A Coinshares report found that Ethereum (ETH)’s role in the crypto industry is shaped by two main pillars: marketplaces and stablecoins.

Decentralized exchanges and stablecoins account for more than half of the network’s usage, highlighting the importance of Ethereum as an infrastructure for many crypto projects. Uniswap and OpenSea are key players, generating significant fees.

However, Ethereum’s future remains uncertain. While recent updates such as the transition to Proof-of-Stake and the development of Layer 2 solutions create potential for growth, the demand for new decentralized applications (dApps) is still unclear.

CoinShares believes that Ethereum’s success will depend on its ability to expand beyond its current use cases. Attracting developers to build new applications will be a key factor. 🚀

Analysts emphasize that ETH’s value is determined by transaction demand, not staking yields. For the long-term value of the network, it is important to create a sustainable on-chain utility.