Ten reasons to tell you: Why Ethereum is bound to rise

Original title: Ten core reasons to be strong and bullish on Ethereum
Original article by Ebunker

When US regulation gave the green light and traditional Wall Street agencies quietly swept away goods, Vitalik had already accumulated severalEthereumThe idea of L1 expansion, while the Federal Reserve is secretly pointing the pointer to cutting interest rates — all the grand narratives are converging on the same main line: Ethereum.

Regulatory unfreezing, technological iteration, macro trends, and four-wheel drive with an “ultrasonic” monetary mechanism are paving an acceleration track for the next 3-18 months.

The net inflow curve of the ETH ETF continues to reach new highs. The fuel fee on the block explorer is about to exceed 5 million units, and Ethereum returns to the weekly MA200; the on-chain staking rate approaches 30% and is still rising, from the North American Ethereum version of the SharpLink microstrategy writing ETH into the balance sheet toRobinhoodIt was announced that Europe can use Ethereum L2 to trade US stocks on the chain, and Hong Kong announced that it will accept ETH as proof of immigrant assets. The core value of Ethereum is becoming a global consensus.

Political games, capital momentum, agreement improvements, and iterations of foundation reforms are bursting simultaneously — there is only one key question left in the market: Are you ready?

Next, these top 10 reasons will deconstruct how ETH can leap from industry consensus to a cross-cycle explosion engine.

01 The biggest regulatory advantage and policy introduction in history

The drastic shift in the US regulatory stance brought new optimistic expectations to Ethereum. US Securities and Exchange Commission (SEC) The new chairman, Paul Atkins, has expressed support for cryptographic innovation — a stark contrast to Gary Gensler's era.

Atkins has withdrawn the Gensler era proposals for decentralized finance and self-escrow in favor of an “innovation first” strategy. At a recent round table, Atkins even emphasized that developers should not be penalized for writing decentralized code.

This was a major policy shift: the SEC under Gensler had treated Ether as an “unregistered security” and investigated it. Today, under pro-crypto leadership, Ethereum enjoys a more defined regulatory outlook. As decentralized finance gains acceptance at the highest level — Atkins calls self-custody “a fundamental American value” — the threat of hostile regulation has clearly weakened, greatly encouraging institutions to participate in the Ethereum market.

Furthermore, recent US legislative developments, particularly the Senate's GENIUS Act, mark a critical turning point in regulatory clarity for cryptoUSD stablecoins.

These bills aim to establish a clear framework for payment to stablecoin issuers, given that Ethereum is a regulated stablecoin such asUSDC 和 PYUSDThe main settlement layer, and one of the most important public chains of the largest stablecoin USDT, will be strongly promoted:

Source: U.S. Congress

Comprehensive stablecoin framework

The “National Innovation Act to Guide and Establish an American Stablecoin” (GENIUS Act) was successfully passed by the Senate in June 2025 with bipartisan support. It imposes strict standards on stablecoin issuers, requiring 100% cash or treasury reserve support, monthly audit disclosures, and bankruptcy protection for token holders. Crucially, it allows banks and non-bank companies to issue stablecoins under license and be regulated.

Ethereum as a stablecoin infrastructure

By clearly legalizing and regulating stablecoin issuance, these bills validate dollar-backed tokens that mainly exist on the Ethereum network. Circle's USDC and PayPal's PYUSD, for example, are ERC-20 tokens on Ethereum and rely on Ethereum's security and global reach. The federal framework solidifies Ethereum's role as the backbone of settlement.

Lawmakers themselves acknowledge that well-regulated stablecoins can “strengthen the dollar's position as the world's reserve currency,” while maintaining America's competitiveness. This mission essentially leverages public networks like Ethereum (USD stablecoins circulate in DeFi and payments).

DeFi and dollar liquidity

Ethereum's DeFi ecosystem, from lending protocols to decentralized exchanges (DEXs), runs on stablecoin liquidity. By legalizing stablecoins, the GENIUS Act effectively secures the foundation of DeFi. Participants can use assets like USDC more confidently without fear of a sudden blow or legal ambiguity.

