THE STATE OF ETHEREUM: DIGITAL OIL, L2S, TPS, ETFS, DATS

Summary from the TLDR Crypto newsletter

Ethereum still dominates DeFi TVL and is rapidly integrating with TradFi via spot ETFs and ETH treasury companies, but ETH has underperformed BTC as investors debate how much value accrues to the base layer vs L2s. The upcoming Fusaka upgrade aims to massively increase throughput and data availability while making it cheaper to run nodes, reinforcing Ethereum's role as the modular settlement and Data availability (DA) layer for L2s and tokenized assets.