1/
ETH is back to its Dec 2021 price levels.
But the Ethereum of 2025 is not the Ethereum of 2021.
Same price. Entirely different network.
2/
Back then: Proof-of-Work.
Now: Proof-of-Stake — energy use cut by ~99.95%, issuance slashed, supply often deflationary.
The Merge (Sep 15, 2022) changed ETH’s economics forever.
3/
Since Dec 2021 we’ve had 3 more major upgrades:
•Shapella (Apr 2023): Staked ETH withdrawals.
•Dencun (Mar 2024): EIP-4844 → L2 fees down 50–99%.
•Pectra (May 2025): Smart wallets, social recovery, MEV resistance.
4/
Staking for anyone.
29–30% of ETH supply now earns yield securing the network.
Decentralized pools, solo staking, and CEX staking… all unlocked post-Shapella.
5/
ETFs are here.
U.S. spot Ether ETFs launched July 2024: $1.07B turnover day 1, $106M inflows.
2025 YTD inflows: $6.2B+ — with weekly records over $2B.
6/
Corporate treasuries are piling up ETH.
Public companies now hold 3.04M ETH ($12.82B), up drastically from end-2024.
7/
Network activity is surging.
Peak tx/day: 1.96M (Jan 2024).
Peak active wallets: 1.42M (Dec 2022).
Gas down ~95% YoY. Throughput rising thanks to L2 adoption.
8/
Ethereum dominates stablecoins.
$150B stablecoins live on ETH — over half of the global $262B market.
Ethereum is the settlement layer for the digital dollar economy.
9/
Ethereum dominates RWAs.
$6.74B in tokenized U.S. Treasuries, led by:
•BlackRock’s BUIDL ($2.9B)
•Franklin’s BENJI MMF ($750M)
Total RWA (ex-stablecoins): $25.5B.
10/
Booming DeFi & corporate L2s.
$100B+ TVL on rollups today.
Enterprises launching bespoke L2s for payments, capital markets, RWAs.
11/
Macro tailwinds:
•Pro-crypto U.S. policy momentum
•SEC green-lighting staking in ETFs
•Stablecoin legislation moving forward
2025’s regulatory backdrop is night-and-day vs 2021.
12/
Same price as Dec 2021.
But now: greener, faster, cheaper, more secure, more dominant.
The best revenge is a proper market valuation.
Builders never stopped building. Believers never stopped believing.
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