On July 30, 2025, the world marks the significant moment of Ethereum's 10th anniversary. Ethereum, a community-driven and open-source governance blockchain platform, continues to lead technological evolution and application expansion, evolving from the pioneer of smart contracts to the core foundation of the entire Web3 ecosystem. It has not only triggered systemic changes in financial innovation, asset programmability, and data sovereignty but has also continuously broken through in areas such as scalability, privacy computing, and cross-chain interoperability, becoming a dominant infrastructure.

Currently, Ethereum supports over 50% of the world's non-Bitcoin digital assets, including approximately 60% of the total stablecoin issuance, over 60% of the locked capital in decentralized finance (DeFi), and as much as 80% of the real-world assets (RWA) mapped on-chain, such as stocks, money market funds, and bonds. This achievement solidifies Ethereum's central position in the global digital economy and Web3 ecosystem.

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

1. Leading Developer Ecosystem

1.1 Rich Developer Ecosystem and Growth Trends

• The Ethereum mainnet launched in 2015 with approximately 1,085 active developers. By 2024, there are about 23,613 active blockchain developers globally, with a ten-year compound annual growth rate of 39%; Ethereum has consistently maintained the largest developer community.
• In 2024, around 16,700 new developers contributed code to the Ethereum ecosystem, three times that of Polygon and nearly four times that of Solana. Despite the impact of the bear market in recent years, the total number of monthly active developers in the entire Web3 ecosystem has slightly decreased from its peak (down about 7% year-on-year), but the number of "senior developers" with over two years of experience has increased by 27%, providing stable support for ecosystem innovation.
• Senior developers (with over two years of code contributions) account for over 70% of the total, becoming the cornerstone of continuous innovation in the Ethereum ecosystem.

1.2 Continuous Expansion of the EVM Ecosystem and Network Effects

• Currently, one-third of global crypto developers are multi-chain developers, with 34% actively working on more than two public chains each month, a significant increase from 2015 (<10%). The Ethereum Virtual Machine (EVM) ecosystem shows a clear aggregation effect: 74% of multi-chain developers actively contribute on EVM chains, and the number of EVM cross-chain deployers has quadrupled since 2021. EVM-compatible chains like Base, Polygon, and Starknet attract a large number of developers, sharing toolchains and codebases, greatly lowering the innovation threshold and enhancing ecosystem stickiness. The "code innovation" of the EVM ecosystem is migrating towards Layer 2 and new chains: in 2024, the mainnet and L2s together hosted 65% of innovative code, with Base once accounting for 25% of EVM innovation logic. In 2023, there were 17 crypto ecosystems globally, attracting over a thousand active developers each month, with EVM chains occupying the majority of seats.

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

• Solana (Rust) developers are growing rapidly, with the number of new developers in 2024 surpassing Ethereum for the first time, ranking first, but the total developer scale is still not comparable to Ethereum.
• The Move ecosystem represented by Aptos and Sui still has a developer base far below that of EVM and Rust chains, but its growth rate is significant, focusing on asset security and resource orientation, with a concentration of specialists.
• Ethereum has set open standards and benchmarks for development tools in the blockchain industry, from code frameworks (such as Hardhat, Foundry, OpenZeppelin) to infrastructure (such as L2 Rollup, NFT protocols), effectively lowering the entry barriers and learning costs for global developers.

2. Continuously Growing and Innovative Scaling Ecosystem

2.1 Ecosystem Evolution and Innovation Leadership

• The launch of the Ethereum mainnet in 2015 marked the beginning of a new era for smart contracts and decentralized applications (dApps). Over the past decade, Ethereum has driven multiple rounds of innovation in DeFi, NFTs, and RWAs (real-world assets), becoming the global blockchain application infrastructure and innovation hub.
• Ethereum's Rollup scaling (such as Optimism, Arbitrum, zkSync), sharding, and state pricing mechanism innovations (such as Pectra upgrades) have significantly improved network throughput and user experience.
• Application scenarios have expanded from DeFi and NFTs to RWAs, AI on-chain, social, and GameFi, greatly enriching the on-chain ecosystem and cross-border innovation.

