On July 30, 2025, the world celebrates the 10th anniversary of Ethereum's founding. Ethereum, a community-driven, open-source governed blockchain platform, has continuously led technological advancement and application expansion. From the pioneer of smart contracts, it has evolved into the core foundation of the entire Web3 ecosystem. Ethereum has not only sparked systemic changes in financial innovation, asset programmability, and data sovereignty but has also made significant breakthroughs in areas such as scalability, privacy computation, and cross-chain interoperability, becoming a dominant infrastructure.

Currently, Ethereum hosts over 50% of the global non-Bitcoin digital assets, including around 60% of the total stablecoin issuance, over 60% of decentralized finance (DeFi) total value locked, and up to 80% of on-chain mapped real-world assets (RWA) like stocks, money market funds, and bonds. This achievement solidifies Ethereum's key position in the global digital economy and the Web3 ecosystem.

Over the past decade, we have steadfastly built the Ethereum ecosystem. Behind this effort, there are seven reasons that we have always adhered to.

One, Leading Developer Ecosystem

1.1 Rich Developer Ecosystem and Growth Trends

· In 2015, Ethereum mainnet launched with approximately 1,085 active developers. By 2024, the global blockchain monthly active developers reached around 23,613, with a ten-year compound annual growth rate of 39%; Ethereum has always maintained the largest developer community.

· In 2024, about 16,700 new developers contributed code to the Ethereum ecosystem, triple that of Polygon and nearly four times that of Solana. Despite the impact of the recent bear market, the overall Web3 monthly active developers have slightly decreased from their peak (about a 7% decline year-on-year), but the number of "veteran developers" with over 2 years of experience has increased by 27%, providing stable support for ecosystem innovation.

· Senior developers (contributing code for over two years) account for over 70% of the total, becoming the cornerstone of continuous innovation in the Ethereum ecosystem.

1.2 Ongoing Expansion of the EVM Ecosystem and Network Effects

· Currently, one-third of global crypto developers are developing across multiple chains, with 34% simultaneously active on two or more public chains per month, a significant increase from 2015 (<10%).

· Ethereum Virtual Machine (EVM) Ecosystem Aggregation Effect: 74% of multi-chain developers have active contributions on EVM chains, and EVM cross-chain deployers have increased fourfold since 2021.

· EVM-compatible chains such as Base, Polygon, and Starknet have attracted a large number of developers, sharing toolchains and codebases, significantly reducing the innovation threshold and enhancing ecosystem stickiness.

· The "code innovation" of the EVM ecosystem is positively migrating to Layer 2 and new chains: by 2024, the mainnet and L2s jointly hosted 65% of the innovative code, with Base at one point accounting for 25% of EVM innovation logic.

· In 2023, there were a total of 17 global crypto ecosystems, attracting over a thousand active developers monthly, with EVM chains occupying the majority of seats.

1.3 Ethereum (Solidity/EVM) Remains the Blockchain with the Most Developers and Richest Ecosystem

· Solana (Rust) developers have seen rapid growth, with the number of new developers surpassing Ethereum for the first time in 2024, but the total developer base is still smaller than Ethereum's.

· The Move ecosystem represented by Aptos and Sui still has a much smaller developer base compared to EVM and Rust chains, but it is growing significantly, focusing on asset security, resource orientation, and talent aggregation.

· Ethereum has set open standards and development tool benchmarks for the blockchain industry, from code frameworks (such as Hardhat, Foundry, OpenZeppelin) to infrastructure (such as L2 Rollup, NFT protocols), effectively reducing the global developer entry threshold and learning curve.

II. Continuous Growth and Innovative Scaling Ecosystem

2.1 Ecosystem Evolution and Innovation Leadership

· In 2015, the Ethereum mainnet was launched, ushering in a new era of smart contracts and decentralized applications (dApps). Over the past decade, Ethereum has driven multiple rounds of innovations such as DeFi, NFTs, RWAs (Real-World Assets), becoming a global blockchain application infrastructure and innovation hub.

