ETH annual revenue is 7.3 billion USD, comparable to a money printing machine.

If the golden printing press of this era is still hidden in some high-rise building, then you might not be keeping up with the rhythm.

The real printing machine, no longer relying on the ink and steel stamps of banks, but hiding in a string of codes on the blockchain—such as Ethereum.

According to data statistics from Token Terminal, the Ethereum ecosystem has generated approximately $7.3 billion in revenue over the past 365 days. Yes, you read that right, it’s not trading volume, not valuation, but real, tangible revenue. More than the fiscal revenue of many countries.

Who is making money?

Let’s break down this $7.3 billion “big cake” and see who made it:

Tether and Circle: This pair of stablecoin twins is the engine of the entire on-chain payment system. Behind every USDT and USDC are real transaction fees and exchange profits.

Lido Finance: You may not understand liquid staking, but you cannot ignore it. After Ethereum entered the PoS era, Lido became one of the largest “on-chain banks.”

Uniswap and Aave: the former is like Binance on the chain, while the latter is like China Merchants Bank on the chain. The popularity of DEXs and lending protocols has turned transaction fees into an incessant river.

Flashbots: The understated tech faction that has made a fortune behind the scenes through MEV, and is even becoming the “gray aristocrat” on the chain.

Sky, Ethena, Morpho, Convex Finance: represent the power of new finance, new protocols, and new experiments. Some are working on RWA (real-world asset tokenization), while others are focusing on derivatives and interest rate markets, attempting to define the future “Wall Street” in this high-speed testing ground.

These projects are not surviving on inflated valuations but on the real operations of users every day, continuously generating money. This is the true form of a money printer: not relying on belief, but on demand.

Why do they say it looks like a printing press?

The money printed by traditional printing presses relies on national credit, while this “printing press” of Ethereum produces: network fees (Gas), transaction fees, protocol revenue, staking rewards, and MEV extraction.

It is not just spinning in place; it is supported by a complete business logic. Every transaction, every loan, and every exchange incurs a cost. These small “fuels” accumulate into a massive cash flow for Ethereum.

$7.3 billion didn’t come from nowhere; it was paid out bit by bit from the wallets of millions of users around the world. In RMB, that’s over 50 billion.

More importantly, this income does not go into the accounts of a specific company, but is scattered across every corner of the Ethereum ecosystem. DAOs, smart contracts, stakers, developers, LPs… everyone has the opportunity to share in the profits.

This is the charm of Web3: it has opened the printing press to everyone.

It’s not about high-threshold financial elites, nor monopolistic giants with power of discourse, but ordinary people like you and me. As long as you participate, there is a possibility to share a piece of the pie in this systematic cash flow.

While you are still doubting whether “is the blockchain a scam,” Ethereum has been quietly “making a fortune.”

This is a torrent of trends that does not wait for anyone and is not noisy. Like a printing press, it just runs, spins, and creates, watching who will take over and who can be satisfied.