[Ethlabs Researcher Says ETH Lacks a Clear Value Narrative] Odaily Planet Daily News: Former Ethereum Foundation researcher and Ethlabs member Ansgar Dietrichs stated on Laura Shin's *Unchained* podcast that ETH still lacks a clear value narrative after failing to break $5,000 over the past five years. Ethlabs was established on June 22 by five former Ethereum Foundation researchers and is supported by Bitmine, Sharplink, and Consensys founder Joe Lubin. On-chain analytics firm Cryptoquant reported that over 32% of the ETH supply, approximately 39.5 million ETH, is currently staked, while exchange balances continue to decline. The firm also noted that Ethereum's daily active addresses and smart contract activity have reached record highs, but the price of ETH has dropped more than 50% from this cycle's peak.