· Ethereum Rollup scaling solutions (such as Optimism, Arbitrum, zkSync), sharding, and innovation in state pricing mechanisms (upgrades like Pectra) have significantly increased network throughput and user experience.

· Application scenarios have expanded from DeFi and NFTs to RWAs, AI on-chain, social, GameFi, etc., greatly enriching on-chain ecosystems and cross-border innovation.

2.2 Overview of Ecosystem Innovation Data and On-Chain Metrics

Total Value Locked (TVL) Changes:

· In 2025, DeFi TVL reached approximately $629.5 billion, a 30% year-on-year growth, accounting for over 53% of the global DeFi ecosystem. Leading protocols include Lido, Aave, EigenLayer, Etherfi, and Sky. Market expectations indicate that Ethereum's TVL is expected to exceed $1 trillion by the end of 2025.

· Rollup and other Layer 2 TVL continue to rise, with EVM ecosystem leading multi-chain interoperability.

Transaction Volume and Activity:

· Ethereum's average daily transaction volume (July 2025): 1,605,000 transactions, a 44.6% increase from the same period last year, with network activity reaching a new high.

· The number of active wallets in 2025 has reached 127 million, a 22% year-on-year increase, with multi-chain interoperability strengthening user and developer bases.

2.3 ETH Leading the Development of the Real World Asset (RWA) Ecosystem

· In July 2025, the total scale of on-chain RWAs reached $248 billion, with over 54.9% issued on the Ethereum main chain.

· Assets and Holders: A total of 341 RWA assets have been issued on Ethereum, with 81,388 asset holders.

· Stablecoin Support: As a key infrastructure for RWA, the market cap of stablecoins on Ethereum is approximately $1,410.1 billion, accounting for 54.7% of the total stablecoin market cap. The number of stablecoin holders in the Ethereum network exceeds 14.74 million.

· In Ethereum Layer 2, the ZKsync Era RWA scale has reached $23.34 billion, with 38 assets, representing an 18.33% market share of RWA.

· Asset types include US treasuries, gold, money market funds, stocks, corporate bonds, among others, with leading projects such as BlackRock BUIDL, Paxos Gold PAXG, Tether Gold XAUT, among others. BUIDL's single-asset scale exceeds $2.43 billion, PAXG exceeds $940 million.

·Global RWA Asset Holders: 320,000 individuals, 255 institutions and service providers, with a significant year-on-year growth rate in RWA issuance.

Three, Continuous Improvement in Performance and Scalability

3.1 Review of Technological Upgrades

Since its inception in 2015, Ethereum has undergone multiple significant technological advancements in performance and scalability, bringing profound impact to the blockchain industry, including:

· 2017 Byzantium Upgrade: Introducing various EVM optimizations, reducing mining rewards, and laying the foundation for subsequent on-chain smart contract iterations.

· 2019 Istanbul, Constantinople: Improving transaction fee efficiency, enhancing support for Layer 2, and network resistance to attacks.

· 2020–2021 Beacon Chain & The Merge Readiness: Initiating the transition to Proof of Stake (PoS) with the beacon chain, establishing a foundation for an efficient, secure consensus mechanism.

· 2022 The Merge (Bellatrix/Paris/Shapella): The mainnet merges with the beacon chain, completing the full transition to PoS, reducing energy consumption by over 99%, and clearing obstacles for future scalability upgrades.

· 2024–2025 Dencun/Pectra Upgrade: Technological advancements represented by EIP-4844 (Proto-Danksharding), introducing sharding-related data structures for the first time, optimizing data transmission bandwidth, and significantly reducing L2 transaction costs.

· By 2025, Ethereum has achieved significant reductions in energy consumption, further improved security, and strategic goals of shifting mainnet idle loads to Layer 2 through the above-mentioned upgrades, providing a solid foundation for subsequent large-scale scalability.

3.2 Layer 2 Technological Progress and Data Evolution

The success of Ethereum's ecosystem expansion is inseparable from the explosive development of Layer 2 networks:

· In July 2025, Ethereum Layer 2 networks (including Arbitrum, Optimism, Base, zkSync Era, etc.) reached a peak TPS, surpassing 50 combined TPS on a daily average, processing millions of transactions in a single day, surpassing the mainnet.

