ETH/USD price feed

A price feed is a number with a process behind it. A price page shows what someone last paid for ETH somewhere; a feed states, continuously, what the asset is worth according to a defined method: which venues count, how much each one matters, what gets excluded, at which block the answer was true. The difference sounds academic until money settles on it.

This page is that feed for ETH/USD, computed from decentralized venues only. Every input is a pool whose reserves live on a public chain, so every number can be traced back to the venues that produced it. The sections below show what the composition actually looks like today, because for ETH the answer has been changing.

Choosing a feed is choosing a method. The questions worth asking any provider: where does the number come from, what enters the composition, what keeps a thin venue from steering it, can the state behind a given block be inspected afterwards. This page answers those questions for ETH/USD in the open.

The centre of gravity of on-chain ETH liquidity has quietly moved before: there have been readings where Base, Coinbase's layer 2, carried more of this feed's weight than Ethereum mainnet itself. A rate computed from mainnet alone would describe a market that no longer exists in that shape.

The tail is long: more than a dozen chains contribute, from the established names down to young networks at the margin. Each chain enters at the weight its liquidity earns, nothing more. When the geography shifts again, the feed shifts with it, block by block, without anyone deciding that it should.

None of this requires a belief about any network's future. The weighting is not a bet; it is an observation, refreshed continuously. If activity migrates back to mainnet next year, the feed will report that too, with the same indifference.

The first family is the direct leg: pools where ETH trades against a dollar stablecoin, whose own rate is already a dollar rate, no conversion required.

The second family reads ETH through Bitcoin pairs, a corner of the market that barely existed two years ago; the third comes from liquid staking tokens trading against the ETH they wrap. Three quote families, each with its own traders plus its own failure modes, converging on one price: their agreement is information in itself. How much weight each family carries at a given block is the composition's report, not the story's promise.

The legs also check each other. If the stablecoin leg drifts while the Bitcoin leg holds, something is happening to dollars rather than to ETH; if a staking-token leg moves alone, the story is local to that wrapper. One number gets published, but the composition behind it reads like an instrument panel, which is how a risk engine can treat it.

ETH's book has never belonged to one venue. It takes a long list of pools, spread across many chains, to cover the bulk of the weight. That breadth is the point: a rate resting on one venue inherits that venue's outages, its incentives, its quirks. A rate resting on dozens of them, weighted by what each actually holds, has no single point that can bend it.

The frontier is already inside the composition. Uniswap v4 pools plus young networks like Katana are connected, observed, weighted for what they actually trade rather than for what they promise. As those markets deepen, their weight grows on its own. That is what it means for a feed to be computed rather than curated: the market decides the composition, the method holds it to account.