When the US regulators gave the green light, traditional Wall Street institutions quietly bought, Vitalik had already accumulated several Ethereum L1 expansion ideas, and the Federal Reserve secretly turned the pointer to interest rate cuts - all the grand narratives are converging on the same main line: Ethereum.
The four-wheel drive of regulatory thawing, technological iteration, macro trends and "ultrasonic" monetary mechanisms are paving an accelerated runway for the next 3-18 months.
ETH ETF net inflow curve continues to hit new highs, the gas fee on the block browser is about to exceed 5 million, and Ethereum returns to the weekly MA200; the on-chain pledge rate is approaching 30% and is still rising. From the North American Ethereum version of MicroStrategy SharpLink writing ETH into the balance sheet, to Robinhood announcing that the European region can use Ethereum L2 to trade on-chain US stocks, to Hong Kong announcing that it will accept ETH as proof of immigration assets, the core value of Ethereum is becoming a global consensus.
Political games, capital momentum, protocol improvements, and foundation reform iterations are roaring simultaneously - the market has only one key question left: Are you ready?
The following 10 reasons will dismantle layer by layer how ETH has leapt from industry consensus to a cross-cycle explosion engine.
The drastic shift in the US regulatory stance has brought new optimistic expectations to Ethereum. Paul Atkins, the new chairman of the US Securities and Exchange Commission (SEC), has expressed support for crypto innovation - a stark contrast to the Gary Gensler era.
Atkins has withdrawn Gensler-era proposals for decentralized finance and self-custody, and instead adopted an "innovation first" strategy. At a recent roundtable, Atkins even emphasized that developers should not be punished for writing decentralized code.
This is a major policy U-turn: the SEC under Gensler once considered Ether an "unregistered security" and investigated it. Today, under the leadership of pro-crypto, Ethereum enjoys a clearer regulatory outlook. As decentralized finance gains recognition at the highest levels — Atkins called self-custody “a fundamental American value” — the threat of hostile regulation has significantly diminished, greatly encouraging institutional participation in the Ethereum market.
In addition, recent legislative developments in the United States, particularly the Senate’s GENIUS Act, mark a critical turning point in regulatory clarity for crypto-dollar stablecoins.
These bills seek to establish a clear framework for payment stablecoin issuers, which will provide a strong impetus for Ethereum’s adoption given its status as the primary settlement layer for regulated stablecoins such as USDC and PYUSD, as well as one of the most important public chains for the largest stablecoin, USDT:
The Guiding and Establishing a National Innovation for Stablecoins in the United States Act (GENIUS Act) passed the Senate in June 2025 with bipartisan support. It imposes strict standards on stablecoin issuers, requiring 100% backing by cash or Treasury reserves, monthly audit disclosures, and bankruptcy protection for token holders. Crucially, it allows banks and non-bank companies to issue stablecoins under license and subject to regulation.
By explicitly legalizing and regulating stablecoin issuance, the bills validate dollar-backed tokens that exist primarily on the Ethereum network. For example, Circle’s USDC and PayPal’s PYUSD are ERC-20 tokens on Ethereum, relying on Ethereum’s security and global reach. The federal framework solidifies Ethereum’s role as a settlement backbone.
Lawmakers themselves acknowledge that well-regulated stablecoins can “strengthen the dollar’s position as the world’s reserve currency” while maintaining U.S. competitiveness. This mission inherently leverages public networks like Ethereum (where USD stablecoins circulate in DeFi and payments).
Ethereum’s DeFi ecosystem, from lending protocols to decentralized exchanges (DEX), runs on stablecoin liquidity. By legalizing stablecoins, the GENIUS Act effectively secures the foundations of DeFi. Participants can use assets like USDC with greater confidence, without fear of sudden crackdowns or legal ambiguity.
This encourages institutional participation in DeFi (e.g., using stablecoins for trading, lending, payments). In short, the legislation connects traditional finance (TradFi) with DeFi: it invites banks, payment companies, and even tech companies to issue and use Ethereum-based stablecoins, while providing guardrails (KYC/AML, audits, redemption rights) to reduce systemic and legal risks. The net effect is a supportive policy environment that anchors Ethereum’s role in the digital dollar economy.
