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ETH Ethereum activity surges
On-chain data shows that the Ethereum blockchain has made great progress in the past few years and currently handles more activity than ever before. At the same time, its underlying assets failed to benefit and prices were still struggling below $2000. One analyst believes that this disconnect has become one of the biggest controversies surrounding the altcoin and the network behind it.
In addition to the much-awaited merger upgrades a few years ago, the Ethereum team has completed a number of other, perhaps less dramatic, but equally far-reaching updates that have successfully expanded the network. Compared with the proof-of-work era, the blockchain currently handles a significantly higher amount of activity.
Data shared by well-known analyst Tanaka shows that the Ethereum first-layer network generated real economic value of more than US$88 million in the second quarter, a month-on-month increase of 7%, but still fell nearly 70% year-on-year.
Applications built on the world's second-largest blockchain generated US$1.8 billion in fees, which means Ethereum itself only captured approximately 4.9% of the economic value created by its application layer. This comparison is even more evident when looking at online activity.
Ethereum Rollup currently handles approximately 1270 user operations per second, compared with approximately 20.4 on the main network. According to reports, Robinhood Chain handles almost five times the amount of operations that Ethereum's first-layer network.
The analyst called the technological progress impressive, but questioned how much of this growing activity ultimately benefited ETH holders. Current data shows that the total supply of ETH is approximately 121.88 million, and there are approximately 41.1 million in the beacon chain, accounting for approximately 33.7% of the total supply of ETH is used to protect the network. The yield on pledge issuance is approximately 2.6%. The recent annualized supply growth is approximately 0.85%, and the seven-day Blob destruction fee is only approximately 0.22 ETH.
Changing bull narrative
The analyst does not believe Ethereum has collapsed, but points out that ETH's long-term investment logic is undergoing major changes. The focus has gradually shifted from "more users bring more fees and more ETH destruction" to tokenized finance.
The value of real-world assets on Ethereum has recently exceeded US$17 billion, while the broader stablecoin market has reached nearly US$300 billion. The analyst believes that Ethereum's competitive advantage is no longer cheap transactions, but its status as the leading settlement layer of institutional finance.
Looking to the future, he pointed out that the key question is: Can the activity of the second-layer network ultimately make Blob space economically valuable? Can stablecoins and real-world assets generate meaningful on-chain trading volume? And will institutions increasingly use underlying assets as reserve collateral for the Ethereum ecosystem?
The analyst will continue to hold and accumulate ETH as he remains optimistic about Ethereum's short-and long-term prospects, especially as Ethereum has resolved its expansion problems.