This encourages institutions to participate in DeFi (for example, using stablecoins to trade, borrow, make payments). Simply put, the legislation connects traditional finance (TradFi) with DeFi: it invites banks, payment companies, and even tech companies to issue and use Ethereum-based stablecoins while providing guardrails (KYC/AML, auditing, redemption rights) to reduce systemic and legal risks. The end result is a supportive policy environment that anchors Ethereum's role in the digital dollar economy.

Finally, another crypto bill, the Clarity Act (H.R. 3633), is progressing quite well recently.

The CLARITY Act was first advanced by the House of Representatives. On June 13, 2025, the bill was passed by 32:19 and 47:6 in the Financial Services Commission and the Agriculture Committee, respectively. Currently, the bill has entered the Rules Committee process and is awaiting submission to the House of Representatives plenary for voting.

Source: U.S. Financial Services

The CLARITY Act removes the biggest doubt that hangs over Ethereum in the US: whether ETH is a security.

By clearly classifying ETH (and any sufficiently decentralized Layer-1 token) as a “digital commodity” regulated by the CFTC, the Act excludes the possibility of SEC retroactive enforcement, creates a safe haven for second-level transactions, and clarifies when developers and validators are not “brokers.” This combination drastically lowered the regulatory risk premium, paved the way for Wall Street products associated with spot and staked ETH, and gave DeFi the green light to continue innovating on the network.

In summary, given Ethereum's dominant role in hosting stablecoins and DeFi, these multiple regulatory green lights have greatly strengthened mid-term adoption, transaction growth, and Ethereum's prospects for integration into traditional financial systems.

02 “MicroStrategy for ETH” leads institutions to compete

More and more big-money players are seeing Ethereum as a strategic asset, and this trend is being accelerated by a notable move by SharpLink Gaming. NASDAQ listed company SharpLink recently completed a landmark funding allocation: it acquired 176,000 ETH (approximately $463 million), used Ethereum as its main reserve asset, and overnight became the world's largest public ETH holder. Currently, more than 95% of this asset has been pledged to earn revenue and enhance the security of the Ethereum network.

Source: SharpLink Gaming

The CEO of SharpLink called this an “iconic moment” and clearly compared the strategy to MicroStrategy's Bitcoin strategy, only swapping it for Ethereum. This bold funding was strongly supported by Joseph Lubin, founder of ConsenSys and one of the eight co-founders of Ethereum, who himself has become the new Chairman of SharpLink. Lubin stated on various occasions: “SharpLink's bold ETH strategy marks a milestone in institutional adoption of Ethereum,” and pointed out that “ETH not only has Bitcoin-like value storage properties, but has also become a truly productive reserve asset due to predictable scarcity and continuous returns; as Ethereum becomes the underlying structure of the digital economy, ETH is also seen as a strategic investment leading to the future financial architecture.”

Cryptocurrency banks suddenly became a trend: the success of SharpLink (whose stock price soared 400% after the announcement) prompted peers to emulate this strategy. Listed company Bitmine Immersion (BMNR) also recently announced that it will raise $250 million specifically to purchase ETH and is positioned as an “Ethereum treasury strategy company.” Bitmine is led by Tom Lee, co-founder of Fundstrat. Its stock price soared by more than 3000% within a week after the announcement, attracting investment from many first-tier institutions such as Founders Fund, Pantera, and Galaxy.

Meanwhile, observers report that a number of companies, including Europe, are also exploring Ethereum-focused reserve allocations. Although some forward-looking companies such as BTCS Inc. had already held ETH before that, SharpLink's move represented a new level of mainstream adoption.

For Ethereum, increasing corporate treasury accumulation of ETH is certainly beneficial — this locks in supply (especially since most tokens will eventually be staked) and sends a signal of institutional confidence.

At the same time, institutions are also deploying through funds: the first batch of Ethereum futures ETFs was launched at the end of 2024, and approval of spot Ethereum ETFs is just around the corner, which could release billions of dollars in new demand. BlackRock CEO Larry Fink said in an interview with CNBC: “I think there is value in launching an Ethereum ETF. This is just the first step towards tokenizing assets, and I really believe this is where we are going in the future.”