Finally, another crypto transparency bill, the CLARITY Act (H.R. 3633), has also made quite smooth progress recently.
The CLARITY Act was first promoted by the House of Representatives. On June 13, 2025, the bill was passed by the Financial Services Committee and the Agriculture Committee with votes of 32:19 and 47:6 respectively. At present, the bill has entered the Rules Committee process and is waiting to be submitted to the full House of Representatives for a vote.
The CLARITY Act eliminates the biggest doubt hanging over Ethereum in the United States: whether ETH is a security.
By explicitly classifying ETH (and any sufficiently decentralized Layer-1 token) as a "digital commodity" regulated by the CFTC, the bill precludes the possibility of retroactive SEC enforcement, creates a safe harbor for secondary trading, and clarifies when developers and validators are not "brokers." This combination significantly reduces regulatory risk premiums, paves the way for Wall Street products related to spot and staked ETH, and gives DeFi a green light to continue innovating on the network.
In summary, given Ethereum's dominance in custodial stablecoins and DeFi, these multiple regulatory green lights greatly strengthen the prospects for medium-term adoption, transaction growth, and Ethereum's integration into the traditional financial system.
More and more big money players are looking at Ethereum as a strategic asset, a trend accelerated by a high-profile move by SharpLink Gaming. Nasdaq-listed company SharpLink recently completed a landmark fund allocation: it acquired 176,000 ETH (about $463 million) and used Ethereum as its main reserve asset, becoming the world's largest public ETH holder overnight. Currently, more than 95% of this asset has been staked to earn returns and enhance the security of the Ethereum network.
SharpLink's CEO called this a "landmark moment" and explicitly compared the strategy to MicroStrategy's Bitcoin strategy, but with Ethereum. This bold financing was strongly supported by Joseph Lubin, founder of ConsenSys and one of the eight co-founders of Ethereum, who has become the new chairman of SharpLink. Lubin said on different occasions: "SharpLink's bold ETH strategy marks a milestone in institutional adoption of Ethereum," and pointed out that "ETH not only has Bitcoin-like value storage properties, but also has become a truly productive reserve asset due to its predictable scarcity and continuous returns; as Ethereum increasingly becomes the underlying architecture of the digital economy, ETH is also seen as a strategic investment in the future financial architecture."
Cryptocurrency treasuries have suddenly become a trend: SharpLink's success (its stock price soared 400% after the announcement) has prompted peers to emulate this strategy. Publicly listed Bitmine Immersion (BMNR) also recently announced that it has raised $250 million specifically for the purchase of ETH, positioning itself as an "Ethereum Treasury Strategy Company." Bitmine, led by Fundstrat co-founder Tom Lee, saw its stock price soar by more than 3,000% in the week after the announcement, attracting investment from many first-tier institutions such as Founders Fund, Pantera, and Galaxy.
Meanwhile, observers report that several companies, including in Europe, are also exploring ether-focused reserve allocations. While some forward-looking companies such as BTCS Inc. have long held ETH before, SharpLink's move represents a new height of mainstream adoption.
For Ethereum, the accumulation of ETH in more and more corporate treasuries is undoubtedly a positive - this locks in supply (especially because most tokens will eventually be staked) and sends a signal of institutional confidence.
At the same time, institutions are also deploying through funds: the first Ethereum futures ETFs are launched at the end of 2024, and the approval of spot Ethereum ETFs is also just around the corner, which may release billions of dollars in new demand. BlackRock CEO Larry Fink said in an interview with CNBC: "I think it's valuable to launch an Ethereum ETF. This is just the first step towards asset tokenization, and I really believe this is our future direction."
What can be seen is that Ethereum is increasingly being viewed by listed companies and funds as a strategic investment and reserve asset, similar to the development trajectory of Bitcoin in the previous cycle.
The price chart of Ethereum shows multiple bullish technical signals, indicating that the trend may reverse upward.
After a long downturn, in May 2025, ETH re-entered the weekly MA200 - one of the most classic indicators of a bull market return.
