Is there any new story about Ethereum now?
Since Ethereum switched from the POW proof-of-work mechanism to the POS proof-of-stake mechanism, technology upgrades have become the main narrative, and Layer2 is a concentrated hype ecosystem. After that, the internal narrative effect weakened, and ETF became the new external narrative. But in reality, neither the internal nor the external narrative has really driven the price of Ethereum.
In sharp contrast, Bitcoin's position as a store of value continues to consolidate. From the exchange rate of the two, the exchange rate of Ethereum relative to Bitcoin has dropped from 0.07 a year ago to 0.042 now.
Even if it is not compared with Bitcoin, in terms of price trends, Ethereum's growth has begun to frequently lag behind mainstream projects such as Solana and BNB. The weakening of the coin price reflects the decline in the activity of the Ethereum ecosystem, while the decline in Gas fees more directly shows the weakening of the ecosystem. According to Etherscan data, the average Gas of Ethereum has recently dropped to 0.758Gwei, which has reached the historical bottom.
Although there is the impact of the introduction of Blob in the Cancun upgrade, such a low Gas fee is the most intuitive reflection of the lack of popular applications on Ethereum. Data from The Block also shows that the number of new Ethereum wallet addresses is currently at its lowest level this year.
The reality is indeed the case. DeFi Summer is temporarily difficult to reproduce, NFT and blockchain games have fallen to the bottom, and even the MEME narrative has been seized by Solana. With the rise of ecosystems such as Ton and Base, there are more and more voices in the market that are pessimistic about Ethereum, and some even believe that Solana may surpass Ethereum.
In addition, Ethereum's ranking in terms of the number of token holders, monthly active users, and number of transactions is not satisfactory, ranking third, seventh, and eleventh respectively. This data does not seem to match Ethereum's title as a public chain leader.
