# Ethereum Network Revenue Falls 35% as DeFi Trading Rises By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/37625 Published: 2026-10-22T07:57:40.000Z Updated: 2026-10-22T07:57:40.000Z Section: Investing > Spot decentralized-exchange volume climbed 13% to $571 billion in Q3, while lending deposits increased 51% to $81 billion. Ethereum network revenue fell about 35% to $41 million in the third quarter as trading and lending across decentralized finance grew, underscoring a gap between broader activity and Ethereum’s own revenue. Spot trading on decentralized exchanges (DEXs) rose 13% from Q2 to $571 billion, its first quarterly gain in four quarters. DEX spot volume reached 23.3% of centralized-exchange spot volume, up from 20.3%. The figures cover activity through Sept. 30. The tokenized-equity trading increase changed the mix of that activity. Spot DEX trades in tokenized equities climbed roughly ninefold to $50 billion, raising their share of total spot DEX volume to about 9% from 1% in Q2. The $50 billion counts trades during the quarter; it does not represent the market value of tokenized equities. BNB Chain handled about $16.5 billion of that trading, followed by Robinhood Chain at about $13.7 billion. ARK said Binance’s incentive program for some tokenized equities may have increased BNB Chain volume. During its first quarter, Robinhood Chain recorded about $65 billion in total DEX volume and $51 million in network revenue. Lending activity also expanded. Deposits in lending protocols increased 51% to $81 billion, while active loans climbed 41% to $29 billion. Ethereum processed 199.3 million transactions in Q3, down from 203.9 million in Q2. Its network revenue was about $41 million, roughly 35% below the prior quarter. The trading totals span multiple chains, while the revenue figure covers Ethereum alone. At quarter-end, active Ethereum validators held 43.80 million Ether (ETH), or 35.9% of supply. Average annualized staking yield was 2.63%, down from 2.81% in Q2. Newly issued ETH made up 96.3% of that yield, with priority fees and maximal extractable value accounting for the rest. A [Sept. 26 snapshot of DeFi assets]() put dollar-denominated total value locked 37.9% above June 30. That measure can rise when existing assets gain value, even without a matching increase in deposits. The Sept. 26 reading has a different cutoff from the Sept. 30 trading and lending figures. ## Links in this article - [Sept. 26 snapshot of DeFi assets](https://www.tokenpost.com/news/investing/25664)