From a technical perspective, the overall market structure of Ethereum has improved: a series of lows have gradually been replaced by higher lows and a breakthrough of a long-term descending channel.
From May to June, ETH was above the 200-week moving average, which (around $2,500) has become a support "launch pad" — ETH is bottoming above it, similar to the recovery phase of past cycles.
Momentum indicators confirm the positive structure: the weekly candlestick chart shows a long body and shallow shadows, indicating strong buying and less selling pressure on pullbacks. The rising slope of key moving averages and the re-trending MACD indicator show increasing upward momentum. In addition, we are seeing bullish chart patterns — for example, multiple analysts pointed to a potential bull flag pattern on the ETH chart, which, if confirmed, could target upside above $3,000 in the medium term.
This shows that traders are gaining confidence in ETH, believing that downside risks are effectively contained and the path of least resistance is to the upside. Overall, Ethereum's technicals have regained their 200-week moving average, with higher highs and lows and increased momentum, indicating that the asset is in the early stages of a significant bullish reversal, supporting a positive outlook for the next 3 to 18 months.
Ethereum's technical roadmap is progressing steadily, continuing to enhance its fundamental value. The Pectra upgrade (i.e. Prague + Electra hard fork) launched on May 7, 2025 marks the entry of Ethereum into a new phase, with 11 EIPs covering improvements from smart wallets to scalability.
The most iconic changes include: increasing the staking limit for a single validator from 32 ETH to 2048 ETH, and recalibrating fees to significantly increase Layer-2 throughput. These changes reduce costs, improve L2 performance, accelerate the adoption of optimistic Rollups and zk-Rollups in the ecosystem, and clear obstacles for future L1 expansion.
At the same time, the Pectra upgrade supports account abstraction, such as gas-free payments, batch transactions, etc., which lays the foundation for the large-scale adoption of stablecoins in the future, and further widens the gap with other public chains in user experience and flexibility. As Ethereum core developer Tim Beiko summarized on April 24: "A highlight of Pectra is EIP-7702, which makes use cases such as batch transactions, Gas payment and social recovery possible without migrating assets."
At the mainnet level, Ethereum is also gradually increasing the Gas Limit from the initial 15 million to 36 million, and further to 60 million in the future, bringing a 2-4x increase in the number of transactions that Ethereum L1 can process per second to 60 TPS. It can be predicted that Ethereum is expected to break through the 3-digit TPS after multiple expansions. Ethereum researcher Dankrad Feist even proposed: "We have a blueprint to increase the Gas Limit 100 times in four years, which can theoretically increase Ethereum TPS to 2,000."
At the same time, Ethereum is actively promoting zero-knowledge (ZK) integration as part of the "Surge" roadmap phase. Upgrades like Pectra (and the upcoming Fusaka) lay the foundation for comprehensive ETH ZKization and ZK version verification light clients.
Obviously, Ethereum's core protocol is evolving rapidly, keeping it technologically ahead of its competitors.
In the coming months, changes in the macroeconomic environment will be favorable for Ethereum. After a year of high interest rates, the market expects the U.S. Federal Reserve to turn to rate cuts, which could push benchmark yields below the returns on ETH staking.
According to CME Fed Watch, the federal funds rate will fall to 3.25% or lower by mid-2026. At the same time, Ethereum's on-chain staking yield (currently about 3.5% annualized) is expected to rise due to increased network activity and fees.
The convergence of these trends creates a "double-hit effect": the traditional risk-free rate falls, while Ethereum's native yield rises, potentially turning the spread between ETH staking and Treasury yields positive.
If Ethereum staking can provide returns significantly higher than U.S. Treasuries or savings accounts, it will enhance ETH's appeal as a high-yield and liquid asset. Staking not only brings a solid return, but ETH itself also has the potential for growth, which is an attractive combination for investors who have difficulty obtaining returns elsewhere.
In addition, it is well known that a more accommodative Fed policy (and an improved inflation outlook) tends to weaken the dollar, which has historically benefited all crypto assets.
