According to TechFlow, CoinShares released its latest Ethereum usage report on Tuesday, pointing out that despite the continued expansion of the Ethereum ecosystem, the investment value of its native token ETH remains unclear. The report believes that the value of ETH is mainly driven by Ethereum transaction demand, rather than staking income or other factors. However, current transaction demand is highly concentrated in a few speculative use cases, raising concerns about the long-term value of the platform.

CoinShares researcher Matthew Kimmell said that Ethereum usage is mainly concentrated in decentralized exchanges (such as Uniswap) and token transfers, especially stablecoins. Although Ethereum has successfully supported a variety of applications, the demand for the Ethereum chain is trending downward. The rise of Layer 2 solutions has alleviated the expansion problem, but it has also "eaten away" the demand for Ethereum's base layer.

Kimmell believes that while recent upgrades such as EIP-4844 have promoted the development of Layer 2, they may have weakened the economic design advantage of EIP-1559, which links the value of ETH to the demand of its Layer 1 platform. The challenge in the future is to cultivate on-chain applications that can bring long-term value to users and drive sustainable demand for Ethereum services.