ETH annual revenue of 7.3 billion USD, comparable to a money printer.

If the golden printing press of this era is still hidden deep inside some tall building, you might not be keeping up with the rhythm.

The real money printer no longer relies on the ink and steel stamps of banks, but hides behind a string of codes on the blockchain—such as Ethereum.

According to data 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, it's not valuation, but real 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 tangible 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 DEX and lending protocols has turned transaction fees into an endless river.

Flashbots: The low-profile tech faction that has made a fortune behind the scenes with MEV, even becoming a "gray aristocracy" on the chain.

Sky, Ethena, Morpho, Convex Finance: represent the power of new finance, new protocols, and new experiments. Some are focused on RWA (Real World Assets on-chain), while others work 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 are constantly generating money through real user operations every day. This is the true form of a money printer: not relying on faith, but on demand.

Why is it said to be like a money printer?

The traditional printing press generates money based on national credit, while this "printing machine" of Ethereum produces: network fees (Gas), transaction fees, protocol revenue, staking rewards, and MEV extraction.

It is not just idle; it is supported by a complete commercial 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 dollars didn't come for free; it was paid out bit by bit from the wallets of millions of users around the world. In terms of RMB, that's more than 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 the financial elites with high entry barriers, nor the giants who monopolize discourse, but ordinary people like you and me. As long as you participate, there is a possibility of sharing in this systemic cash flow.

While you are still doubting whether "on-chain is a scam," Ethereum has been quietly "making a fortune".

This is a torrent of trends that waits for no one and makes no noise. Like a money printing machine, it just runs, spins, and creates, watching who will take over and who can be satisfied.