Such a loose monetary policy macro trend is very favorable for ETH in the next 3-18 month time frame.
Ethereum core researcher Justin Drake pointed out in multiple podcast interviews between 2024 and 2025: "Ethereum staking has become fundamental to network security and economic models. If the United States approves a staking ETF, it may bring billions of dollars in new institutional demand."
Ethereum's transition to proof-of-stake (PoS) has opened up a new dynamic around staking, and US regulators are gradually becoming open to investment products that use staking income. With the SEC approving multiple spot Ethereum ETFs in 2024, the stage is set for the next phase of innovation: a US staking ETF that provides exposure to ETH plus staking rewards.
So the future of Ethereum staking will become a two-pronged approach:
1. Traditional institutional staking:How a staking-enabled ETF might affect the Ethereum ecosystem and value;
2. On-chain protocol staking:The role of protocols like Lido and Ether.Fi in popularizing staking.
Growing staking participation: Ethereum staking has experienced strong growth after the Merge and Shanghai upgrade. As of the first quarter of 2025, approximately 28% of the total ETH supply is staked in validator nodes, a record high, reflecting strong confidence in the network.
It is worth noting that ETH Staking has not become centralized: Lido Finance is still the largest single staking provider, but its once dominant market share (about 30%+) has not continued to be concentrated. The reason is that Lido personally promoted the two major sectors of community staking (CSM) and DVT staking (SDVTM), which gradually increased their share in the Lido Staking pool, thereby shattering the doubts that ETH Staking was about to become centralized.
At the same time, the staking landscape is becoming more diverse, with new platforms like Ether.Fi increasing ETH staked by about 30% in the past six months, with a net increase of more than 310,000 ETH in the past month alone. In particular, strategies related to revolving loans have allowed Ether.Fi to demonstrate how innovation can make Ethereum staking more accessible and capital efficient: users can easily participate with small amounts, maintain liquidity, and even amplify returns, all of which encourage broader staking participation.
Staking returns have changed investors' considerations - ETH is no longer a non-yielding asset, but gradually resembles a productive asset, with returns comparable to dividends or interest, and even answered Buffett's question about the non-interest-bearing assets of gold and Bitcoin. Overall, the number of staked ETH is still at an all-time high, indicating that holders view staking as an attractive long-term strategy (earning returns while protecting the network) rather than short-term speculation.
With spot Ethereum ETFs already trading in the US, the natural progression is to launch an ETF that not only holds ETH but also participates in staking to earn yield. Such a product would be groundbreaking, providing traditional investors with exposure to ETH price appreciation and ~3–4% annualized staking returns in a single, regulated vehicle. If a US staking-backed ETF is approved, the impact on Ethereum could be significant:
Increased Demand and Reduced Circulation: Staking ETFs could attract institutional capital and retirement accounts that prefer the convenience of ETFs. This locks more ETH into the staking contract, effectively reducing the liquidity supply in circulation, and a popular ETF could exert a "push back" on the price of ETH.
Verify the legality of staking: In particular, the new SEC chairman made it clear that "validators, staking as a service" do not fall under securities jurisdiction, which sends a strong signal to the staking ETF approved by the United States.
Industry experts such as James Seyffart of Bloomberg and ETF analysts at The ETF Store predict that by the end of 2025, the SEC may allow staking features to be included in ETFs for major assets such as Ethereum. In short, it seems to be a question of "when, not if" for US staking ETFs.
Essentially, it normalizes staking as a "crypto dividend" or bond-like interest in the eyes of traditional investors. This mainstream acceptance could expand Ethereum's investor base, attracting not only growth investors but also those seeking yield and income.
In summary, Ethereum staking has become a core pillar of the network's value proposition, and the emergence of a US staking ETF could be a game changer. This growing staking base reduces circulating supply and encourages long-term holding, supporting ETH's price. If regulators allow ETFs to integrate staking, it will invite a new class of investors to participate in Ethereum's yield within a familiar framework, potentially boosting demand for ETH and strengthening its position as a yield asset.