What can be seen is that Ethereum is increasingly being viewed by listed companies and funds as a strategic investment and reserve asset, similar to Bitcoin's development trajectory in the previous cycle.

03 Weekly line level technical indicators return to MA200

Ethereum's price chart shows multiple bullish technical signals indicating a possible reversal of the trend to the upside.

After a long period of downturn, in May 2025, ETH returned to the weekly level of MA200 — one of the most classic indicators for the return of a bull market.

Data source: Binance ETH weekly MA200

From a technical perspective, Ethereum's overall market structure has improved: a series of lows are gradually being replaced by higher lows and breaking through a long-term downward channel.

From May to June, ETH was above the 200-week moving average, and the 200-week EMA (around $2,500) became a supporting “launch pad” — ETH is bottoming above it, similar to the recovery phase of the past cycle.

The momentum indicator confirms the positive structure: the weekly candlestick chart shows long solid and shaded lines, indicating strong buying and less selling pressure during pullbacks. The rising slope of the key moving average and the upward trend of the MACD indicator show that upward movement can be strengthened. Additionally, everyone is seeing bullish chart patterns — for example, several analysts have indicated that there is a potential bullish pattern on the ETH chart, which, if confirmed, could point the upward target above $3,000 in the medium term.

This shows that traders are confident in ETH that downside risks have been effectively controlled and that the minimum resistance path is upward. Overall, Ethereum's technical side has regained its 200-week EMA, compounded higher highs and lows, and increased momentum, indicating that the asset is in the early stages of a significant bullish reversal, supporting a positive outlook for the next 3 to 18 months.

04 Fast progress roadmap for the Ethereum Pectra upgrade

Ethereum's technical roadmap is progressing steadily, continuing to enhance its underlying value. The Pectra upgrade (Prague + Electra hard fork), launched on May 7, 2025, marks a new phase for Ethereum, with 11 EIPs covering improvements in everything from smart wallets to scalability.

The most iconic changes include increasing the maximum staking limit for a single validator from 32 ETH to 2048 ETH, and recalibrating fees to significantly increase Layer-2 throughput. These changes have reduced costs, improved L2 performance, accelerated adoption of optimistic Rollups and ZK-Rollups in the ecosystem, and removed barriers to future L1 expansion.

At the same time, the Pectra upgrade supports account abstractions, such as free gas payments, batch transactions, etc., which lays the foundation for future large-scale adoption of stablecoins and further widens the gap in user experience and flexibility with other public chains. As Ethereum core developer Tim Beiko summed it up on April 24: “One of Pectra's highlights is EIP-7702, which enables use cases such as batch transactions, gas payments, and social recovery without the need to migrate assets.”

At the mainnet level, Ethereum is also gradually increasing its gas limit, from the initial 15 million to 36 million, and further increasing to 60 million in the future, increasing the number of transactions that Ethereum L1 can process per second by 2-4x, reaching 60 TPS. Predictably, Ethereum is expected to see TPS break through 3 digits after multiple expansions. Ethereum researcher Dankrad Feist even proposed: “We have a blueprint to increase the gas limit by 100 times within four years, which could theoretically increase Ethereum's TPS to 2,000.”

Meanwhile, Ethereum is actively promoting zero-knowledge (ZK) integration as part of the “Surge” roadmap phase. Upgrades like Pectra (and the upcoming Fusaka) lay the foundation for full ZK conversion of ETH and the ZK version of the Verified Light Client.

Clearly, Ethereum's core protocol is evolving rapidly, keeping it technically ahead of its competitors.

05 Interest rate cuts are imminent, and the macro environment is favorable

Changes in the macroeconomic environment will benefit Ethereum in the coming months. After a year of high interest rates, the market expects the US Federal Reserve to move to cut interest rates, which could lower the benchmark yield than the return on ETH stakes.

Data source: CME Fed Watch

According to CME Fed Watch forecasts, the federal funds rate will drop to 3.25% or less by mid-2026. Meanwhile, the yield on Ethereum's on-chain staking (currently around 3.5% annualized interest rate) is expected to rise due to increased network activity and fees.

The convergence of these trends has had a “double shock effect”: traditional risk-free returns declined, while Ethereum's local yield rose, which could turn the difference between ETH stakes and treasury bond yields positive.

