2.68% on-chain yield, L1 GDP and DeFi activity both crushed—Michael Nadeau's data sends a chill down the spine. The fundamentals of RWA and stablecoins are still there, but whether the L2 roadmap can truly sustain ETH's value appreciation is indeed a huge question mark—after all, ecosystem prosperity and token value are two different things.

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.