2.2 Overview of Ecosystem Innovation Data and On-Chain Metrics

• Total Locked Value (TVL) Changes
• By 2025, DeFi TVL is expected to reach approximately $62.59B, a year-on-year increase of 30%, accounting for over 53% of the global DeFi ecosystem, with leading protocols including Lido, Aave, EigenLayer, Etherfi, and Sky. The market expects Ethereum's TVL to exceed $100B by the end of 2025.
• TVL for Layer 2 solutions like Rollup continues to rise, with the EVM ecosystem dominating multi-chain interactions.
• Transaction Volume and Activity
• Ethereum's average daily transaction volume (July 2025): 1,605,000 transactions, a 44.6% increase compared to the same period last year, with network activity reaching new highs.
• The number of active wallets in 2025 has reached 127 million, a year-on-year increase of 22%, with multi-chain interoperability strengthening the user base and developer foundation.

2.3 ETH Leading the Development of the RWA Ecosystem

• As of July 2025, the total on-chain RWA scale reached $24.8B, 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 value of stablecoins on Ethereum is approximately $141.01 billion, accounting for 54.7% of the total stablecoin market value. The number of stablecoin holders in the Ethereum network exceeds 14.74 million.
• In Ethereum Layer 2, the RWA scale of ZKsync Era reached $2.334 billion, with 38 types of assets, accounting for 18.33% of the RWA market share.
• Asset types include U.S. Treasury bonds, gold, money market funds, stocks, corporate bonds, etc., with leading projects such as BlackRock BUIDL, Paxos Gold PAXG, and Tether Gold XAUT. Among them, BUIDL has a single asset scale exceeding $2.43 billion, and PAXG exceeds $940 million.
• There are 320,000 global RWA asset holders and 255 institutions and service providers, with the speed of new RWA issuance growing rapidly year-on-year.

3. Continuously Improving Performance and Scalability

3.1 Review of Technical Upgrade Progress

• Since its inception in 2015, Ethereum has undergone multiple rounds of significant technological evolution in performance and scalability, bringing profound impacts to the blockchain industry.

• 2017 Byzantium Upgrade: Introduced multiple EVM optimizations, reduced mining rewards, and laid the foundation for subsequent on-chain smart contract iterations.

• 2019 Istanbul and Constantinople: Improved transaction fee efficiency, enhanced support for Layer 2, and increased network resistance to attacks.

• 2020-2021 Beacon Chain & The Merge Preparation: The Beacon Chain initiated the transition to Proof of Stake (PoS), laying the groundwork for an efficient and secure consensus mechanism.

• 2022 The Merge (Bellatrix/Paris/Shapella): The mainnet and Beacon Chain merged, completing the PoS transition, reducing energy consumption by over 99%, and clearing obstacles for future scalability upgrades.

• 2024-2025 Dencun/Pectra Upgrade: Represented by EIP-4844 (Proto-Danksharding), this technological advancement introduced data structures related to sharding for the first time, optimizing data transmission bandwidth and significantly reducing L2 transaction costs.

• As of 2025, Ethereum has achieved significant reductions in energy consumption, further enhanced security, and strategically shifted idle load from the mainnet to Layer 2 through the aforementioned upgrades, providing a solid foundation for subsequent large-scale scalability.

3.2 Layer 2 Technology Progress and Data Evolution

• The successful scaling of the Ethereum ecosystem is inseparable from the explosive development of Layer 2 networks:

• As of July 2025, the Ethereum Layer 2 network (including Arbitrum, Optimism, Base, zkSync Era, etc.) has reached a peak TPS, with daily total combined TPS exceeding 50, processing millions of transactions in a single day, surpassing the mainnet.