If staking Ethereum provides significantly higher returns than US Treasury bonds or savings accounts, it will enhance the appeal of ETH as a high-yield and highly liquid asset. Staking not only brings steady returns, but ETH itself also has upward potential, which is a very attractive combination for investors who find it difficult to obtain returns elsewhere.

Furthermore, it is well known that more relaxed US Federal Reserve policies (and improved inflation prospects) tend to weaken the dollar, which has historically benefited all crypto assets.

This macro-trend of loose monetary policy is very beneficial to ETH over the next 3 to 18 months.

06 Staking: A two-pronged approach between on-chain staking and ETF staking

Ethereum core researcher Justin Drake stated in several podcast interviews between 2024 and 2025: “Ethereum staking has become fundamental to the cybersecurity and economic model. If the US approves staked ETFs, it may bring new institutional demand at the level of billions of dollars.”

Ethereum's transition to Proof of Stake (PoS) has begun a new dynamic surrounding staking, and US regulators are gradually opening up to investment products that use the proceeds of staking. With the SEC approving multiple spot Ethereum ETFs in 2024, we're ready for the next phase of innovation: a US staked ETF that provides risk exposure to ETH plus the return on staking.

Therefore, Ethereum's future staking will be a two-pronged approach:

• Traditional institutional staking: how an ETF that supports staking may impact the ecosystem and value of Ethereum;

• On-chain protocol staking: The role of protocols like Lido and Ether.Fi in popularizing staking.

Growing participation in staking: Ethereum staking experienced strong growth after the Merge (Merge) and Shanghai upgrade. As of the first quarter of 2025, approximately 28% of the total ETH supply was staked in validator nodes, a record high, reflecting strong confidence in the network.

Data source: Dune https://dune.com/hildobby/eth2-staking

Multiple on-chain staking goes hand in hand to break centralized staking

Notably, ETH staking is not becoming centralized: Lido Finance is still the largest single staking provider, but the market share it once dominated (around 30% or more) has not continued to be concentrated. The reason is that Lido personally promoted the two major sectors of community staking (CSM) and DVT staking (SDVTM) to gradually increase its share in the Lido staking pool, thus shattering the doubts that ETH staking is about to become centralized in the past.

Meanwhile, the staking landscape is becoming more diverse. ETH staked on new platforms like Ether.Fi has increased by about 30% over the past 6 months, and the net increase in staking in the past month alone is over 310,000 ETH. Strategies related to revolving loans, in particular, showed Ether.Fi how innovation can make Ethereum staking more accessible and capital-efficient: users can easily participate with small amounts, maintain liquidity, and even amplify returns, all of which encourage broader staking participation.

Staking returns changed investors' considerations — ETH is no longer a non-yielding asset, but is gradually similar to a productive asset, with returns comparable to dividends or interest, and even answered Buffett's questions about the lack of interest in gold and Bitcoin assets back then. Overall, the amount of ETH staked is still at an all-time high, indicating that holders view staking as an attractive long-term strategy (earning profits while protecting the network) rather than short-term speculation.

Expected US Pledged ETFs and their Implications

As spot Ethereum ETFs have been traded in the US, the natural progression is to launch an ETF that not only holds ETH but also participates in staking to earn profits. Such a product would be pioneering, providing traditional investors with risk exposure to ETH price appreciation and around 3-4% annualized staking returns in a single, regulated instrument. If an ETF that supports US staking is approved, the impact on Ethereum could be significant:

Increased demand and reduced liquidity: Pledged ETFs may attract institutional capital and retirement accounts that prefer the convenience of ETFs. This locks more ETH into staking contracts, effectively reducing the supply of liquidity in circulation, and a popular ETF may “push back” the ETH price.

Verify the legality of pledges: In particular, the new SEC chairman made it clear that “validator, pledge as a service” does not fall under securities jurisdiction, which sends a strong signal that US-approved pledged ETFs will send a strong signal.

Data source: SEC

Industry experts such as Bloomberg's James Seyffart and ETF analysts at The ETF Store predict that by the end of 2025, the SEC may allow staking features to be added to ETFs for major assets such as Ether. Put simply, it seems like a question of “when rather than if” for the US to pledge ETFs.

