Ethereum

Ethereum is a public blockchain ecosystem supporting smart contracts, DeFi, tokenized assets and Layer 2 applications. ETH recently outperformed Bitcoin for a period, buoyed by inflows into BlackRock's ETF, Robinhood's L2 chain and increased institutional holdings. Meanwhile, the Ethereum Foundation is overhauling its governance and staffing while advancing privacy, security and AI-based vulnerability detection. Record-high market capitalization for tokenized equities also underscores demand for on-chain finance, though competition from permissioned blockchains, disputes over revenue distribution and liquidation risks remain important areas to watch.