Fidelity: Ethereum is a national digital economy, with ETH serving as currency and valuable asset

#Fidelity , an investment management company with $4.9 trillion, makes a groundbreaking statement: Ethereum can be analyzed as a national digital economy, with an operational structure similar to the GDP of a real economy. This is an extremely positive perspective, highlighting the potential and complexity of the Ethereum ecosystem.

Fidelity divides the economic activities of Ethereum into 4 parts, analogous to the traditional economy:

Consumption: Includes gas fees (like consumption taxes), application revenues (service fees), and NFT sales (digital valuable goods).

Government spending: Includes subsidies ($ETH spent to support the ecosystem) and security budget (newly created ETH to reward validators).

Investment: Includes ETH staking (like depositing in a bank to secure the network) and liquidity pools (funds that support trading).

Imports and exports: Includes blockchain bridges (assets moving between chains) and Stablecoin/DePIN (assets built directly on Ethereum).

Fidelity's analysis confirms that ETH is not just a token but also functions as the national currency of Ethereum. It is used to pay transaction fees (accounting unit), serve as a medium of exchange, and store value.

The data also reinforces this: in 2023, ETH accounted for 68% of DEX trading volume and 31% of lending deposits; in 2024, this number rises to 74% of DEX transactions. In summary, according to Fidelity, Ethereum is a genuine digital economy, where ETH is both a transactional currency and a store of value asset – much like gold in the traditional economy.