Newsletter
The Ethereum economy; a breakdown by GDP
+ new project listings & product updates
Every other week, we bring you a quick update from our community, highlight new projects listed on Token Terminal, and share an overview of our newest product features.
Let’s dive in!
CHARTS OF THE WEEK
All time GDP on Ethereum breaks $26B
Applications on Ethereum have generated ~$26 billion in user-paid fees since launch. The last 12 months have been the most productive on record in terms of GDP.
Historical data on Ethereum’s top 10 GDP contributors reveals a structural shift whereby NFT marketplaces (OpenSea & LooksRare) have been replaced by stablecoin issuers as the leading drivers of the Ethereum economy.
Stablecoin issuers account for over 43% of all time GDP. The market share of stablecoin issuers has grown to 63.4% during 2025.
Over the last 30 days, Tether and Circle have accounted for more economic activity than all other top 10 Ethereum applications combined.
The GDP metric measures the USD value of what end users pay in Fees to interact with a chain’s applications in a given period of time. The GDP metric excludes gas fees paid to the underlying chain.
The GDP metric is intentionally based on Fees, and not Revenue, so that the end user payments of widely used applications that have a 0% take rate, such as Morpho & Uniswap, are taken into account.
Two examples:
A borrower on Morpho pays $100 in interest on their loan; the Fee equals $100.
A trader on Uniswap pays $1 in trading fees on their trade; the Fee equals $1.
Access all above visualizations on Ethereum’s ecosystem page.
DASHBOARD OF THE WEEK
Origin Protocol | Multichain liquid staking
Origin is a DeFi platform that offers yield-bearing products like OETH, Super OETH, OS, and OUSD on Ethereum, Base, Sonic, and Arbitrum. It has grown TVL by ~600% year-over-year from ~$120M to over $700M.
In June 30, 2025, Origin launched a buyback initiative using 100% of protocol revenue and over $3 million in DAO treasury assets to purchase OGN tokens on the open market. This program is expected to acquire approximately 5–10% of the circulating OGN supply, with all purchased tokens distributed to xOGN stakers.
Access the dashboard here.
NEW LISTINGS
7 new projects are live Token Terminal
New standardized listings (full listing with up to 15 metrics)
New basic listings (partial listing with up to 6 metrics)
Newton Protocol, an agent authorization infrastructure on Ethereum.
Kodiak, an exchange (DEX) on Berachain.
Infrared Finance, a liquid staking protocol on Berachain.
+ 6 other apps from the Berachain ecosystem
Our two listing categories:
Interested to get listed? Read more here.
PRODUCT UPDATES
Our new explorer home page is live!
We revamped our explorer home page, and added two new core features that make it easier to see who’s winning in crypto and where the momentum’s going.
Treemaps: See market share & growth rates at a glance
Use the treemap chart to get a full-picture view of how different market sectors and projects are performing based on a specific metric. The expanded view includes chain and market sector filters for more targeted analysis. Try it out here.
Leaderboards: Find the top movers & market leaders
The leaderboards have two different views: gainers & leaders. Use the gainers leaderboard tables to understand which projects are growing the fastest, and the leaders tables to see which projects dominate based on absolute values or performance. Try it out here.
Other new features on the Explorer
Popular searches: See what other users are tracking.
Favourites: Pin your go-to projects and dashboards.
Recently listed: Spot new projects the moment they hit the platform.
Ready to explore? Head to the new homepage and learn what’s moving the market right now.
Interested in an API demo? Schedule a call here.
Prefer to explore on your own? check out our API docs here.
The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.
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