A well-known crypto analyst 0xLoki recently released the latest data tracking for the Ethereum (ETH) ecosystem, revealing that the ETH ecosystem will experience a comprehensive collapse in the first quarter of 2025, with almost no sector maintaining positive growth, disappointing investors. From DeFi to Non-Fungible Token, to Layer 2 solutions, the overall development has stagnated, with some data even showing a sharp decline.

Comprehensive Decline in Ethereum On-Chain Core Data

According to data statistics, as of March 30, the key indicators of the ETH ecosystem have significantly decreased compared to February 28:

• Daily Fees: Dropped sharply from $1.45 million to $420,000, a decline of 71.0%.

• Average TX Fee: Declined from $1.08 to $0.43, a decrease of 60.2%, indicating a clear reduction in network activity.

• DEX Volume: Decreased from $82.22 billion to $60.55 billion, a drop of 26.4%.

Moreover, Monthly Active Users (MAU) dropped from 7.4 million to 6.5 million, a reduction of 12.2%, meaning the user activity in the ETH ecosystem is declining.

Poor Performance of Traditional Sectors, Growth Momentum Extinguished

0xLoki pointed out that the major sectors of the ETH ecosystem, which were once full of hope at the beginning of 2024, have now completely lost their growth momentum:

• DeFi Sector: Reduced capital inflow, with Total Value Locked (TVL) declining from $53 billion to $49 billion, a drop of 7.5%.

• Non-Fungible Token Market: Continued market contraction, with enthusiasm waning.

• Layer 2: The previously promising scaling solution has also stagnated in growth.

Even the seemingly stable stablecoin transactions, which slightly increased from 12.6 million to 12.9 million, are essentially stagnant or declining when compared to the rapid growth of competitors.

ETF and Staking May Become the Last Support Point?

0xLoki states that although ETH ETF and Staking are considered potential positive factors, he believes this is just the last "glimmer of hope" for ETH price. He points out that if large fund holders use 5% cost USD to purchase Staked ETH with only 2% annual yield, and additionally bear management and custody fees, such investment logic seems unreasonable and makes one wonder if they are "brain-trapped".

RWA and Stablecoin Performance Lackluster

RWA (Real World Asset Tokenization) appears to have a high TVL, but actually lacks genuine activity, with only "paper data" looking good and actual participation being low.

As for the stablecoin market, while seemingly maintaining growth, the ETH ecosystem's growth is clearly unable to match the development speed of competitors.

Future Challenges and Uncertainties of the ETH Ecosystem

0xLoki's perspective has sparked widespread market discussion. Many investors are beginning to worry about ETH's long-term development, especially facing the rise of emerging sectors like AI and meme coins, which have little correlation with ETH's ecosystem and cannot effectively provide new growth momentum.

Whether the ETH ecosystem can break through bottlenecks and regain growth momentum remains an uncertain question.