A more than 50% year-over-year price decline hit $ETH, $SOL and $AVAX in unison, according to Bitwise. Activity climbed on all three networks over the same period, and fees fell. Activity up, fees down, revenues down: the math reconciles because fee compression outran transaction growth.
The fee-compression dynamic
When per-transaction costs fall fast enough, total revenue contracts even if transaction counts rise. That is the arithmetic Bitwise describes across Ethereum, Solana and Avalanche during the reported period. Cheaper networks benefit users directly. Lower fees reduce transaction costs and can expand the range of economically viable on-chain activity. The cost shows up on the revenue line, where the same volume produces less income when unit fees are lower.
What the source does not specify is the size of either move. No transaction figures, no revenue totals, and no specific fee levels appear in the Bitwise summary. The direction of each variable is clear; the magnitude is not reported here.
Token price versus on-chain activity
All three tokens are down more than 50% on a year-over-year basis, per Bitwise. The report frames those price declines alongside the busier, cheaper network conditions, a pairing that separates token-market performance from network-level usage.
Higher activity with falling revenue and falling prices means the three metrics moved in different directions over the period. Token prices and revenues contracted together. Activity climbed against them. Bitwise presents the combination as a single data set: networks that are more active and cheaper to use, carrying tokens that have lost more than half their value against where they sat a year ago.