Woofun AI data shows that Ethereum's total on-chain yield, including issuance, reached 2.68% in the second quarter, marking a 61% decline year-over-year. The issuance component comprised 94% of this figure, while priority fees and MEV contributed only 0.17%. The average real on-chain yield saw a 14% quarter-over-quarter drop and a 61% year-over-year decrease. Real Economic Value (REV) totaled $88.4 million, rising 7% sequentially but falling 68% annually. L1 GDP, DeFi activity, and L2 participation continued to weaken significantly. Although user experience and throughput have improved, L1 fee capture remains weak, suggesting a need to leverage real-world applications as a settlement layer to mitigate cyclical fluctuations.