Essentially, in the eyes of traditional investors, it normalizes staking as a kind of “crypto dividend” or interest on a bond-like bond. This mainstream acceptance can expand Ethereum's investor base, attracting not only growth investors, but also those seeking returns and income.

In summary, Ethereum staking has become a core pillar of the network's value proposition, and the advent of US staked ETFs could be a game changer. This growing staking base reduces circulating supply and encourages long-term holding, supporting the price of ETH. If regulators allow ETFs to integrate staking, it will invite a new class of investors to participate in Ethereum's earnings within a familiar framework, potentially boosting demand for ETH and strengthening its position as a yielding asset.

Allen Ding, founder of Ebunker, said, “As Asia's top staking service provider, I want to talk about the potential of Ethereum from a node perspective. Ethereum currently has more than 1 million nodes and thousands of node subjects, and is one of the most decentralized protocols in the entire blockchain industry and all organizations in the entire human community.

Although Ethereum has not performed well in terms of application ecosystem prosperity and user growth in recent years, I think its long-term reputation for decentralization and security is its real and unchallengeable moat. Recently, we've seen that many commercial companies, such as Robinhood, still choose ETH L2 to release their on-chain securities, so we can get a glimpse into the unbreakable position of Ethereum in people's minds.

So I boldly say that Ethereum is unkillable — whether in the literal sense or by reference.”

07 Layer 2 uses a surge in 10,000 chains to compete

Data source: L2Beats

Ethereum's strategy to expand through the Layer-2 network is paying off significantly. The L2 strategy eliminated many of the new “Ethereum killers” that could have appeared.

Instead of competing with every emerging blockchain, Ethereum empowers them as L2, and even large enterprises are joining. For example, Sony launched its own Ethereum L2 blockchain, Soneium, which aims to bring Web3 to gaming, entertainment, and finance. Sony's platform will use Optimism's OP Stack technology to inherit the security of Ethereum while providing customized scalability. This is the first time that a global consumer tech giant has built a platform directly based on Ethereum's L2 framework, which greatly validates Ethereum's strategy.

Recently, Robinhood also joined the bandwagon, announcing plans to build its own L2 blockchain based on Arbitrum to support new business lines such as tokenized stocks and crypto perpetual contracts launched in the European Union. As one of the hottest financial platforms in the US, the addition of Robinhood marks the continued appeal of Ethereum's L2 strategy to mainstream fintech companies.

Meanwhile, US exchange Coinbase's L2 network Base has seen a surge in activity since its launch in 2024. Base processes more than 6 million transactions per day, even surpassing traditional L2 such as Arbitrum in terms of usage. In fact, by the end of 2024, Base accounted for about 60% of all L2 transactions, demonstrating the potential for Ethereum L2 to scale massively with the support of large platforms.

Data source: L2Beats

Undeterred, Binance also adopted Ethereum's technology — its OpBnB chain is Optimism-based L2, achieved over 4000 TPS during testing, and processed 35 million transactions during the beta. By using Ethereum's EVM and OP Stack, opBNB extended Ethereum's influence to the BNB Chain ecosystem while maintaining compatibility.

The bottom line is that Ethereum's network effect was so strong that it transformed potential competitors and large enterprises into part of its L2 superstructure in the early stages. This widespread L2 adoption (from Sony to Robinhood, Coinbase to Binance) is driving more usage and fees back to Ethereum, underscoring its position as the preferred settlement layer.

08 Dual mainstream and political adoption

Beyond the price, signals from the broader ecosystem indicate that Ethereum is increasingly deeply integrated into the fabric of technology, commerce, and even politics.

One notable example is the Trump family's foray into the crypto sector through World Freedom Financial (WLFI)'s new platform. WLFI wants to provide high-yield crypto services and digital asset transactions — essentially bringing the DeFi concept to the masses.

Trump's son Trump Jr. It publicly predicted that WLFI has the potential to “reshape DeFi and CeFi and revolutionize the financial industry,” and emphasized: “We are just getting started.” Around the time of the tweet, WLFI spent $48 million to buy ETH to support its DeFi business.