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

• Leading Layer 2 Ecosystem and Protocol Progress

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

• In 2025, Layer 2 locked value (TVL) continues to grow, with Arbitrum and Optimism combined locking over $10B, and Base emerging as a leader, at one point leading in TPS and accounting for 40% of the entire ecosystem's transaction processing capacity.

3.3 Technical Outlook

• L1-based Rollup Dual-Track Pattern: In the future, the Ethereum ecosystem will evolve into two parallel Rollup models. One type is the Based Rollup, which is deeply aligned with Ethereum, utilizing L1 for native ordering and verification, inheriting its top-tier security and trust neutrality, primarily serving high-value DeFi, governance, and asset custody scenarios. The other type is high-performance Rollup, optimized for throughput and experience in large-scale user scenarios such as gaming and social applications, typically employing centralized ordering or alternative data availability (DA) solutions. This differentiation will lead to market consolidation, with intermediate layer Rollups lacking clear performance or security alignment advantages being marginalized.

• Technical Leap of Layer 1: Ethereum L1 is transitioning from "heavy execution" to "light verification" zkEVM paradigm, enhancing its performance and decentralization level through comprehensive architectural upgrades.

• The execution layer introduces RISC-V virtual machines to improve zero-knowledge proof efficiency and broaden the developer ecosystem.

• The settlement layer achieves native verification of Rollups through EXECUTE precompiled functions, transforming it into protocol-level execution sharding.

• The consensus layer upgrades to Beam Chain, shortening finality to about 12 seconds and lowering the validator threshold to 1 ETH, significantly enhancing network neutrality.

• The data availability layer leverages Danksharding to increase throughput capacity to support the ecosystem in achieving tens of millions of TPS.

• The restructured L1 will become the undisputed global asset settlement layer. Its enhanced security and neutrality provide a solid foundation for Based 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 key to gaining institutional trust and promoting 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 "Trustware," a set of infrastructures that industrializes trust production. It generates the validity and finality essential for the digital world at an extremely low marginal cost through algorithms, replacing the expensive and inefficient legal, auditing, and intermediary institutions of traditional finance. In this way, Ethereum provides a scalable trust foundation for the digitization of global assets, capital, and financial transactions, aiming to become the global ledger supporting the future digital economy.

4. Decentralization and Security

4.1 Extensive Node Distribution

• Global Consensus and Network Effects

• Over the past 10 years, ETH has formed a sufficient global consensus through a network of nodes spread across the world. ETH has deployed 8,665 nodes in 86 countries.

• The number of ETH nodes continues to grow, with the rise in ETH prices and improved market expectations directly incentivizing more users to participate in node operations. In the past 7 days, the number of nodes increased by 8.06%, reflecting holders' strong confidence in ETH's future development.

• Bilateral Recognition between the U.S. and China Brings High Mainstream Consensus

• In the ETH node network, the U.S. and China dominate, with 3,986 nodes (45.73%) and 2,154 nodes (24.71%) respectively, accounting for over 70.44% of the total, indicating that ETH has gained high recognition in both major Eastern and Western economies.

• The developed infrastructure, mature developer ecosystem, and high cryptocurrency adoption rates in the U.S. and China 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 application in global finance and technology.

• Extensive Decentralization and Security

• ETH nodes are distributed across six continents: European nodes are second only to North America, including countries like Germany, the UK, and the Netherlands; although Asia has strict cryptocurrency regulations, China, Japan, and South Korea still operate a large number of nodes; South America, Oceania, and Africa are growing rapidly, with countries like Brazil, Argentina, Australia, New Zealand, South Africa, and Nigeria, demonstrating ETH's strong potential in emerging markets.

• Although the U.S. and China have an absolute advantage, there are still over 10 countries with a node count exceeding 1%, including Germany, Japan, France, the UK, Canada, Singapore, and the Netherlands. If the execution layer and consensus layer are counted separately, their node distribution would be even more dispersed, which is an unbreakable cornerstone for ETH being recognized as the most decentralized and secure public chain.