·Mainstream L2 transaction fees are usually lower than $0.10 per transaction, far below the mainnet average of $0.75 per transaction.

Leading Layer 2 Ecosystem and Protocol Developments:

·Arbitrum, Optimism, Base, zkSync Era, StarkNet, Polygon zkEVM, etc., have become major hubs for funds and users.

·By 2025, Layer 2 Total Value Locked (TVL) continues to grow, with Arbitrum and Optimism collectively having a TVL of over $10 billion, Base emerging as a dark horse, leading in TPS at one point, accounting for 40% of the ecosystem's transaction processing capacity.

3.3 Technical Outlook

Rollup Dual-track Model Based on L1: The future Ethereum ecosystem will evolve into two parallel Rollup modes. One is Based Rollup deeply aligned with Ethereum, which uses L1 for native sequencing and verification, inheriting its top-level security and trust neutrality, mainly serving high-value DeFi, governance, and asset custody scenarios. The other is high-performance Rollup, optimized for throughput and user experience in large-scale user scenarios such as gaming and social, usually adopting centralized sequencing or alternative Data Availability (DA) solutions. This differentiation will lead to market consolidation, with middle layer Rollups lacking clear performance or security alignment advantages being marginalized.

Technological Leapfrogging of Layer 1: Ethereum L1 is transitioning from "heavy execution" to "light validation" zkEVM paradigm, enhancing its performance and decentralization through comprehensive architecture upgrades:

·The execution layer introduces the RISC-V virtual machine to improve zero-knowledge proof efficiency and expand the developer ecosystem.

·The settlement layer, through the EXECUTE precompile function, achieves native verification of Rollups, turning it into protocol-level execution sharding.

·The consensus layer is upgraded to Beam Chain, reducing finality to about 12 seconds and lowering the validator threshold to 1 ETH, significantly enhancing network neutrality.

·The data availability layer, with the help of Danksharding, increases throughput to support ecosystem-wide throughput levels reaching tens of millions of TPS.

The refactored Layer 1 (L1) will become the undisputed global asset settlement layer. Its enhanced security and neutrality provide a solid foundation for Base Layer Rollups, attracting high-value applications and liquidity. The value generated by these Rollups, such as MEV and transaction fees, will flow back to the Ethereum mainnet, strengthening ETH's economic model and security budget. This predictable, highly secure underlying protocol is crucial for gaining institutional trust, driving the adoption of Real-World Assets (RWA), and large-scale financial applications.

“Trustware”: The trust engine of the global economy. Ethereum is evolving into a form of “Trustware,” a set of infrastructures industrializing trust production. It algorithmically generates the necessary validity and finality of the digital world at an extremely low marginal cost, replacing the expensive and inefficient legal, audit, and intermediary institutions found in traditional finance. In this way, Ethereum provides a scalable trust base for the digitization of global assets, capital, and financial transactions, aiming to become the global ledger supporting the future digital economy.

Four: Decentralization and Security

4.1 Wide Node Distribution

Global Consensus and Network Effects:

· Over the past 10 years, ETH has established a globally distributed node network, forming sufficient globalized consensus. ETH has deployed 8,665 nodes across 86 countries.

· The number of ETH nodes continues to grow, with the rise in ETH price and market expectations directly incentivizing more users to participate in node operation. In the last 7 days, the number of nodes has increased by 8.06%, reflecting holders' strong confidence in ETH's future development.

Bilateral Acknowledgment Between the US and China Driving High Mainstream Consensus:

· In the ETH node network, the US and China dominate, with 3,986 nodes (45.73%) and 2,154 nodes (24.71%) respectively, ranking first and second. The total proportion of the two countries exceeds 70.44%, demonstrating the high level of mental acceptance of ETH in the two major economies of the East and West.

· The developed infrastructure and mature developer ecosystems of the US and China, along with their higher cryptocurrency adoption rates, provide strong support for the stable operation of the ETH node network. The widespread deployment of ETH in these two countries not only enhances network security but also lays a solid foundation for its further applications in the global financial and technological fields.

