🎂 Ethereum's 10th Anniversary, will it usher in new highs for ETH and its ecosystem?
I have compiled the performance of the Ethereum ecosystem from the low in September 2024 to the high in December, selecting the top 5 reliable players with the most significant price increases to share with everyone.
Although it cannot completely capture the essence, it can still indicate some styles and financial strength of the backers.
1️⃣ Ethena (ENA)
Ethena is a synthetic dollar protocol providing USDe stablecoin and 'Internet Bond', managing crypto asset volatility through delta hedging strategies.
TVL: As of July 2025, Ethena's TVL is $1.45 billion.
Recent Developments: Ethena has invested in BlackRock's BUIDL fund, exploring the integration with Real World Assets (RWA) track, and launched new on-chain yield products to attract more users.
Token Performance: The ENA token rose by 570% from the low in September 2024 to the high in December, making it the project with the highest price increase in the ETH ecosystem. In this round, ENA increased nearly 50% in a week, continuing to perform remarkably.
2️⃣ Morpho (MORPHO)
The Base chain is the best-performing public chain among L2s, but since the Base chain does not issue tokens, we turn our attention to the ecosystem projects above. Morpho is a decentralized lending protocol on Base, offering two versions: Morpho Blue (efficient lending market) and Morpho Optimizers (rate optimization).
TVL and Lending Volume: As of July 2025, Morpho's deposits exceed $8.3 billion, ranking second in the active lending market. Its lending volume grew significantly in Q4 2024, benefiting from integration with protocols like Aave.
Recent Developments: Morpho has partnered with Aerodrome to migrate liquidity to the Aerodrome pool, enhancing capital efficiency. Additionally, Morpho plans to integrate with the Real World Assets (RWA) track to support more compliant assets for lending.
Token Performance: The MORPHO token increased by about 487% in the last price surge and has recently shown a strong upward momentum.
3️⃣ Aerodrome Finance (AERO)
Aerodrome Finance is a leading decentralized exchange (DEX) based on the Base network, positioned as the liquidity core of the Base ecosystem. It combines the advantages of Curve, Convex, and Uniswap, using a ve(3,3) incentive model to reward liquidity providers and governance participants through the AERO token.
TVL and Trading Volume: As of July 2025, Aerodrome's TVL exceeds $1.25 billion, accounting for nearly 50% of Base network's TVL. Its 24-hour trading volume has increased tenfold over the past year, surpassing $100 billion.
Recent Developments: Aerodrome has launched the Slipstream concentrated liquidity pool model, significantly increasing capital efficiency. Its MORPHO-WETH pool's liquidity efficiency is reportedly 11 times that of Uniswap V3. Additionally, Aerodrome collaborated with Morpho Labs to further enhance liquidity support.
Token Performance: Thanks to the rapid development of the Base network and deep collaboration with Coinbase, the AERO token price has increased by over 365%.
4️⃣ Pepe (PEPE)
Pepe is an ETH-based meme coin, driven by market sentiment and community activities.
Market Capitalization: As of July 2025, PEPE's market capitalization has reached $5 billion.
Recent Developments: Pepe has collaborated with multiple DeFi protocols to launch new liquidity pools and enhance token visibility and user engagement through community activities.
Token Performance: The PEPE token price increased by 337% in Q4 2024, with high volatility, mainly driven by speculative behavior.
5️⃣ Aave is the largest DeFi lending protocol in the ETH ecosystem, offering lending services for various assets and supporting cross-chain functionality. sUSDe deposits have grown from $20 million in November 2024 to $1 billion, demonstrating its dominant position in the stablecoin market.
TVL: As of July 2025, Aave's TVL exceeds $18 billion, accounting for 51% of the DeFi lending market.
Recent Developments: Aave has launched lending pools supporting more assets and integrated with Layer 2 networks to reduce transaction costs, enhancing user experience and market competitiveness.
Token Performance: The AAVE token rose by 282% from the low in September 2024 to the high in December, and the price is approaching the December peak, remaining very strong.
In addition to the above tokens, the ETH ecosystem should also pay attention to staking assets and innovative protocols such as LDO, EIGEN, and PENDLE.
After institutions such as Franklin Templeton, Grayscale, 21 Shares, and Fidelity, on July 17, global asset management giant BlackRock's iShares Ethereum Trust (ETHA) officially submitted a 19 b-4 filing to the U.S. Securities and Exchange Commission (SEC), intending to introduce staking functionality for its Ethereum ETF, which would be a significant positive news for staking protocols on ETH if approved.
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