Recently, well-known crypto analyst 0xLoki released the latest data tracking the Ethereum (ETH) ecosystem, revealing a complete collapse in Q1 2025, with almost no sector maintaining positive growth, disappointing investors greatly. From DeFi to NFTs, to Layer 2 (L2) solutions, overall development has stagnated, and some data even shows a plummeting trend.
Core data on the Ethereum chain has plummeted
According to statistical data, as of March 30, key indicators of the ETH ecosystem have significantly declined compared to February 28:
Daily Fees: Dropped sharply from 1.45 million USD to 420,000 USD, a decline of 71.0%.
Average TX Fee: Decreased from 1.08 USD to 0.43 USD, a decrease of 60.2%, indicating a significant reduction in network activity.
DEX Volume: Fell from 82.22 billion USD to 60.55 billion USD, a drop of 26.4%.
In addition, the monthly active users (MAU) also decreased from 7.4 million to 6.5 million, a reduction of 12.2%, indicating a decline in user activity within the ETH ecosystem.
@0xLoki Traditional sectors are performing poorly, with growth momentum extinguished
0xLoki pointed out that various sectors of the ETH ecosystem were once highly anticipated at the beginning of 2024, but the current growth momentum has completely vanished:
DeFi Sector: Decreased inflow of funds, total locked value (TVL) dropped from 53 billion USD to 49 billion USD, a decline of 7.5%.
NFT Market: Trading volume continues to shrink, losing its previous heat.
Layer 2: Previously a solution for scalability, growth has also stagnated.
Even the seemingly stable stablecoin transaction volume has only slightly increased from 12.6 million to 12.9 million, but compared to the high-speed growth of competitors, this "flat" performance is essentially stagnation or even a decline.
Could ETFs and Staking become the last support points?
0xLoki stated that while ETH ETFs and Staking are seen as potential positive factors, 0xLoki believes this is just the final "wishful thinking" for ETH prices. He pointed out that if large capital holders use USD with a 5% cost to buy Staked ETH with only a 2% annual yield, while also bearing management and custody fees, this investment logic seems unreasonable, even making one wonder if their brains are "caught in the door."
RWA and stablecoins show weak performance
RWA (Real World Asset tokenization) seems to have a high TVL, but actually lacks real activity, only showing appealing "paper data" with low actual participation.
As for the stablecoin market, it seems to maintain growth, but compared to the development speed of competitors, the growth of the ETH ecosystem is clearly not comparable.
Future challenges and uncertainties of the ETH ecosystem
0xLoki's views have sparked widespread discussion in the market. Many investors have begun to express concerns about ETH's long-term development, especially in the face of the rise of new sectors like AI and Memecoins, which have little correlation with the development of the ETH ecosystem and cannot effectively provide new growth momentum.
Whether the ETH ecosystem can break through the bottleneck and regain growth momentum remains a question full of uncertainty.
This article on the collapse of the ETH ecosystem data and the Q1 data chilling investors first appeared on Chain News ABMedia.