Analysis: Ethereum's liquidity moat remains unbreached, with five reasons supporting its strong position.
Analyst Jake Koch-Gallup posted that Ethereum's liquidity moat has not been breached, citing five reasons: first, ETH is not only a medium of exchange but also possesses reserve and collateral asset attributes; second, Ethereum still accounts for 65% of DeFi TVL, with the Layer 2 ecosystem continuing to expand, covering networks such as Base and Robinhood Chain; third, although Ethena's USDe share on Ethereum has dropped from 88% to 56%, Ethereum remains its largest network; fourth, while the stablecoin share has declined to 51%, if the overall market cap reaches $3 trillion, Ethereum capturing even 30% would see its stablecoin volume surge from the current $15.5 billion to nearly $1 trillion; fifth, Ethereum maintains over a decade of uninterrupted operation, a dominant developer ecosystem, a 36% staking rate, and continues to lead in institutional adoption and RWA activity, keeping its fundamentals firmly intact.