Allen Ding, founder of Ebunker, said: "As a top staking service provider in Asia, I would like to talk about the potential of Ethereum from the perspective of nodes. Ethereum currently has more than 1 million nodes and thousands of node entities. It is one of the most decentralized protocols in the entire blockchain industry and even in all organizations in the entire human society.
Although Ethereum has performed poorly in terms of application ecosystem prosperity and user growth in recent years, I believe that the long-term reputation accumulated in terms of decentralization and security is its real and unchallengeable moat. We have recently seen that many commercial companies such as Robinhood still choose ETH L2 to issue its on-chain securities, which can give us a glimpse of Ethereum's indestructible position in people's hearts.
So, I boldly say that Ethereum cannot be killed - both literally and by implication."
Ethereum has adopted Layer-2 The strategy of network expansion is paying off. The L2 strategy eliminates many new “Ethereum killers” that could have emerged.
Rather than competing with every emerging blockchain, Ethereum is empowering them as L2s, and even large enterprises are jumping on board. For example, Sony has launched its own Ethereum L2 blockchain, Soneium, which aims to bring Web3 to gaming, entertainment, and finance. Sony’s platform will use Optimism’s OP Stack technology, inheriting Ethereum’s security while providing customized scalability. This is the first time that a global consumer tech giant has built a platform directly on Ethereum’s L2 framework, greatly validating Ethereum’s strategy.
Recently, Robinhood has also joined the ranks, announcing plans to build its own L2 blockchain based on Arbitrum to support its new business lines such as tokenized stocks and crypto perpetual contracts launched in the European Union. As one of the hottest financial platforms in the United States, Robinhood’s participation marks the continued appeal of Ethereum’s L2 strategy to mainstream fintech companies.
Meanwhile, Base, the L2 network of US exchange Coinbase, has seen a surge in activity since its launch in 2024. Base processes over 6 million transactions per day, even surpassing traditional L2s such as Arbitrum in usage. In fact, as of the end of 2024, Base accounted for about 60% of all L2 transactions, demonstrating the potential for Ethereum L2 to achieve massive scalability with the support of large platforms.
Not to be outdone, Binance has also adopted Ethereum's technology — its opBNB chain is based on Optimism's L2, achieving over 4,000 TPS in testing and processing 35 million transactions during the beta period. By using Ethereum's EVM and OP Stack, opBNB extends Ethereum's influence to the BNB Chain ecosystem while maintaining compatibility.
The bottom line: Ethereum’s network effects are so strong that it’s converting potential competitors and large enterprises to become part of its L2 superstructure at an early stage. This widespread L2 adoption (from Sony to Robinhood to Coinbase to Binance) has driven more usage and fees back to Ethereum, underscoring its position as the preferred settlement layer.
Beyond price, signals from the broader ecosystem suggest that Ethereum is becoming increasingly deeply integrated into the fabric of tech, business, and even politics.
One striking example is the Trump family’s foray into crypto with a new platform from World Freedom Financial (WLFI). WLFI wants to offer high-yield crypto services and digital asset trading — essentially bringing the concept of DeFi to the masses.
Trump Jr., Trump's son, publicly predicted that WLFI has the potential to "reshape DeFi and CeFi and revolutionize the financial industry," and emphasized: "We are just getting started." Before and after the tweet, WLFI spent $48 million to buy ETH to support its DeFi business.
The Trump family's involvement - they reportedly own a majority of WLFI's shares and even appointed Trump himself as "Chief Crypto Advocate" - shows that even traditional conservative figures are now beginning to see the value of Ethereum-based finance, which can be seen as an indirect endorsement of Ethereum technology.
At the same time, the attitudes of institutional investors are also changing fundamentally.
In June 2025, the net inflow of Ethereum spot ETF exceeded 1.1 billion US dollars, setting a new monthly high since 2025, accounting for more than 27% of the current cumulative net inflow (US$4.18 billion), showing that institutional funds are rapidly and massively entering the Ethereum market. More importantly, this is not a short-term capital movement, but a wave of continuous configuration trends:
As of June 12, 2025, Ethereum spot ETF has recorded positive capital inflows for 19 consecutive trading days, breaking the record of continuous net inflows in the history of crypto ETFs; among them, the net inflow on June 11 was as high as 240 million US dollars, which not only far exceeded the 165 million US dollars of Bitcoin ETF in the same period, but also highlighted that the market's preference for ETH is increasing.
