TLDR
- Ethereum posted a 66.55% gain in Q3, marking its strongest growth since 2016.
- The rally pushed ETH’s price to new ranges, stabilizing above $4,000.
- Despite a 5.73% loss in September, ETH’s performance in Q3 remained robust.
- Ethereum continues to lead the DeFi sector, with over $88 billion locked in DeFi applications.
- The network saw increased stablecoin minting and lower transaction fees despite higher usage.
Ethereum (ETH) ended Q3, 2025, with its most significant percentage growth since 2016, posting a 66.55% gain. While it did not set new all-time highs, the rally reflected a surge in network activity and the development of decentralized finance (DeFi). ETH’s rise came amidst a turbulent market, with the token reaching new price levels and testing lower support.
Q3 Rally Highlights Ethereum’s Resilience
Ethereum’s Q3 rally took the token’s price to a new range, stabilizing above $4,000. The price peaked just below $5,000, solidifying expectations for a year-end surge. Despite a 5.73% loss in September, ETH’s performance over the quarter was the strongest in years. Ethereum managed to gain 66.55% in Q3, a remarkable rebound from the recent period of market corrections.
Ethereum’s market dominance stood at 12.5%, a slight decrease after recent corrections. Nevertheless, the network’s performance remains solid, with Ethereum showing resilience despite market fluctuations. The rally mirrors past bull seasons, particularly the 2021 expansion, with ETH now eyeing a $10,000 price target if the bull market persists.
Uniswap and Aave Lead Ethereum’s Fee Growth
Ethereum remains a dominant player in the decentralized finance (DeFi) sector, with over $88 billion locked in its DeFi apps. Despite competition from other blockchain platforms, Ethereum’s DeFi ecosystem remains resilient and continues to thrive. The growth of Ethereum-based stablecoins has further solidified its position, with the network seeing accelerated minting in the past quarter.
Transaction costs on Ethereum remained low despite higher usage, benefiting from ongoing upgrades and efficiency improvements. Ethereum’s network continued to carry the bulk of stablecoin transactions, with Layer 2 (L2) protocols also contributing to network activity. The Ethereum ecosystem’s success in these areas has enabled it to maintain its leadership role in the broader cryptocurrency market.
Apps on @ethereum host ~$355B in user assets
ETH trades at a ~1.44x multiple of its ecosystem TVL
Top 5 sectors & apps by TVL:
1) stablecoins, lending, liquid staking, DEXs & RWAs
2) Tether, Aave, Circle, Lido & EigenLayer pic.twitter.com/WyYlEkus2y— Token Terminal @ TOKEN2049 🇸🇬 (@tokenterminal) September 30, 2025
Ethereum’s fee-producing apps also saw substantial growth in Q3, with platforms like Uniswap and Aave leading the charge. These apps, along with stablecoin issuers and liquid staking services, generated significant revenues. Ethereum’s on-chain trading volumes reached over $25 billion by September 22, marking the most successful quarter of 2025.
