The network works. The asset lags.


Ethereum handles $2.5 trillion in stablecoin transfers per month. It settles 90% of DeFi volume. Over $2 billion in real-world assets live on it T-bills, private credit, commodities.
On network metrics, ETH wins.
On price performance over the last two years, ETH is down 40% against Solana. Down 55% against Bitcoin.
Same chain, different scorecards.
A good network does not automatically make a good asset.
Ethereum succeeded at becoming the settlement layer for everything that moves value. That success created demand for blockspace. Fees rose. Then L2s launched, fees dropped, and the economic link between network usage and ETH price got weak.
ETH-0.75%
SOL-1.1%
BTC-2.61%
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