This series of changes in capital flows sends a clear signal: institutions are no longer just "paying attention" to Ethereum, but are firmly "allocating" Ethereum.
The logic behind it is not complicated:
Ethereum has a diversified income structure (staking income, MEV capture, L2 profit sharing),
has a more efficient technology upgrade path (such as EIP-4844, modular architecture),
and a continuously leading developer ecosystem and application vitality.
For institutions, ETH is no longer just a substitute for Bitcoin, but more like a "proof of equity in the digital financial system" — representing the underlying rights and interests of the future global network finance. This shift in role positioning has driven ETH to gradually become one of the core assets in mainstream financial configuration.
Morgan Stanley analysts recently reiterated: "If Ethereum can continue to upgrade smoothly, more institutional investment (such as a new round of ETFs) will continue to drive ETH prices up. We still stick to our long-term bold target of $15,000."
In addition, this also highlights the development of Ethereum: from being ignored by regulators and traditional forces to being adopted by the US President today. Other signals in the ecosystem are also everywhere: PayPal has launched an Ethereum-based stablecoin (PYUSD), and Visa is using Ethereum to settle USDC payments.
In addition, mainstream adoption in other countries and regions outside the United States is also continuing to accelerate.
Since 2021, Europe, Asia and emerging markets around the world have also actively adopted Ethereum in the fields of policy, finance and technology:
Europe: After the MiCA regulations came into effect, Deutsche Bank, BNP Paribas and others used Ethereum as a digital bond issuance and settlement platform. French asset management giant Amundi made it clear: "Ethereum is at the core of our digital securities strategy." In 2023, the London Stock Exchange (LSE) announced support for the listing of digital assets based on Ethereum. The SIX Exchange in Switzerland has launched Ethereum spot and derivatives since 2022.
Asia Pacific: In 2024, Hong Kong's spot ETH ETF was listed and supported Staking. HashKey, OSL and other compliant exchanges use Ethereum as the underlying asset custody. Singapore's DBS Bank has been conducting a pilot of Ethereum DeFi liquidity pool since 2022, with ETH as the core collateral. Mitsubishi UFJ of Japan leads Progmat Coin, and issues Japanese yen stablecoins with Ethereum-compatible architecture. Australia's eAUD is all Ethereum-compatible EVM-based.
Latin America and the Middle East: Brazil's central bank CBDC, the United Arab Emirates, and Abu Dhabi promote asset tokenization and digital identity, and Ethereum and L2 platforms are preferred.
Africa: The Central Bank of Nigeria will cooperate with Consensys in 2022 to promote the eNaira national payment system based on the Ethereum architecture.
These cases show that Ethereum has become the preferred underlying layer for digital asset issuance, asset custody, compliance pilots, and corporate innovation, whether in Europe and the United States or in Asia, the Middle East, and Africa.
As more and more governments, fintech companies, and enterprises around the world integrate Ethereum into their actual businesses, the actual demand and reality of ETH will further enhance the supply and demand structure, providing a broader space for the upward cycle in the next 3–18 months.
Ethereum has not only made continuous breakthroughs in technology and the market, but the organizations and thought leaders behind it have also entered a new stage of development. Vitalik's continued research, the reshaping of the foundation, the establishment of the Etherealize department, and the co-evolution of L1 and L2 have jointly pushed the Ethereum ecosystem towards a more mature and influential direction.
Vitalik Buterin is known as "the only true god in the post-Satoshi era". He is not only the founder of Ethereum, but also continues to influence the ecosystem as an industry research pioneer and social media influencer. Currently, his focus includes:
ZK strategy: Vitalik has established zero-knowledge proof (ZK proof) as the core technology of Ethereum for the next decade. He continues to promote the dominance of ZK proof in expansion and security, while emphasizing that Ethereum cannot rely too much on a single technology route. Although the industry has achieved breakthroughs such as real-time ZK proof, Vitalik also reminds that performance optimization, auditability and ease of use are still shortcomings, and ZK proof will play a key role in improving the efficiency and security of Ethereum in the long run.