The Trump family's involvement — which reportedly owns most of WLFI's shares and even named Trump himself the “Chief Crypto Advocate” — suggests that even traditional conservatives are now beginning to see the value of Ethereum-based finance, which can be viewed as an indirect endorsement of Ethereum technology.

At the same time, institutional investors' attitudes are also fundamentally changing.

Data source: sosoValue

The net inflow of Ethereum spot ETFs in June 2025 exceeded 1.1 billion US dollars, setting a monthly high since 2025, accounting for more than 27% of the current total cumulative net inflow (US$4.18 billion), indicating that institutional capital is entering the Ethereum market rapidly and on a large scale. More importantly, this is not a short-term capital change, but a continuous allocation trend:

As of June 12, 2025, Ethereum spot ETFs have recorded positive capital inflows for 19 consecutive trading days, breaking the record for continuous net inflows in crypto ETF history. Among them, the net inflow reached US$240 million in a single day on June 11, far surpassing the Bitcoin ETF's US$165 million in the same period, but also highlights that the market's preference for ETH is growing.

Data source: X @etheraider

This series of changes in capital flows sends a clear signal: institutions are no longer just “focusing” on Ethereum, but are firmly “allocating” Ethereum.

The logic behind it isn't complicated:

• Ethereum has a diversified revenue structure (staked income, MEV capture, L2 profit),

• Have a more efficient technology upgrade path (such as EIP-4844, modular architecture),

• As well as continuing to lead the developer ecosystem and application vitality.

For institutions, ETH is no longer just an alternative to Bitcoin, but more like a “proof of ownership in the digital financial system” — representing the underlying interests of future global online finance. This shift in role positioning has propelled ETH to gradually become one of the core assets in mainstream financial allocations.

An analyst at Morgan Stanley recently reiterated, “If Ethereum continues to upgrade smoothly, more institutional investment (such as a new round of ETFs) will continue to drive the price of ETH upward. We're still sticking to our ambitious long-term goal of $15,000.”

Furthermore, it also highlights the evolution of Ethereum: from being overlooked by regulators and traditional forces to now being adopted by the US President. Other signals abound in the ecosystem: like PayPal's launch of an Ethereum-based stablecoin (PYUSD), Visa is using Ethereum to settle USDC payments.

Furthermore, mainstream adoption in countries and regions other than the US continues to accelerate.

Since 2021, Europe, Asia, and global emerging markets have also actively adopted Ethereum in the fields of policy, finance, and technology:

• Europe: After MiCA regulations came into effect, Deutsche Bank, BNP Paribas, etc. used Ethereum as a digital bond issuance and settlement platform. French asset management giant Amundi made it clear: “Ethereum is at the heart of our digital securities strategy.” In 2023, the London Stock Exchange (LSE) announced support for the listing of Ethereum-based digital assets. Meanwhile, the SIX exchange in Switzerland will launch Ethereum spot and derivatives in 2022.

• Asia Pacific: The Hong Kong Spot ETH ETF was listed in 2024 and supports staking. Compliance exchanges such as HashKey and OSL use Ethereum as the underlying asset escrow. DBS Bank Singapore has been piloting an Ethereum DeFi liquidity pool since 2022, with ETH as the core collateral. Japan's Mitsubishi UFJ dominates Progmat Coin and issues Japanese yen stablecoins with an Ethereum-compatible architecture. Australia's eAUD are all Ethereum-compatible EVM landings.

• Latin America and the Middle East: Brazil's central bank CBDC, UAE, and Abu Dhabi promote asset tokenization and digital identity, preferring Ethereum and L2 platforms.

• Africa: The Bank of Nigeria partnered with Consensys in 2022 to promote the eNaira national payment system based on the Ethereum architecture.

These cases show that whether in Europe, America, Asia, the Middle East, or Africa, Ethereum has become the preferred underlayer for digital asset issuance, asset custody, compliance pilots, and enterprise innovation.

As more and more governments, fintech companies, and enterprises around the world integrate Ethereum into actual business, the actual demand and actual implementation of ETH will further enhance the supply and demand structure, providing a wider space for the next 3-18 month upward cycle.

