As we are closing 2025, one thing about Ethereum remains deeply underappreciated! Ethereum never lost its position at the center of the onchain economy. It anchors liquidity, carries the deepest trust, and powers the largest onchain businesses. ETH is a core input, not a byproduct. The numbers make this very very clear! 🔹 ~$330B of economic activity currently sits on top of Ethereum 🔹 ~$350B ETH market cap → ~1.06x multiple on the economy it already supports 🔹 This pricing assumes little to no future growth 🔹 Leading protocols depend directly on ETH to generate activity and revenue 🔹 Example: Aave alone holds ~$20B in ETH & ETH-derivatives as deposits For perspective: 🔹 Ethereum already represents a larger economy than 🇳🇿 New Zealand, 🇭🇺 Hungary, 🇰🇼 Kuwait, 🇲🇦 Morocco, or 🇸🇰 Slovakia If crypto continues evolving into a real economy, ETH still looks cheap relative to what it already underpins and what it is positioned to capture next.