4.2 Diverse Clients

• Large-Scale Diverse Clients

• The execution layer of ETH currently has six mainstream clients (excluding those with negligible market share), including Geth, Nethermind, Besu, Erigon, Reth, and EthereumJS, with a total of 15,018 clients running. These clients each have unique features that meet the needs of different users and developers. Geth, as the most widely used client, is directly maintained by the ETH Foundation; Nethermind and Besu focus more on enterprise-level applications, providing high performance and scalability; Erigon and Reth focus on optimizing data storage and synchronization efficiency, offering developers more efficient tools.

• In the consensus layer, ETH also supports six mainstream clients (excluding those with negligible market share), including Lighthouse, Lodestar, Nimbus, Teku, Prysm, and Grandie, with a total of 8,850 clients running. They ensure the diversity and security of the ETH consensus mechanism through different technological implementations. For example, Lighthouse is known for its high performance and low resource consumption, making it suitable for individual node operators; Prysm has become the choice of many institutions due to its ease of use and rich features.

• Comprehensive Support for Multiple Languages and Systems

• ETH clients perform excellently in terms of technical compatibility, fully supporting mainstream development languages, including Go, Java, Rust, etc. This not only reduces the learning costs for developers but also attracts developers from different technical backgrounds to participate in the ETH ecosystem construction. Geth is suitable for developers familiar with Go; Nethermind is based on the .NET framework, providing convenience for C# developers; Reth and Lighthouse use Rust, attracting developers focused on performance and security.

• ETH clients are fully compatible with mainstream operating systems such as Linux, Windows, and MacOS, meeting the needs of different technical stacks. This cross-platform compatibility not only enhances the usability of the clients 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 earned ETH widespread community support. Geth, as the official client of the ETH Foundation, has a large developer community and rich documentation resources; Nethermind and Besu have promoted the implementation of ETH in enterprise-level applications through deep cooperation with enterprises. The diversity of clients not only ensures technological innovation and iteration but also accelerates the development of the ETH technology ecosystem.

4.3 Restaking Data

• Restaking Scale Steadily Grows, Protocols Enrich

• As the origin of the Restaking and Liquid Restaking narrative, ETH's ecosystem scale continues to expand with the sustained rise in ETH prices. The TVL of ETH Restaking exceeds $19.96 billion, accounting for 76% of the total ecosystem of $26.41 billion, which is 4.9 times that of the second-ranked BTC ecosystem at $5.42 billion. The continuously rising TVL not only improves capital utilization but also enhances the security of the ETH network.

• The TVL of ETH LST exceeds $14.08 billion, accounting for 95% of the total ecosystem of $14.75 billion, which is 48.5 times that of the second-ranked Solana ecosystem at $290 million. By converting staked assets into liquid tokens, it provides users with greater capital flexibility, attracting participation from numerous DeFi protocols, and ETH maintains an absolute advantage in this field.

• The ETH Restaking ecosystem is not only large in scale but also nurtures multiple innovative protocols. EigenLayer and Symbiotic are the most representative, with TVLs reaching $18.1 billion and $1.54 billion, respectively; the LST protocols are even more diverse, with seven protocols having TVLs exceeding $100 million and three protocols exceeding $1 billion, namely ether.fi at $9.8 billion, Kelp at $1.56 billion, and Renzo at $1.14 billion. The number and diversity of protocols far exceed those of other ecosystems.

5. Continuously Self-Iterating Official Governance Organization

5.1 Continuous Elevation of EF Management

• EF Welcomes a New Management Team

• In March, EF announced the most significant leadership change in recent years: former Executive Director Aya Miyaguchi transitioned to the role of Foundation Chair, with Hsiao-Wei Wang and Tomasz Stańczak appointed as Co-Executive Directors, and researcher Danny Ryan joining the new organization Etherealize.

• Since 2018, Aya Miyaguchi has served as the Executive Director of EF, leading ETH through numerous milestones. After this transition to Chair, she will focus more on promoting strategic cooperation and maintaining relationships, reducing direct involvement in specific affairs. The management team adjustment after seven years sends a clear signal of EF's self-iteration to the outside world.

