Who stole the yield of $ETH ? Now, the staking yield of Ethereum has dropped below 3%, lagging behind yield-bearing stablecoins at around 4%-6.5% and DeFi lending protocols (like Aave, Compound). The maturity and differentiation of the Ethereum ecosystem mean it no longer relies solely on staking yields to attract funds, but has evolved into a diversified yield market. Most of these high-yield products are still built on Ethereum, transforming it from a direct yield provider to a yield infrastructure layer. Although short-term yields are lower, users still need to pay Gas fees to use these products, indirectly enhancing ETH's value capture ability.
Ethereum's dominance in DeFi and RWA fields remains solid, including its security, degree of decentralization, and developer ecosystem, which are still industry benchmarks. With the maturity of technologies like Layer 2 scaling and account abstraction, Ethereum has the potential to further lower participation thresholds, making Ethereum yields no longer solely refer to staking returns, but rather the comprehensive yield opportunities of the entire ecosystem. Therefore, despite short-term yield pressure, Ethereum still achieves another form of victory by empowering the on-chain yield ecosystem. The answer was originally hidden behind all competing protocols.
