CoinShares’ Ethereum Usage Report Highlights Concerns Over Long-Term Value CoinShares' recent Ethereum usage report has raised concerns over the network's long-term value. The report found that "Ethereum (ETH) usage has been predominantly driven by speculative trading and token transfers, rather than the broad range of real-world applications that were initially anticipated." This over-reliance on speculative factors has led to concerns that the network may not be able to sustain its growth in the long run. The report also highlights the impact of layer-2 solutions on the Ethereum mainnet, noting that while these solutions have helped alleviate scalability bottlenecks, they have also cannibalized demand for the mainnet. For Ethereum to establish meaningful long-term value to its users, the network must foster on-chain utility that drives sustainable demand. This means encouraging the development of applications and services that provide real-world value and drive organic usage. CoinShares' report serves as a reminder that while Ethereum has made significant progress in recent years, there are still challenges that need to be addressed in order for the network to achieve its full potential.