Key Takeaways:
Ethereum is entering a new phase as “trustware” infrastructure, says Consensys.
The firm’s “cost-to-corrupt” model forecasts ETH to reach $4,900 by 2025 and $15,800 by 2028.
Adoption of tokenized assets, stablecoins, and DeFi signal growing Ethereum demand.
ETH secures over $220B in high-quality liquid assets (HQLA), leading rival chains.
As Ethereum marks its 10th anniversary, blockchain firm Consensys is putting forward a bold thesis: Ethereum is evolving from a smart contract platform into a foundational pillar of global digital trust — a concept it calls “trustware.”
The idea is simple but transformative: Ethereum acts as the base layer for verifiable, programmable trust in a world moving toward tokenized finance, smart contracts, and decentralized value transfer. And if this vision plays out, it could send Ether (ETH) to $15,800 by 2028, according to Consensys’ internal models.
Ethereum as Trust Infrastructure
In an interview with Cointelegraph, Jason Linehan, Chief Strategy Officer at Consensys, explained that Ethereum is positioned to capture value from the $9.3 trillion global trust economy — the cost nations and corporations incur for services like insurance, compliance, legal verification, and intermediaries.
“Trustware is a new way to talk about the value Ethereum already brings to the economy,” Linehan said, pointing to the protocol’s use in stablecoins, tokenized assets, DeFi, and rollups.
According to Consensys, Ethereum already dominates these categories and is best equipped to scale as financial institutions digitize assets and services.
ETH Price Forecast: $4.9K in 2025, $15.8K in 2028
The forecast is based on the “cost-to-corrupt” model — a valuation metric that ties ETH’s market cap to the economic security needed to safeguard the onchain value Ethereum supports.
By 2028, Consensys estimates Ethereum could secure:
$1 trillion in stablecoins
$500 billion in tokenized real-world assets (RWAs)
$300 billion in total value locked (TVL)
Given these conservative assumptions, ETH would need to command a price of $15,800 to maintain adequate network security under the model.
Linehan added that more aggressive projections — like $2 trillion in stablecoins and $16 trillion in RWAs by 2030 — would imply even greater upside for Ethereum.
Ethereum’s Current Economic Footprint
As of May 2025, Ethereum secures:
$220 billion in high-quality liquid assets (HQLA)
Compared to:
Solana: $20.3 billion
Avalanche: $3.7 billion
Despite the rise of competitor chains in gaming and memecoins, Ethereum remains the go-to chain for institutional-grade capital, Consensys notes. With over 1 million validators across 84 countries, Ethereum is widely seen as the most decentralized and secure smart contract network.
The Architecture of the Next Decade
With 21 major upgrades in its first decade — including smart contracts, NFTs, DeFi, DAOs, rollups, proof-of-stake, and RWA tokenization — Ethereum has already proven its ability to shape digital finance.
Consensys believes the next chapter will revolve around “agentic finance,” where smart agents — algorithms and autonomous programs — transact RWAs at high frequency across global markets, according to Cointelegraph.
“The future will not look like the past... it’s going to be an economy like we’ve never seen, and it will blow the doors off what we have today. Ethereum makes it possible,” said Linehan.