Wide Decentralization and Security:

· ETH's nodes are distributed across 6 continents: in Europe, the number of nodes is second only to North America, including countries such as Germany, the UK, and the Netherlands; Asia, despite strict cryptocurrency regulations, still operates a large number of nodes in China, Japan, and South Korea; South America, Oceania, and Africa are growing rapidly, including countries like Brazil, Argentina, Australia, New Zealand, South Africa, Nigeria, demonstrating ETH's strong potential in emerging markets.

· While the US and China have absolute dominance, there are still over 10 countries with more than 1% node distribution, including Germany, Japan, France, the UK, Canada, Singapore, the Netherlands, among others. If we separate the execution layer and the consensus layer for counting, the node distribution will be more dispersed. These form the unshakable cornerstone of Ethereum, recognized as the most decentralized and secure public chain.

4.2 Client Diversity

Large-Scale Client Diversity:

· Ethereum's execution layer currently has 6 mainstream clients (excluding those with very low market share), including Geth, Nethermind, Besu, Erigon, Reth, and EthereumJS, with a total of 15,018 clients running. These clients have their own characteristics, meeting the needs of different users and developers. Geth, as the most widely used client, is maintained directly by the Ethereum Foundation; Nethermind and Besu focus more on enterprise applications, providing high performance and scalability; Erigon and Reth focus on optimizing data storage and synchronization efficiency, offering developers more efficient tools.

· At the consensus layer, Ethereum also supports 6 mainstream clients (excluding those with very low market share), including Lighthouse, Lodestar, Nimbus, Teku, Prysm, and Grandie, with a total of 8,850 clients running. Through different technical implementations, they ensure the diversity and security of Ethereum's consensus mechanism. For example, Lighthouse is known for its high performance and low resource consumption, ideal for individual node operators; Prysm is preferred by many institutions for its user-friendliness and rich features.

Comprehensive Support for Multi-Language, Multi-System:

·The ETH client has demonstrated excellent technical compatibility, fully supporting mainstream programming languages such as Go, Java, Rust, and more. This not only reduces developers' learning curves but also attracts developers from diverse technical backgrounds to participate in ETH ecosystem development. Geth is suitable for developers familiar with Go; Nethermind, based on the .NET framework, provides convenience for C# developers; Reth and Lighthouse use Rust, attracting developers who prioritize performance and security.

·The ETH client is fully compatible with mainstream operating systems such as Linux, Windows, and MacOS, meeting various technology stack requirements. This cross-platform compatibility not only enhances the client's usability but also expands ETH's user base. For example, individual developers can quickly set up nodes in a Windows environment, while enterprise users can deploy high-performance clients on Linux servers.

·The strong compatibility has garnered broad community support for ETH. Geth, as the Ethereum Foundation's official client, has a massive developer community and rich documentation resources; Nethermind and Besu, through deep collaboration with enterprises, have driven the adoption of ETH in enterprise-level applications. The diversity of clients not only ensures technological innovation and iteration but also accelerates the development of the ETH technical ecosystem.

4.3 Restaking Data

Steady Growth in Restaking Scale, Rich Protocol:

·As the birthplace of Restaking and Liquid Restaking narratives, ETH's ecosystem has continuously expanded along with the sustained increase in ETH's price. The ETH Restaking TVL exceeds $199.6 billion, accounting for 76% of the total ecosystem's $264.1 billion, surpassing the second-ranked BTC ecosystem's $54.2 billion by 4.9 times. The rising TVL not only increases capital efficiency but also enhances the security of the ETH network.

·The ETH LST TVL exceeds $140.8 billion, representing 95% of the total ecosystem's $147.5 billion, surpassing the second-ranked Solana ecosystem's $2.9 billion by 48.5 times. By converting staked assets into liquid staking tokens, it provides users with higher capital flexibility, attracting participation from numerous DeFi protocols. ETH maintains an absolute advantage in this field.

