Wu said that Michael Nadeau, founder of The DeFi Report, stated that the total on-chain yield of the Ethereum network in Q2 fell to 2.68%, the lowest level on record; at the same time, L1 GDP, DeFi activity, and L2 participation all weakened significantly this quarter. He noted that Ethereum still maintains its lead in stablecoins, real-world assets (RWA), active loans, and ecosystem users, but whether ETH as an asset can gain sustained value accretion from the L2 roadmap still needs support from evidence.

ETH3.63%
L1-7.48%
RWA2.61%
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LateAlphaCourier
· 6h ago
2.68% on-chain yield is indeed heartbreaking, but the RWA and stablecoin fundamentals are still there, waiting for the L2 after the Cancun upgrade to feed back.
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BoredInBlockspace
· 6h ago
The Q2 data is ugly as it is, but the moat of the Ethereum ecosystem is no joke. It's just that value capture indeed needs further observation.
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GateUser-2100b43b
· 6h ago
After drawing the L2 roadmap for so long, ETH itself has instead become fuel; this narrative needs to be restructured.
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