$ETH Ethereum has continued to consolidate its position as the "king of public chains" recently. After the Cancun upgrade, the performance of the L2 network has been significantly improved, and the fluctuation of gas fees has become smoother. As the underlying infrastructure of DeFi, NFT and blockchain games, ETH has always occupied a core position in value capture. Especially as the TVL of L2 ecosystems such as Optimism and Arbitrum has exceeded tens of billions of US dollars, the prosperity of on-chain applications has fed back to the value fundamentals of ETH.

It is worth noting that the current ETH pledge rate has exceeded 26%, and the proportion of long-term holders has reached a historical high. In addition, institutions such as BlackRock are accelerating the layout of ETH spot ETFs, and the market is forming multiple value supports of "deflationary supply + pledge income + ecological expansion". In the cycle of the crypto market shifting from speculation to practicality, ETH's technological iteration and ecological maturity may become the core variables of the next round of market conditions.