Blockworks analyst Jake Koch-Gallup argues that Ethereum retains long-term competitive advantages despite challenges to ETH's value capture and stablecoin market share. Koch-Gallup identifies reserve asset properties, the Layer 2 ecosystem and institutional adoption as those advantages. Approximately 36% of ETH's supply is staked. Koch-Gallup acknowledges sustainability concerns about valuations supported solely by reserve asset premiums without sufficient revenue and mechanisms that return value to ETH.