• The Dual Executive Director Structure of Hsiao-Wei Wang and Tomasz Disperses Decision-Making Responsibility

• The dual executive director structure of Hsiao-Wei Wang and Tomasz disperses decision-making responsibility and reduces the risk of single points of failure. The strong complementarity of their respective technical and management backgrounds has also been well received by the community and industry institutions.

• Clear Direction and Focus from the New Management Team

• Hsiao-Wei Wang emphasized that in the long term, they will drive the Foundation's work with "guiding principles" (core values) and "specific goals" (measurable impact and resilience). The four cornerstones of ETH—censorship resistance, open-source innovation, privacy protection, and security—remain the underlying basis for all their decisions and actions.

• Over the next year, they will clearly focus on three key points: expanding the scalability of the ETH mainnet (L1), optimizing data Blob processing, and improving overall user experience (UX). They also mentioned specific initiatives such as institutional-level SDKs (integrated custody interfaces, compliance review, and gas fee optimization modules), enterprise wallets based on the Noir zero-knowledge compiler, expansion into the Asia-Pacific and European markets, and collaborations with the Singapore Digital Port and the Swiss Crypto Valley.

• Three New Organizations

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

• The most notable, Etherealize, is the institutional-level marketing and product department of the ETH ecosystem, aimed at promoting ETH's adoption in traditional financial markets (such as Wall Street). It seeks to position ETH as a value storage asset and underlying technology platform while building financial products that connect the ETH ecosystem with institutional capital, enhancing the economic cycle of the mainnet. The establishment of Etherealize underscores EF's commitment to promoting institutional adoption and building open finance.

• The EF Silviculture Society is an advisory group composed of 15 non-foundation members, primarily responsible for ensuring that the development of the ETH ecosystem aligns with core values such as open source, privacy, security, and censorship resistance. This demonstrates EF's respect for seasoned developers and industry experts and its confidence in further optimizing community governance structures.

• 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 important aspects of ETH's future development path, providing foundational support for technological evolution.

5.2 Advanced Clustered Community Governance Structure

• EF has always emphasized that it is a non-profit organization and does not adopt a top-down corporate structure, but rather resembles a community cluster. The foundation supports numerous semi-autonomous teams that operate independently in their respective areas of expertise while organically collaborating under shared values.

• EF's organizational structure can be divided into four major functional areas: 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 micromanage every project, encouraging teams to "take initiative and fulfill their responsibilities." This governance philosophy and practice have set an excellent benchmark for the entire industry.

5.3 Unchanging "Infinite Garden" Vision

• Protecting the "Infinite Garden"

• In April, Aya Miyaguchi and Vitalik Buterin jointly published an article titled "The Vision of the Ethereum Foundation," reiterating EF's mission, role, high-priority matters, 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 autonomy at the organizational level.

• EF positions itself as the guardian of the "Infinite Garden," not as a centralized power node, but as a guide for projects, communities, and infrastructure within the ecosystem, enhancing the overall energy of the ecosystem. It aims to "complete tasks that only EF can do today" (such as developing diverse clients and coordinating network upgrades) while also "helping others achieve what only EF can do today in the future" (such as funding public goods and local communities).

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

• Future of Ecosystem Development

• On July 10, EF released the latest vision statement for "Future Ecosystem Development," first clarifying the goal of maximizing 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, with specific paths including the introduction of four strategic pillars (Accelerate, Amplify, Support, and Long-term Unblocking), establishing a new governance framework, and reforming its funding management strategy.

• In terms of ecosystem acceleration, EF has newly established support modules for segmented directions, including: corporate relations, developer growth, application support, and founder support, each with a clear leader and detailed plans.

• Regarding funding reform, EF plans to reduce the proportion of future operating expenses from 15% to 5% by 2025, gradually approaching the standards of donation-based organizations, and deploy on-chain assets to ensure long-term financial buffers.

