How is Ethereum doing now?
There is a growing narrative that “Ethereum is dead,” but is it true? Some analysts argue that while it may not be as flashy as it once was, Ethereum is evolving into the backbone of the entire cryptocurrency industry and many people are not realizing the change.
Ethereum rallied nearly 40% last week, rising from $1,800 to $2,500. However, Ethereum’s DeFi market has fallen dramatically, with total value locked down more than 88% from its peak. At the same time, Solana has taken the lead in active users and transaction volume because it is faster and cheaper.
High gas fees have pushed many users away, and DeFi and NFTs have migrated to cheaper, faster chains. However, it remains the most secure, reliable, and established blockchain. Ethereum is quietly getting better with new features like account abstraction, rollback, and other tools that make it easier and more useful for developers.
Ethereum: The Choice of Big Players
One of the biggest changes has been the rise of tokenized real-world assets (RWAs) like US Treasury bonds, real estate, and carbon credits, now worth over $56 billion. More than half of that value is tied to Ethereum or Ethereum-based rollups. Big companies like BlackRock and Franklin Templeton are launching tokenized products on Ethereum. Ethereum is where big companies want to build.
Additionally, Ether still dominates the stablecoin market, with over 50% of the total stablecoin value (over $120 billion) tied to Ethereum or its roll-up products. These stablecoins are essential for on-chain transactions, lending, and real-world use cases like payroll, remittances, and savings apps.
What seems like slow infrastructure is actually steady, long-term demand that is making Ethereum the platform for everyday crypto use. Instead of just chasing trends, Ethereum is building infrastructure that can fuel the next wave of blockchain growth. This makes it the chain where real money flows, even when it’s not hyped every week.
Preparing for something bigger?
While it won’t skyrocket to all-time highs anytime soon, its utility is increasing through improvements. Features like staking and EIP-1559 help reduce supply, but user demand is the key to price growth.
Despite its recent decline, Ethereum still dominates in terms of TVL at $60.95 billion and stablecoin supply at $124 billion according to data from DefiLama . Ethereum’s developer base remains the largest and continues to lead the decentralized blockchain space. However, Solana leads in terms of active addresses and 24-hour DEX volume at $4.2 billion.
The Ethereum Foundation has recently taken steps to improve its culture and engagement with developers, which could help restore lost confidence in Ethereum’s future. However, a balance between scalability, decentralization, and value capture must be found to remain competitive.
But a price increase requires real demand — people buying and holding ETH, not just using the apps built on it. The good news is that when the market rebounds, all this quiet progress could put Ethereum in a strong position.