·ETH Restaking Ecosystem is not only massive in scale but has also nurtured several innovative protocols. EigenLayer and Symbiotic are the most representative, with TVL reaching as high as $18.1 billion and $1.54 billion, respectively; the LST protocol is even more diverse, with 7 protocols having TVL exceeding $1 billion, 3 protocols exceeding $10 billion, namely ether.fi with $9.8 billion, Kelp with $1.56 billion, and Renzo with $1.14 billion. The number and diversity of protocols far exceed other ecosystems.

Five, Continuously Self-Iterating Official Governance Organization

5.1 Ongoing Upgrading of EF Management

New EF Management Team:

· In March, EF announced the most significant leadership changes in recent years: former Executive Director Aya Miyagotchi was appointed as the Foundation's Chair, Hsiao-Wei Wang and Tomasz Stańczak were appointed as Co-Executive Directors, and researcher Danny Ryan joined the new organization Etherealize.

· Since 2018, Aya Miyaguchi has served as EF's Executive Director, leading ETH through numerous milestones. After this transfer to Chair, she will be more responsible for driving strategic partnerships and maintaining relationships, reducing direct involvement in specific affairs. Seven years after the management team adjustment, EF has sent a clear signal to the outside world about its self-iteration.

· The dual Executive Director structure of Hsiao-Wei Wang and Tomasz disperses decision-making responsibilities, reduces the risk of single-point failures, and the strong complementary technological and managerial backgrounds of the two Executive Directors also received congratulations and welcomes from the community and industry organizations for this management update.

Clear Direction and Focus Brought by the New Management Team:

· Hsiao-Wei Wang emphasized that in the long term, they will advance the work of the Foundation based on the dual drives of "guiding principles" (core values) and "specific goals" (measurable impact and resilience), with the four pillars of ETH—uncensorability, open-source innovation, privacy protection, and security—still serving as the underlying basis for all their decisions and actions.

· For the next year, they will clearly focus on three key points: scaling the ETH mainnet (L1), optimizing data blob processing, and improving overall user experience (UX). They also mentioned specific implementation items such as institution-level SDK (integrated custody interface, compliance review, and gas fee optimization module), enterprise wallets based on the Noir zero-knowledge compiler, expansion into the Asia-Pacific and European markets, and collaboration with the Singapore Digital Harbor and the Swiss Crypto Valley.

Three New Organizations:

· This year, EF has successively established three important organizations, each focusing on technology, governance, and institutional integration.

· The most notable Etherealize is the institutional marketing and product department of the ETH ecosystem, aimed at promoting the adoption of ETH in traditional financial markets (such as Wall Street), building financial products while bridging the ETH ecosystem and institutional funds, enhancing the mainnet's economic loop. The establishment of Etherealize clearly demonstrates EF's determination to promote institutional adoption and build open finance.

· EF Silviculture Society is an advisory board composed of 15 non-foundation members, whose main function is to ensure that the development of the ETH ecosystem aligns with core values such as open source, privacy, security, and censorship resistance, declaring EF's respect for senior developers and industry experts and its confidence in further optimizing the community governance structure.

· Ethereum Foundation Research is positioned as EF's research center, consisting of five teams: Application Research Group (ARG), Consensus R&D, Cryptography, Protocol Security, and RIG, covering the five most critical aspects of ETH's future development path to provide a foundation for technological evolution.

5.2 Advanced Cluster Community Governance Structure

EF has always emphasized itself as a non-profit organization and has not adopted a top-down corporate structure but rather resembles a community cluster. The Foundation supports numerous semi-autonomous teams that operate independently in their respective fields while organically collaborating under common guiding values.

EF's organizational structure can be divided into four major functional blocks: Protocol R&D (PR&D), Ecosystem Development (EcoDev), Operational Support (Ops), and Privacy and Scalability Exploration (PSE). EF acts as a bridge for cross-team collaboration but does not engage in micromanaging each project, encouraging teams to "take ownership and fulfill their responsibilities," a governance philosophy and practice that has set an excellent benchmark for the entire industry.