6. Large-Scale Institutional Adoption

6.1 ETH ETF Becomes a Secondary Rocket for Institutional Funds

• ETH ETF Transitions from Neglect to Explosive Growth

• In July 2024, the SEC officially approved the ETH spot ETF. In the early stages of approval, the total trading volume of U.S. ETH ETFs once exceeded $1 billion, demonstrating strong market interest. However, as BTC was still in a price trough at that time, institutional funds were more inclined to increase their positions in BTC ETFs, causing the trading volume of ETH ETFs to quickly drop back to around $200 million, continuing until mid-2025.

• With the ongoing friendly regulatory framework and DeFi integrating into traditional financial narratives, ETH's value-carrying capacity has once again bottomed out. From May 2025 to now, the total trading volume of ETH ETFs has gradually risen back to over $1 billion, with peak trading volumes exceeding $3 billion.

• The net inflow of ETH ETFs has also shown strong growth momentum. In the past two months, ETH ETFs have almost achieved continuous net inflows (except for a few days of low net outflows), with the highest single-day net inflow exceeding $700 million. There is a highly correlated upward trend between ETH prices, single-day net inflows, and total net assets.

• As of now, the cumulative net inflow of U.S. market ETH spot ETFs is $8.89 billion, with a total net asset value of $20.48 billion, accounting for 16.2% of the cumulative total net inflow of $54.73 billion for U.S. market BTC spot ETFs and 13.4% of the total net asset value of $153.16 billion, with the gap between the two gradually narrowing.

• Institutional Accumulation Improves ETH Holding Structure

• Similar to BTC ETFs, the issuers of ETH ETFs also include major global asset management institutions, such as iShare, Grayscale, Fidelity, Franklin Templeton, VanEck, and Invesco. Currently, there are nine ETH ETFs, with the number of issuers approaching the 12 for BTC ETFs.

• The enthusiastic inflow of various ETFs has improved the holding structure of ETH, with institutional holdings accounting for 27% in 2025, nearly 2.5 times the 12% in 2024, while the exchange circulation ratio has dropped to 18%, significantly down from 31% in 2024. This not only reflects institutional optimism about ETH in the long term but also provides stronger confidence for ordinary holders.

• Meanwhile, as the usage rate of the ETH network warms up, its transaction fees are continuously increasing, effectively offsetting part of ETH's inflation rate. Due to the PoS mechanism and the EIP-1559 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 Treasury Asset in U.S. Stocks

• ETH Treasury Strategy Rapidly Responds in U.S. Stock Market

• With the BTC treasury strategy opening the way in the U.S. stock market, ETH, as a quality asset, has also quickly found its own treasury strategy flywheel. Currently, the ETH treasury strategy reserves 2.31 million ETH, with a net value of $8.56 billion, a figure that is approaching 40% of the ETF holdings and net value.

• Currently, there are 63 companies that have officially established ETH ETF treasury strategies, compared to just five in April 2025, indicating a high consensus among institutions in just four months.

• The two most representative companies, SharpLink Gaming and Bitmine Immersion Tech, have reserves of 360,000 and 560,000 ETH, with market values of $1.34 billion and $2.1 billion, respectively, already surpassing the ETH Foundation's 237,000 ETH. In addition, several other institutions, including Bit Digital, BTCs, GameSquare, and Coinbase, hold tens of thousands of ETH.

• More Institutional Holders Will Continue to Elevate ETH Consensus

• Institutions establishing ETH treasury strategies are also highly diversified, with heavyweight players entering the market one after another. Catherine Wood's ARK Invest is advancing its ETH treasury by acquiring $182 million in BMNR common stock. SharpLink Gaming, in its private financing in May, also received participation from Consensys, ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. Joseph Lubin, co-founder of ETH and founder and CEO of Consensys, serves as the chairman of SharpLink's board, while the driving force behind Bitmine's establishment of ETH strategic reserves is well-known Wall Street strategist and Fundstrat co-founder Thomas Lee.

