As we enter the fast lane in the second half of 2025, the Ethereum (ETH) ecosystem is experiencing a comprehensive acceleration. Network performance optimization and infrastructure upgrades have significantly boosted on-chain activity, while the willingness of institutions and enterprises to allocate resources has increased, transforming Ethereum from merely a technical platform into a core institutional asset.

First, infrastructure upgrades solidify the ecological foundation. The Pectra upgrade in May 2025 introduced account abstraction, new staking limits, and other key improvements, enhancing user experience and network efficiency, but also leading to a decrease in mainnet transaction fees and a noticeable reduction in on-chain fee revenue. Following this, the Fusaka hard fork scheduled for deployment this November will include several backend EIPs focused on improving scalability and node resilience, without affecting smart contract compatibility, reflecting Ethereum's iterative logic of steadily optimizing its core engine.

Secondly, overall ecological activity is on the rise. Data shows that Chainlink and Starknet are currently the most active projects related to Ethereum development, indicating that not only the core chain but also a large number of key foundational components are emerging and accelerating construction within the ecosystem. Meanwhile, The Graph, as an on-chain data layer, continues to expand, with its query numbers reaching an all-time high, and the number of Subgraph deployments and developer activity consistently increasing, indicating that the Ethereum ecosystem is accelerating towards a more complex and diversified direction.

Thirdly, corporate and institutional allocations continue to strengthen. As of July 2025, corporate holdings of ETH have surged to approximately $3.5 billion, a significant increase from the end of last year. These companies view Ethereum as a tool for hedging against inflation and utilize staking to earn 3-4% returns. Additionally, the "Ether Machine" plan is expected to debut on Nasdaq by the fourth quarter, aiming to raise over $1.6 billion and starting with over 400,000 ETH as initial assets, marking the institutional-level investment in Ethereum as it becomes institutionalized in mainstream capital markets.

Moreover, the growth of stablecoins and favorable policies enhance the ecological application value. The U.S. Congress is promoting stablecoin legislation, Circle is going public, and the increased frequency of network usage due to stablecoins relying on Ethereum has solidified the fundamental demand for ETH.

Finally, global community building and developer education are advancing in tandem. The Ethereum Foundation has announced its funding deployment plan for the second quarter, emphasizing global education and community interaction, including events like Appcon at Milan Design Week, a developer festival in Bhutan, and Blockchain Day in Ankara, Turkey, all aimed at promoting technology dissemination and ecological expansion. At the same time, the Lineal2 protocol will launch in October, supporting ETH-based staking and a protocol-level burn mechanism, strengthening the value connection between Layer-2 and the mainnet.

In summary, the Ethereum ecosystem is entering a period of structural growth, gradually transitioning from infrastructure to the role of an institutional asset. The infrastructure is evolving towards greater stability and efficiency, developer and project construction is accelerating, and the willingness of enterprises and institutions to allocate resources has significantly increased. Coupled with the growth of stablecoins and legislative efforts driving application demand, Ethereum is moving towards a more mature digital economy foundation. In the future, with the implementation of the Fusaka upgrade, the debut of the "Ether Machine" on Nasdaq, and the expansion of the global community network, the institutionalization process and value support of Ethereum will be worth continuous attention.

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Original: “Ethereum (ETH) Ecosystem Accelerates Layout: From Network Infrastructure to Institutional Momentum”

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