The market feels slow, but Ethereum isn’t standing still.
Roughly two-thirds of all DeFi liquidity still sits on Ethereum and its Layer-2 ecosystem. That’s not a fading network — that’s a foundation.
On many Layer-2 networks, transaction costs are already 10–50x cheaper than the main chain, making everyday use far more realistic than even two years ago. Scaling isn’t theoretical anymore — it’s live.
Developer activity also remains the strongest in crypto. Thousands of active builders and a constant flow of new protocols mean the ecosystem keeps expanding even when prices move sideways.
Institutional positioning is quietly growing too. Custody services, tokenized funds, and settlement pilots aren’t built during hype cycles — they’re built during uncertainty, when long-term players prepare.
Since the merge, Ethereum’s supply dynamics have shifted as well. Lower issuance combined with fee burning means inflation pressure is structurally reduced compared to the past.
Across the broader blockchain space, well over $100B worth of assets have already been tokenized or experimented with on-chain, and Ethereum continues to anchor a large share of that activity.
So the market feels quiet not because nothing is happening, but because the groundwork is being laid.
Price reacts to emotion.
Networks grow through usage.
Right now, Ethereum looks less like a trade and more like infrastructure forming in real time.