09 Vitalik's Continued Push and Ethereum Foundation Reform

Not only has Ethereum continued to break through at the technical and market levels, but the organizations and thought leaders behind it have also entered a new stage of development. Vitalik's continued research, foundation reshaping, the establishment of the Etherealize division, and the co-evolution of L1 and L2 are jointly driving the Ethereum ecosystem towards a more mature and influential direction.

Vitalik: the only crypto leader after Satoshi Nakamoto

Vitalik Buterin is known as “the only true god of the post-Satoshi Nakamoto era.” He is not only the founder of Ethereum, but also continues to influence the ecosystem as an industry research pioneer and social media big V. Currently, his focus includes:

• ZK strategy: Vitalik has established zero-knowledge proof (ZK proof) as the core technical main line of Ethereum for the next ten years. He continues to push ZK to prove its dominant position in scaling and security, while stressing that Ethereum cannot rely too much on a single technical route. Although the industry has achieved breakthroughs such as real-time ZK certification, Vitalik also cautions that performance optimization, auditability, and ease of use are still shortcomings, and that ZK certification will play a key role in the long-term process of improving Ethereum's efficiency and security.

• RISC-V + ZK-EVM performance innovation: Vitalik advocates a general-purpose RISC-V virtual machine as a long-term goal, and believes that if the main network can achieve this upgrade, execution efficiency is expected to increase 50-100 times or more. At the same time, ZK-EVM will serve as a transition and complement for the medium term. Through architectural innovation, Ethereum is expected to significantly lead similar public chains in terms of verifiability and performance, and continue to strengthen its core competitiveness.

• Light node roadmap: Vitalik promotes innovative ideas such as “partial stateless nodes”, so that ordinary users can participate in network verification only by retaining the substates they are concerned about, thereby lowering the hardware threshold and reducing the pressure of RPC centralization. This direction will help increase Ethereum's level of decentralization and user participation, and will also lay the technical foundation for broader social participation in the future.

In the crypto field, his Twitter followers are second only to CZ, and his personal voice is enough to influence the crypto industry and cause industry discussion. Vitalik continues to contribute in-depth research and cutting-edge discussions to the industry, demonstrating the absolute dominance of blockchain thought leaders.

Foundation Reorganization: Organizational Structure Optimization and Core Talent Promotion

In 2025, the Ethereum Foundation (EF) announced a new organizational structure. Former executive director Aya Miyaguchi was promoted to president, focusing on global strategy and external relations; the board of directors is composed of Vitalik Buterin, Aya Miyaguchi, Swiss legal counsel Patrick Storchenegger, and new director Hsiao-Wei Wang, responsible for long-term vision and compliance monitoring.

At the operational level, the Foundation introduced the “Co-Executive Directors (Co-Executive Directors)” model for the first time: Hsiao-Wei Wang, the former head of Protocol Support, and Tomasz Stańczak, founder of Nethermind, are jointly responsible for day-to-day management; at the same time, Bastian Aue (organizational strategy, recruitment and training) and Josh Stark (project execution, market communication) joined the management team to form horizontal collaboration.

This restructuring clearly separates decision-making power from executive power, forming a “board-management” two-tier governance structure to distribute single-point risks, improve execution efficiency, and provide smoother collaboration channels for the three major sectors of core R&D (Protocol & Privacy & Scaling), ecological development (Ecodev), and operation support.

Overall, EF is evolving from “single-wire” management to a flatter, multi-center governance model, providing a solid foundation for Ethereum's next phase of cross-L1/L2 expansion and collaboration in multiple fields.

Etherealize: A New Breakthrough in Wall Street's Strategic Matchmaking

In January of this year, an independent non-profit organization, Etherealize, was added to the Ethereum ecosystem. The agency is funded by the Ethereum Foundation, but remains independent in terms of governance and operation, and is positioned as an “institutional marketplace and product hub for Ethereum.” The Etherealize team is led by veteran Wall Street banker Vivek Raman, and Danny Ryan officially joined as co-founder in March.

Etherealize mainly provides research, education, and product matchmaking services to banks, brokerage firms, and asset management institutions, focusing on promoting the practical application of asset tokenization, customizable L2 solutions, and zero-knowledge privacy tools. The establishment of this institution means that the Ethereum ecosystem is moving from a simple technical community to financial infrastructure, lobbying specifically on Wall Street, further consolidating ETH's position as an institutional-grade digital asset.