5.3 The Unchanging Vision of the "Infinite Garden"

Guarding the "Infinite Garden":

· In April, Aya Miyaguchi and Vitalik Buterin jointly released an article titled "ETH Foundation Vision," reiterating the EF's mission, role, key priorities, and core principles. They pointed out that the power of ETH should not only be reflected in its decentralized technical architecture but should also extend to broad decentralization and self-governance at the organizational level.

· The EF positions itself as the guardian of the "Infinite Garden," not a centralized power node. It will dedicate itself to guiding projects, communities, and infrastructure within the ecosystem to enhance the overall energy of the ecosystem. The EF aims to both "complete what only the EF can do today" (e.g., coordinate network upgrades) and "help others do in the future what only the EF can do today" (e.g., fund public goods and community localization).

· The EF's work priorities are also very clear: first, maximize the number of ETH users and ensure users can truly benefit from ETH's censorship resistance, openness, and privacy protection; second, enhance the resilience of ETH's technical and social infrastructure to ensure the ecosystem can operate independently and healthily even under extreme circumstances.

Future Development of the Ecosystem:

· On July 10, the EF released its latest "Future Ecosystem Development" vision statement, first clarifying the goal to maximize the number of people who directly or indirectly use ETH and benefit from its underlying values. Secondly, it aims to maximize the resilience of ETH's technical and social infrastructure. The specific approach involves introducing four strategic pillars (Accelerate, Amplify, Support, and Long-term Disentanglement), establishing a new governance framework, and reforming its funding management strategy.

· Regarding ecosystem acceleration, the EF has established specialized support modules, including: Enterprise Relations, Developer Growth, Application Support, and Founder Support, each with a designated lead and detailed plans.

· In terms of funding reform, the EF will gradually reduce future operational expenses as a percentage from 15% to 5% by 2025, moving closer to the standards of a donation-based organization and deploying on-chain assets to ensure long-term financial buffers.

Six, Institutional Mass Adoption

6.1 ETH ETF Becomes the Rocket Booster for Institutional Funds

From Obscurity to Explosive Growth of ETH ETF:

· In July 2024, the SEC officially approved an ETH spot ETF. Initially, the total trading volume of the U.S. ETH ETF surpassed $1 billion, demonstrating strong market interest. However, as BTC was still in a price slump at the time, institutional funds were more inclined to pour into the BTC ETF, causing the trading volume of the ETH ETF to quickly drop back to around $200 million and continue until the middle of 2025.

·With the continuous friendly regulatory framework, DeFi has integrated into the traditional financial narrative, and ETH's value proposition has once again found a solid bottom. From May 2025 to the present, the total trading volume of ETH ETF has gradually rebounded to over $1 billion, with the highest daily trading volume exceeding $3 billion.

·The net inflows of ETH ETF have also shown strong growth momentum. In the past two months, ETH ETF has almost achieved continuous net inflows (except for a few days of low outflows), with the highest daily net inflow amount exceeding $700 million. There is a highly fitted upward trend among ETH price, daily net inflows, and total net assets.

·As of now, the cumulative net inflows of the US market ETH spot ETF amount to $8.89 billion, with a total asset value of $20.48 billion, accounting for 16.2% of the cumulative total net inflows of $54.73 billion and 13.4% of the total asset value of $153.16 billion for the US market BTC spot ETF, and the gap between the two is gradually narrowing.

Institutional holdings have significantly improved ETH's asset structure:

·Similar to BTC ETFs, the issuers of ETH ETFs also include major global asset management institutions, including iShares, Grayscale, Fidelity, Franklin Templeton, VanEck, and Invesco, among others. Currently, there are a total of 9 ETH ETFs, and the number of issuers is very close to the 12 for BTC ETFs.

·The active inflows of major ETFs have improved the asset structure of ETH, with institutional holdings accounting for 27% in 2025, nearly 2.5 times the 12% in 2024, and exchange circulation accounting for 18%, significantly lower than the 31% in 2024. This not only reflects institutional optimism towards ETH but also provides greater confidence to ordinary holders.

·Meanwhile, as the Ethereum network usage warms up, its transaction fees are continuously increasing, effectively offsetting some of ETH's inflation rate. Attributed to the PoS mechanism and EIP-1559's burn mechanism, ETH's inflation rate has been significantly suppressed. As of July 2025, Ethereum's inflation rate is at a low level.

