trend history in euthrium
Koch-Gallup argued that the expansion of Ethereum Layer 2 networks, including Base and Robinhood Chain, can strengthen the broader Ethereum ecosystem rather than necessarily represent activity migrating away from it.
Meanwhile, Ethereum's stablecoin market share faces increasing competition, with its share cited at approximately 51%.
The analyst suggested that growth in the overall stablecoin market could support Ethereum's absolute activity levels even if its percentage share declines.
Ethereum accounts for approximately 65% of decentralized finance (DeFi) total value locked, according to Blockworks analyst Jake Koch-Gallup.
Around 36% of ETH's total supply is staked, while spot ETFs and corporate treasuries collectively hold approximately 13%.
Ethereum represents roughly 45% of on-chain real-world asset (RWA) assets under management.
ETH's market capitalization is approximately 1,100 times its trailing 12-month Real Economic Value (REV), raising questions about valuation sustainability.
The analyst argues that Ethereum's reserve asset role, Layer 2 ecosystem and institutional adoption remain competitive advantages despite pressure on its stablecoin market share. In
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