#MSCI未排除数字资产财库企业纳入范围 Ethereum has entered a critical technological breakthrough cycle this year. Since the launch of the Glamsterdam fork, parallel processing capabilities have significantly increased, and the transaction throughput of the L1 layer is expected to surpass 10,000 transactions. Following that, the Fusaka upgrade has been implemented, reducing gas fees for layer 2 solutions by up to 90%—a qualitative improvement for user experience and the cost pressure on DeFi applications.

Market signals are also strengthening. The TVL of the DeFi ecosystem has approached the $100 billion mark, with over $99 billion demonstrating real demand at the application layer. The RWA tokenization track is gaining momentum rapidly, with a scale of $12.5 billion indicating that on-chain traditional assets are no longer just conceptual hype. The actions of institutional investors are particularly evident—ETF continuous net inflows and large staking demands are pushing up on-chain capital costs, and $ETH breaking through $3,200 is not without reason.

Technological innovation, increased institutional holdings, and ecosystem prosperity are forming a resonance effect. While other main chains like $BNB $SOL have their own ecosystem advantages, Ethereum’s position as the DeFi infrastructure is unlikely to be shaken in the short term. Whether this growth momentum can be sustained depends ultimately on whether the landing applications can truly carry these upgrade dividends.