ETH ecosystem data has completely collapsed, and Q1 data has left investors disheartened.

Recently, well-known encryption analyst 0xLoki released the latest data tracking of the Ethereum ecosystem (ETH), which shows that in the first quarter of 2025, the ETH ecosystem will completely collapse, with almost no zone maintaining positive rise, leaving investors greatly disappointed. From Decentralized Finance to NFT, and then to Layer 2 (L2) solutions, overall development has stagnated, and some data even shows a big dump.

The core data on the Ethereum chain has全面下滑.

According to data statistics, as of March 30, the key indicators of the ETH ecosystem have significantly decreased compared to February 28:

Daily Fees: From 1.45 million USD plummeted to 420,000 USD, a fall of up to 71.0%.

Average TX Fee: Decreased from $1.08 to $0.43, a drop of 60.2%, indicating a significant decline in network activity.

DEX Trading Volume: Decreased from 82.22 billion USD to 60.55 billion USD, with a drop of 26.4%.

In addition, the monthly active users (MAU) decreased from 7.4 million to 6.5 million, a reduction of 12.2%, which means that the user activity in the ETH ecosystem is declining.

@0xLoki The traditional zone is performing poorly, and the rise momentum has stalled.

0xLoki pointed out that the various zones of the ETH ecosystem were highly anticipated at the beginning of 2024, but the current growth momentum has completely disappeared:

DeFi zone: The inflow of funds has decreased, with the total locked value (TVL) dropping from 53 billion USD to 49 billion USD, a fall of 7.5%.

NFT Market: Trading volume continues to shrink, enthusiasm is no longer.

Layer 2: Previously serving as a scaling solution, the growth of L2 has also stagnated.

Even the seemingly stable trading volume of stablecoins, which grew slightly from 12.6 million to 12.9 million transactions, is actually stagnant or even declining compared to the rapid growth of competitors.

Will ETF and Staking become the final support points?

0xLoki stated that although ETH ETFs and Staking are considered potential positive factors, 0xLoki believes this is just the last "wishful thinking" for ETH prices. He pointed out that if large capital holders use USD with a 5% cost to purchase Staked ETH with an annual yield of only 2%, and still have to bear management fees and custody fees, this investment logic seems unreasonable, even leading one to doubt if they are "getting their head caught in the door."

RWA and stablecoins perform poorly

RWA (Real World Asset Tokenization) appears to have a high TVL, but in reality, it lacks true activity, with only "paper data" looking good and actual participation being low.

As for the stablecoin market, it seems to maintain a rise, but compared to the development speed of its competitors, the growth of the ETH ecosystem is obviously unable to compete.

The future challenges and uncertainties of the ETH ecosystem

0xLoki's perspective has sparked widespread discussion in the market. Many investors have begun to express concerns about the long-term development of ETH, especially in the face of the rise of emerging zones like AI and Memecoin, which have little relevance to the ecological development of ETH and cannot effectively provide new growth momentum.

Whether the ETH ecosystem can break through its bottleneck and regain its growth momentum remains a question full of uncertainties.

This article reports that the ETH ecosystem data has completely collapsed, and the Q1 data has left investors feeling cold. It first appeared on Chain News ABMedia.