RISC-V + ZK-EVM performance innovation: Vitalik advocates the use of a general RISC-V virtual machine as a long-term goal, and believes that if the mainnet can achieve this upgrade, the execution efficiency is expected to increase by 50-100 times or even higher. At the same time, ZK-EVM will serve as a mid-term transition and supplement. Through architectural innovation, Ethereum is expected to significantly lead similar public chains in verifiability and performance, and continue to strengthen its core competitiveness.
Light Node Roadmap: Vitalik promotes innovative ideas such as "partial stateless nodes", allowing ordinary users to participate in network verification by only retaining the sub-states they care about, thereby lowering the hardware threshold and reducing the pressure of RPC centralization. This direction will help improve the level of decentralization and user participation of Ethereum, and lay a technical foundation for broader social participation in the future.
In the field of encryption, his number of followers on Twitter is second only to CZ, and his personal voice is enough to influence the encryption industry and cause industry discussions. Vitalik continues to contribute in-depth research and cutting-edge discussions to the industry, demonstrating his absolute dominance as a blockchain thought leader.
In 2025, the Ethereum Foundation (EF) released a new organizational structure. Former Executive Director Aya Miyaguchi was promoted to President, focusing on global strategy and external relations; the board of directors is composed of Vitalik Buterin, Aya Miyaguchi, Swiss legal counsel Patrick Storchenegger and new director Hsiao-Wei Wang, responsible for long-term vision and compliance supervision.
At the operational level, the Foundation introduced the "Co-Executive Directors" model for the first time: Hsiao-Wei Wang, former head of Protocol Support, and Tomasz Stańczak, founder of Nethermind, are jointly responsible for daily management; at the same time, Bastian Aue (organizational strategy, recruitment training) and Josh Stark (project execution, market communication) joined the management team to form horizontal collaboration.
This reorganization clearly separates decision-making power from execution power, forming a two-tier governance structure of "board of directors - management", thereby dispersing single-point risks, improving execution efficiency, and providing a smoother collaboration channel for the three major sectors of core research and development (Protocol & Privacy & Scaling), ecological development (Ecodev) and operational support.
Overall, EF is evolving from "single-line" management to a flatter, multi-center governance model, providing a solid foundation for Ethereum's next stage of cross-L1/L2 expansion and multi-field collaboration.
In January this year, an independent non-profit organization, Etherealize, was added to the Ethereum ecosystem. The organization is funded by the Ethereum Foundation, but remains independent in governance and operation, and is positioned as "Ethereum's institutional market and product hub." The Etherealize team is led by Vivek Raman, a senior banker on Wall Street, and Danny Ryan officially joined as a co-founder in March.
Etherealize mainly provides research, education and product docking services to banks, securities firms and asset management institutions, focusing on promoting the practical application of asset tokenization, customizable L2 solutions and zero-knowledge privacy tools. The establishment of this organization means that the Ethereum ecosystem is moving from a simple technical community to financial infrastructure, and the specific lobbying for Wall Street has further consolidated ETH's position as an institutional-level digital asset.
While Ethereum is deepening its L2 expansion, it is also accelerating the improvement of the basic performance of the main network (L1). Vitalik Buterin pointed out in an interview with Decrypt on June 2 this year: "I think we should expand the Ethereum mainnet by about 10 times in the next year or so."
The most intuitive progress is the dynamic increase in Gas Limit. In 2024, the mainnet Gas Limit will be increased from 15 million to 36 million, and it is expected to be increased to 60 million after entering the voting stage in 2025, which will increase the peak TPS of the ETH mainnet to 60, reaching 4 times the historical level.
Unlike Bitcoin's fixed block size, Ethereum's Gas Limit is adjusted by dynamic voting by validators across the entire network, without the need for a hard fork, which improves the flexibility of on-chain governance and community participation. Recent radical proposals such as EIP-9698 suggest a significant increase in Gas Limit in the next few years, but the community as a whole prefers to balance security, decentralization and performance.
