According to CoinMeta, analyst Jake Koch - Gallup refuted the argument that Ethereum's liquidity moat has been breached, arguing that Ethereum's reserve asset attributes, its vast ecosystem, and the level of adoption by institutions constitute long-term competitive advantages. He pointed out that Ethereum's market value is about 1100 times its revenue over the past 12 months, and Ethereum accounts for approximately 65% of the total locked-up value in DEFI and about 45% of the on-chain management scale. Currently, spot ETF and corporate treasuries together hold about 13% of Ethereum's total supply, with another approximately 36% of Ethereum supply in a staked state. Although the market share of stablecoins may face dilution, their absolute size could still grow.