Live from @EFDevcon - and really proud: we just released our most comprehensive @ethereum Q3 briefing so far. The quarter brought major shifts across the ecosystem, and @TheBigWhale_'s data tells a clear story: 👉 On-chain value: TVL rebounded strongly across all blockchains, with Ethereum remaining the largest hub for liquidity and lending activity. 👉 Institutions: ETH spot ETFs attracted $9.6B in Q3, and treasury companies now hold 4.34M ETH - a sign of growing institutional engagement across the market. 👉 Layers 2: the landscape is becoming more polarised, with networks like @base and @arbitrum gaining momentum ahead of the Fusaka upgrade and its PeerDAS improvements. 👉 Regulation: the GENIUS and CLARITY Acts bring more clarity to the US environment, especially for stablecoins and DeFi. 👉 Tokenisation: progress remains gradual, but most institutional pilots continue to use Ethereum as infrastructure. 👉 DeFi: protocols such as @aave, @Morpho and @eulerfinance are now support AUM levels comparable to fintechs. Bottom line: Q3 2025 was a defining quarter for the entire on-chain finance ecosystem, and Ethereum’s evolution - both technologically and institutionally — played a major role in that broader momentum.