The latest test shows that the 60 million Gas Limit has a controllable impact on most node performance and block propagation latency, laying a solid foundation for future L1+L2 collaboration and serving hundreds of millions of users.
Ethereum's native token economics continues to strengthen its investment value. Ethereum's "ultrasonic currency" theory is being realized: the burning of handling fees often exceeds the new issuance, and even causes net deflation of ETH supply during high activity periods. Since the London upgrade, more than 4.6 million ETH have been burned, continuously reducing the circulating supply.
From a supply perspective, higher stake participation does slightly increase protocol issuance (more validators = more rewarded ETH released), but since the switch to PoS, Ethereum's issuance is still far lower than the Proof of Work (PoW) era - only about 700,000 ETH new issuance per year (corresponding to 30 million staked ETH), which is far lower than the 4.5 million ETH per year under the old mining system.
From a consumption perspective, on-chain activity remains strong - Ethereum steadily processes billions of dollars in transactions per day, covering decentralized finance, NFTs, and payments, far more than any other smart contract chain. Despite the bear market, this healthy network usage indicates that Ethereum's utility (and therefore demand for ETH as fuel) is on a solid upward trend.
Even at ~28% staking participation, annual ETH issuance via staking is only around 0.5–1% of supply, and periods of high network activity can still see net deflation in ETH supply under the EIP-1559 fee burn mechanism.
In fact, Ethereum’s net issuance hovers around zero, and can even be deflationary at times, depending on network fees. With the burn mechanism offsetting fees, Ethereum’s monetary policy can still be said to be deflationary or neutral in many cases. Thus, as staking grows, Ethereum’s “inflation rate” remains low and “yield” remains high, while more and more ETH is locked up to secure the network, achieving “have it all”.
As L2 adoption (as discussed above) drives more transactions to settle on L1, Ethereum’s fee revenue (and thus ETH burned) should continue to grow. Overall, Ethereum's supply and demand in the medium term is very bullish: effective supply is reduced, and demand from network users and long-term stakers/investors is rising.
Looking at the four dimensions of regulation, technology, capital and macro, Ethereum is entering the "compounding period at the turning point". When the policy ceiling is pried open, the protocol performance continues to iterate, the institutional configuration shifts from trial to strategy, and global liquidity is loosened again - these four forces are not isolated and superimposed, but coupled with each other and resonate exponentially.
History tells us that assets that truly change the rules of the game often quietly complete the valuation reshaping before the consensus is fully solidified. Today, the ten core reasons have been arranged side by side, interpreting a clear timeline - from compliance release to treasury account, from Pectra upgrade to pledge ETF, from L2 expansion to deflationary monetary theory. All signals point to the same answer: ETH is no longer just an "opportunity for the next stage", but "the most certain increment at the moment". The market will eventually honor this logic with prices - the only question left is whether you will choose to turn the last page before or after the story is finished.
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JoyPandoshi (PAMBO) secures its position in the cryptocurrency realm with a successful Stage 3 presale sell-out and the launch of its anticipated DeFi Wallet, showcasing its commitment to innovation. Positioned as a practical, user-oriented blockchain solution, Pandoshi emerges as an attractive investment option for those seeking a promising and accessible crypto venture.
JoyTo address risks associated with specific LSTs, Eigenpie will also introduce Isolated Liquid Restaking (ILR), a method where tokens can only be minted by depositing a particular LST.
AlexExplore the intricacies of Meta's digital asset ventures. Uncover insights into Meta's cryptocurrency ambitions, regulatory hurdles, and the implications for the digital finance landscape. Stay informed with our in-depth analysis
MiyukiExplore the dynamic cryptocurrency landscape as major tokens like Bitcoin, Solana, and Cardano confront market volatility. Uncover the pivotal role of Bitcoin ETFs, including Grayscale’s GBTC, in shaping market trends and investor strategies. Delve into the contrasting forces of market downturns and ETF-driven optimism, painting a complex picture of the current crypto economy.
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