Are DeFi and Layer 2 chains squeezing the juice out of Ethereum: Deep dive on the downfall of ETH
Bitcoin posted one of its worst Q1 returns in 2025, Ethereum performed even worse, with over 45% drawdown in its price. Ethereum’s price has been in a decline since the Dencun upgrade in March 2024. Ethereum’s downfall seems driven by the Layer 2 protocols amassing large transaction volume and passing on the fraction of the revenue to the ETH chain.
Bitcoin posted one of its worst Q1 returns in 2025, Ethereum performed even worse, with over 45% drawdown in its price. Ethereum’s price has been in a decline since the Dencun upgrade in March 2024. Ethereum’s downfall seems driven by the Layer 2 protocols amassing large transaction volume and passing on the fraction of the revenue to the ETH chain.
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