NCE外汇:效率革命与资本回流

Core Insights - Ethereum's mainnet achieved a record high of 2.2 million daily transactions, while average on-chain fees dropped significantly to $0.17, showcasing a new phase of high performance and low cost [1][2][4] - The optimization of the underlying network protocol is crucial for enhancing capital efficiency, with current transaction costs being highly competitive compared to over $200 in 2022 [3][4] - The number of newly created smart contracts surged to 8.7 million in Q4, indicating a thriving ecosystem and Ethereum's solidified position in decentralized finance [4] Technological Upgrades - The transformation is supported by two major technological upgrades in 2025, with the May Pectra upgrade laying the foundation for staking flexibility and the subsequent Fusaka upgrade increasing the gas limit to 60 million, addressing large-scale data processing bottlenecks [2][4] - This systematic expansion of throughput is fundamental for Ethereum to maintain low fees while handling high transaction loads [4] Market Sentiment - A notable reversal in the staking market is observed, with staking applications reaching double the withdrawal requests, signaling a positive trend not seen in six months and alleviating potential year-end selling pressure [2][4] - This trend reflects market optimism regarding the future value of the network [4][5] Investment Implications - As technological benefits are realized, Ethereum is reshaping its ecological barriers as a global settlement network, with low-cost on-chain interactions and strong validator confidence driving a value growth cycle [5] - Continuous monitoring of on-chain gas fee dynamics and staking ratios will assist in accurately assessing long-term trends in the crypto infrastructure sector [5]