Recently, the well-known encryption analyst 0xLoki published the latest data on the Ethereum ecosystem (ETH), showing that in the first quarter of 2025, the ETH ecosystem will completely collapse, and almost no zone will maintain positive rise, which will disappoint investors. From Decentralized Finance to NFT and Layer 2 solutions (L2), overall development has stalled, and even some data shows a big dump.

Complete decrease of key on-chain data on Ethereum
According to statistical data, as of March 30, the key indicators of the ETH ecosystem have significantly decreased compared to February 28:
Daily Fees (: Dropped sharply from $1.45 million to $420,000, a decline of 71.0%.
The average transaction fee )Average TX Fee(: has decreased from $1.08 to $0.43, a decrease of 60.2%, indicating that activity on the network has clearly weakened.
DEX объем торгов )DEX Volume(: decreased from 82.22 billion dollars to 60.55 billion dollars, a decline of 26.4%.
In addition, the number of active users per month )MAU( decreased from 7.4 million to 6.5 million, which is a decline of 12.2%, indicating that user activity in the Ethereum ecosystem is decreasing.
@0xLoki the traditional zone shows poor results, the energy rise has faded.
0xLoki points out that various zones of the ETH ecosystem were under big hopes at the beginning of 2024, but the current growth dynamics have completely disappeared:
Decentralized finance zone: Capital inflow decreased, total locked value (TVL) dropped from 53 billion dollars to 49 billion dollars, a decline of 7.5%.
NFT Market: trading volumes continue to decline, interest is fading.
Level 2: Previously, L2 was considered a scaling solution, the rise also faced a halt.
Even the trading volume of stablecoins )Stablecoin Transcriptions(, which seems stable, increased from 12.6 million to 12.9 million, but compared to the rapid rise of competitors, this "stable" position is actually equivalent to stagnation or even decline.
Can ETF and Staking become the last support point?
0xLoki stated that while ETH ETF and staking are considered potentially positive factors, 0xLoki believes that this is merely the last "last wish" of the ETH price. He noted that if large capital holders are buying Staked ETH with an annual yield of only 2% for USD with 5% costs, and they will also have to bear management and custodial fees, such investment logic seems illogical, even raising doubts that "they are being squeezed by the door".
RWA and stablecoins show weak performance
RWA ) tokenization of real assets ( seems to have a high TVL, but in reality suffers from a lack of real activity, only "paper data" looks good, while actual participation is low.
As for the stablecoin market, it seems to maintain a rise, but compared to the development pace of competitors, the growth of the ETH ecosystem clearly cannot compete.
Future challenges and uncertainties of the ETH ecosystem
The opinion of 0xLoki has sparked widespread discussion in the market. Many investors are beginning to express concern about the long-term development of ETH, especially in light of the emergence of new zones such as AI and Memecoin, which have little connection to the ecosystem development of ETH and cannot effectively provide new opportunities for rise.
Whether the ETH ecosystem can overcome the瓶颈 and return to growth remains a question full of uncertainty.
This article Environmental data ETH has completely collapsed, data for the 1st quarter cooled investors first appeared on the news network ABMedia.