6.2 ETH Becomes an Important Asset in Corporate Treasuries

ETH Treasury Strategy Receives Rapid Response from Stock Market:

· Following the lead of BTC's treasury strategy in the stock market, ETH, as a high-quality asset, quickly found its own treasury strategy flywheel. Currently, the ETH treasury strategy reserve is 2.31 million coins, with a net worth of $8.56 billion, a figure that is close to 40% of ETF holdings and net worth.

· There are currently 63 companies officially establishing an ETH ETF treasury strategy, compared to 5 companies in April 2025, showing that this strategy has gained strong institutional consensus in just 4 months.

· The most representative companies, SharpLink Gaming and Bitmine Immersion Tech, have reserved 360,000 and 560,000 ETH respectively, with market values of $1.34 billion and $2.1 billion, surpassing the ETH Foundation's 237,000 coins; in addition, there are several institutions such as Bit Digital, BTCs, GameSquare, Coinbase, holding tens of thousands of ETH.

More Institutional Holders Will Continue to Raise ETH Consensus:

· Institutions establishing ETH treasury strategies have also shown high diversity, with heavyweight players entering the game one after another. Catherine Wood's ARK Invest advanced the ETH treasury by acquiring $182 million BMNR common shares, while in a May private financing round, SharpLink Gaming also attracted participation from Consensys, ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital; ETH co-founder and Consensys founder CEO Joseph Lubin became the chairman of SharpLink's board, and the mastermind behind Bitmine's ETH strategy reserve is Wall Street's renowned strategist and Fundstrat co-founder Thomas Lee.

· In addition to ETF institutions, stock companies, and crypto companies, other types of institutions are also adopting ETH as their primary asset. Since WLFI, owned by the Trump family, was established in December 2024, they have held up to 70,000 ETH at one point and continue to make purchases.

·Joseph Lubin also stated in June that the company is exploring the possibility of collaborating with a sovereign wealth fund and a bank to build infrastructure in the ETH ecosystem. With the entry of diverse institutional holders, ETH's consensus will become more robust and its scope will also broaden.

·Crypto project teams and exchanges are actively increasing their ETH holdings. In addition to the ETH Foundation, PulseChain holds 166,000 ETH, the Golem Foundation holds 101,000 ETH, the Gnosis DAO holds 66,000 ETH, and Coinbase holds 137,000 ETH.

·Referencing BTC's growth trajectory, we believe that ETH's new round of price discovery is still ongoing. With large-scale institutional adoption, ETH's value proposition will further differentiate from other altcoins and move closer to BTC. At the same time, ETH's unique decentralization, security, and on-chain economic ecosystem will continue to integrate with traditional finance, further enhancing ETH's value capture ability. Therefore, we believe that ETH will continue to have good upward momentum.

Seven, Strong Partnership with OKX

7.1 OKX: A Firm Builder in the Ethereum Ecosystem

OKX Wallet's Engagement in the ETH Ecosystem:

·One of the earliest wallets to support the Ethereum network and its ecosystem, quickly responding to every official upgrade.

·In 2024, the daily API calls provided by OKX Wallet for Ethereum surpassed 900,000, covering core capabilities such as wallet management, smart contract interaction, and on-chain data queries.

·In 2024, Ethereum Foundation (referred to as "EF") member Justin Drake engaged in in-depth discussions with OKX Web3 product manager Owen on various aspects such as technical improvements for Ethereum 2.0, consensus mechanisms, scalability, security, DeFi, user experience, ecosystem, environmental impact, and future development and strategy.

·In July 2025, OKX Wallet co-hosted three major "Builder Experiences" exclusive events, including the ETHCC Cannes 2025 Builder's Club, inviting over 150 core project teams and ecosystem developers to participate. These events encompassed technical sharing, hackathons, and closed-door discussions, promoting Web3 innovation and collaboration comprehensively.

This article is a contributed piece and does not represent the views of BlockBeats

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia