#ETHCrossed2500 The study highlights that ETH is at a critical juncture. While it still leads many metrics, its dominance has been declining for a long time. One of the main reasons is the rise of layer-2 blockchains, which were designed to scale Ethereum. However, instead of reinforcing ETH’s value, layer-2 is reducing ETH’s market capitalization. According to Standard Chartered’s estimates, Coinbase’s Base alone has wiped out $50 billion from ETH’s market capitalization.