Ethereum as a project.
In fact, many seem focused on dismantling Ethereum as quickly as possible (note: David Hoffman specifically mentions Multicoin Capital, whose co-founder Kyle Samani has written about "unbuilding Ethereum")—because if they can invest in stripping valuable components from Ethereum's open-source architecture, they can become super wealthy.
Dismantling Ethereum is a political inclination. Just as Bitcoin enthusiasts like Austrian economics, guns, and meat, Ethereum dismantlers share similar character traits (we all do!). Some people are inherently inclined to "defect" in the prisoner's dilemma.
Whether you think the Ethereum community is "self-righteous" and "not much different from XRP shills" depends on whether you believe Ethereum is a project for humanity.
My argument is: if Bitcoin is a special snowflake because of its supply of 21 million, then Ethereum is also a special snowflake because it represents: an endless open-source contribution project aimed at creating humanity's greatest coordination software.
What could be more noble than this?
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