Technology mindset shift: L1 and L2 collaborative development

While Ethereum is deeply cultivating L2 capacity expansion, it is also speeding up the basic performance of the main network (L1). Vitalik Buterin stated in an interview with Decrypt on June 2 this year: “I think we should expand the Ethereum mainnet by about 10 times over the next year or so.”

The most intuitive development is the dynamic increase in the gas limit. The main network gas limit was raised from 15 million to 36 million in 2024, and is expected to increase to 60 million after entering the voting phase in 2025, raising the peak TPS of the ETH mainnet to 60, four times the history.

Unlike Bitcoin's fixed block size, Ethereum's gas limit is adjusted by a dynamic vote of validators across the network. There is no need for a hard fork, improving the flexibility of on-chain governance and community participation. Recent aggressive proposals such as EIP-9698 suggest drastically increasing the gas limit in the next few years, but the community as a whole is more inclined to balance security, decentralization, and performance.

The latest tests show that the 60 million gas limit has a manageable impact on most node performance and block propagation delays, laying a solid foundation for future L1+L2 collaboration and service 100 million user scenarios.

10-token economy: ultrasonic money still works

Ethereum's native tokenomics continues to reinforce its investment value. Ethereum's “ultrasonic currency” theory is being realized: fees often burn more than new issuance volumes, and during periods of high activity, the ETH supply even shows a net deflation. Since the London upgrade, more than 4.6 million ETH has been burned, continuing to reduce circulating supply.

Data source: Ultrasound Money

From a supply perspective, higher staking participation did slightly increase protocol issuance (more validators = more rewarded ETH released), but since moving to PoS, Ethereum's issuance volume is still far below the Proof of Work (PoW) era — only about 700,000 ETH newly issued each year (corresponding to 30 million staked ETH), and far lower than the 4.5 million ETH per year under the old mining system.

From a consumption perspective, on-chain activity remains strong — Ethereum steadily processes billions of dollars of transactions every day, covering decentralized finance, NFTs, and payments, far more than any other smart contract chain. Despite the bear market, this healthy use of the network indicates that the utility of Ethereum (and thus the demand for ETH as a fuel bill) is on a steady upward trend.

Data source: growthepie.com

Even with about 28% staking participation, annual ETH issuance through staking accounts for only about 0.5-1% of the supply, and under the EIP-1559 fee burning mechanism, net deflation of ETH supply can still be seen during periods of high network activity.

In fact, the net circulation of Ethereum hovers around zero and is even deflationary at times, depending on network fees. With the burning mechanism offsetting consumption, Ethereum's monetary policy can be said to remain deflationary or neutral in many cases. As a result, as staking grew, Ethereum's “inflation rate” remained low while “yield” remained high, while more and more ETH was locked down to protect the network, making it “both necessary and necessary.”

As adoption of L2 (as described above) pushes more transactions to be settled on L1, Ethereum's fee revenue (and thus the amount of ETH destroyed) should continue to grow. Overall, Ethereum's supply and demand situation in the medium term is very bullish: effective supply is declining, and demand from network users and long-term stakers/investors is rising.

11 Conclusions

Looking at the four dimensions of regulation, technology, capital, and macro, Ethereum is entering the “inflection point compound interest range.” When the policy ceiling is lifted, agreement performance continues to be iterated, institutional arrangements are shifting from experimentation to strategy, and global liquidity is relaxed again — these four forces are not isolated and superimposed, but rather are coupled and exponentially resonant with each other.

History tells us that assets that truly change the rules of the game often quietly complete valuation reshaping when consensus has not fully solidified. Today, the ten core reasons have been arranged side by side to present a clear timeline — from compliant release to treasury entry, from Pectra upgrade to pledged ETF, and from L2 expansion to deflationary monetization. All signals point to the same answer: ETH is no longer just a “next stage opportunity,” but “the most definitive increment of the moment.” The market will eventually use price to fulfill this logic — the only question remains; you choose whether to turn this last page before or after the story is written.