• In addition to ETF institutions, U.S. stock companies, and crypto companies, other types of institutions are also adopting ETH as a primary asset type. The Trump family's WLFI, since its establishment in December 2024, has at one point held up to 70,000 ETH and continues to purchase.

• Joseph Lubin also stated in June that the company is exploring the possibility of building infrastructure in the ETH ecosystem with a sovereign wealth fund and a bank. With the entry of diverse institutional holders, ETH's consensus will become more three-dimensional and its scope will broaden.

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

• Referring to the growth path of BTC, we believe that the new round of value bottoming for ETH is still ongoing. With the large-scale adoption by institutions, the value attributes of ETH will further differentiate from other altcoins and align more closely with BTC. At the same time, ETH's unique decentralization, security, and on-chain economic ecosystem will continue to couple with traditional finance, further enhancing ETH's value capture capability. Therefore, we believe that ETH will have good upward sustainability.

7. Good Cooperation Relationship with OKX

7.1 OKX is a Firm Builder in the Ethereum Ecosystem

• OKX Wallet in ETH Ecosystem Data

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

• In 2024, the daily API call volume for Ethereum provided by OKX Wallet has exceeded 900,000 times, covering core capabilities such as wallet management, smart contract interaction, and on-chain data queries.

• In 2024, Justin Drake, a member of the Ethereum Foundation (hereinafter referred to as "EF"), had an in-depth dialogue with Owen, the head of OKX Web3 products, discussing various aspects such as technical improvements of 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" events, including the ETHCC Cannes 2025 Builder’s Club, inviting over 150 core project teams and ecosystem developers to participate, promoting Web3 innovation and collaboration through technical sharing, hackathons, and closed-door discussions.

• OKX launched the "ETH Half-Price Carnival" event, during which users have the chance to win a reward of 0.5 ETH for every 1 ETH traded, with a maximum of 10 participations per person. Each day, 10 prizes of 0.5 ETH will be released; new users making their first trade of 100 USDT can receive a coupon for an annualized interest rate of 26.08%; by publishing event content and successfully inviting one new user to trade, they can also receive a 100 USDT contract experience bonus. https://www.okx.com/zh-hans/campaigns/okx-eth-campaign?channelId=CNMEDIA

• OKX Ventures Invests in Numerous Core Ethereum Tracks

• Infrastructure and scaling, such as: Arbitrum, ZKsync, Scroll, Taiko, StarkWare

• Decentralized staking and re-staking, such as: SSV, ether.fi, Renzo

• AI and on-chain applications, such as: Myshell, Altlayer

• Cross-chain and data availability, such as: Avail

• In the future, OKX Ventures will continue to delve into the Ethereum ecosystem, capturing opportunities brought by technological iterations and emerging use cases, supporting the long-term development of the industry.

Over the past decade, Ethereum has not only been a public chain but also a force. It has transformed imaginative ideas into real operational code, returning financial and contractual scenarios that previously required layers of intermediaries directly to developers and users. Every deployment of a smart contract and every transaction in decentralized finance proves that decentralized collaboration and transparent governance can support an open and inclusive digital world. Over the years, Ethereum has carried people's desires for autonomy and fairness and witnessed how the community continues to strive for a common ideal.

On this journey, OKX has never stood by. Through Wallet, it creates on-chain entry points, trading aggregators, explorations, and more, allowing users to easily experience its infinite possibilities; through investment and incubation, it gives innovative projects the opportunity to take root and grow. We are not hurried passersby but builders walking alongside: at every critical moment of Ethereum, we are willing to contribute technology, resources, and enthusiasm, growing together and welcoming a more distant future.

Because builders are the most devout believers in Ethereum.

Disclaimer

This article is for reference only. It represents the author's views. This article does not intend to provide (i) investment advice or recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Holding digital assets (including stablecoins and NFTs) involves high risks and may fluctuate significantly. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. Please consult your legal/tax/investment professionals regarding your specific circumstances. You are responsible for understanding and complying with applicable local laws and regulations.

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