According to Messari analysts identified as AJC, Ethereum will remain “the most valuable network for the foreseeable future.” However, the important thing is not to evaluate whether Ethereum has value, but to evaluate “how the asset ETH will accumulate value from there.”
The expert recalled that in the last cycle, the prevailing belief was that “ETH will directly accumulate value thanks to the success of Ethereum.” This assumption has defined the story for many years, he added. ultrasonic moneybased on high demand for network usage May cause continuous burning of ETHthus creating a mechanical source of gratitude.
AJC claims that That scenario was no longer valid. “Ethereum fees have plummeted and there is no recovery in sight,” he said, noting the continued decline in fee income. This directly impacts the hypothesis that ETH burning may act as the main driver of asset value.
In fact, the average cost is Transaction fees on the Ethereum network are falling There are also episodes of rising peaks, albeit gradually. So far this year, fees have fallen 96%, from an average of $8.60 in January to $0.33 in December. This can be seen in the following graph.
Use of the Ethereum network does not lead to demand for cryptocurrencies
Meanwhile, the AJC noted that the sectors driving today’s network growth, such as real-world assets (RWA), institutional adoption, and stablecoins, “primarily use the dollar rather than ETH as their base currency asset.” This means: Ecosystem growth does not automatically lead to demand For digital currencies.
In fact, Ethereum remains the largest network giving life to USD stablecoins. This has enabled the protocol to surpass payments giants Visa and Mastercard in terms of transfer volume.
CriptoNoticias reported that the network was founded in 2013 by Vitalik Buterin. Approximately $6 billion was processed in the fourth quarter of this year. By contrast, Visa processed US$4.3 billion and Mastercard US$4.6 billion during the same period.
In that sense, Messari analysts said, “ETH’s rise is no longer deterministically linked to Ethereum’s economic activity.” Depending on your vision, Ethereum can continue to grow as a critical infrastructureThere is no guarantee that the value of digital currency will increase proportionately.
ETH’s future depends on indirect value accumulation
In the face of this structural change, the AJC proposes that “ETH’s value will become dependent on how ETH indirectly accumulates value thanks to the success of Ethereum.” Because this mechanism is more uncertain, as explained. It is based on social factors rather than automatic processes.
He said that indirect accumulation is much less certain, as it is based on the fact that as Ethereum gains systemic importance, more users and capital will decide to treat ETH as a store of value. These power relations “depend entirely on social preferences and collective beliefs,” he stressed.
Analysts emphasized that This process is not necessarily flawedbecause “this is how you get the value of Bitcoin.” However, he added, “Whether ETH can accumulate value indirectly remains an open question.” This point is considered central to the current debate surrounding this asset.
AJC’s observations have reignited the debate over the sustainability of the ETH currency. In his analysis, he argues that the central question is whether the market will adopt ETH as a store of value as Ethereum continues to grow.
Unless this dynamic materializes, asset values are likely to rise, he concluded. There will continue to be uncertainty.
