#2025Gate年度账单 The year 2025 is undoubtedly a year full of contradictions and controversies for Ethereum. Despite the involvement of celebrities promoting it, various DATs, and various technological upgrades, hacker marketing, the performance in the secondary market has been unsatisfactory: Ethereum has fallen into an "awkward" middle ground: in terms of asset attributes, it seems to lack the pure commodity attributes and risk-averse consensus of Bitcoin as "digital gold"; in terms of technical performance and fee capture, it faces fierce competition from high-performance chains like Solana and Hyperliquid, which seem to align more with investors' preferences and valuation models in terms of throughput and fee capture. Moreover, the Dencun upgrade in 2024 has not restored Ethereum's former glory, but rather has become a nightmare that devours narratives.