Ethereum
The default smart-contract platform: DeFi, stablecoins, NFTs and the L2 stack all still settle here.
- Best for
- Smart contracts
- Type
- Ethereum
- Launched
- 2015
- Fees
- Gas in ETH; L2s are cheaper, L1 is the settlement bill
- Access
- Open protocol — Ethereum Foundation coordinates, does not issue ETH as equity
- Desk check
- Snapshot September 2026
Ethereum is the chain where most of crypto’s applications actually live. After the 2022 move to proof-of-stake, ETH became a yield-bearing collateral asset as well as gas. Stablecoin settlement, DEX volume and NFT activity still concentrate on Ethereum and its rollups more than on any rival L1.
The live design is modular: the L1 is a settlement and data-availability layer; Arbitrum, Base, Optimism and others execute cheaply on top. That split is why “Ethereum is too expensive” and “Ethereum is winning” can both be true in the same week. You pay L1 when you want Ethereum security. You pay an L2 when you want throughput.
How to use it
For holding, ETH is the reserve asset of the application layer. For using apps, prefer a well-known L2 and treat bridges as attack surface. Staking (solo, pooled or via an exchange) is a separate decision with lockups, slashing edge-cases and tax reporting. Read the contract. This is not financial advice.
What can go wrong
Smart-contract bugs, sequencer downtime, restaking contagion and regulatory pressure on staking products have all already shown up in real markets. ETH can de-rate versus bitcoin when the market wants simplicity over yield.
What works
- Largest developer and liquidity base for programmable crypto
- L2 rollups keep activity growing without abandoning L1 security
- ETH is both gas and the asset staked to secure the chain
What to watch
- L1 fees still bite during congestion
- The L2 map is fragmented — bridges and sequencers add risk
- Staking, restaking and liquid tokens add complexity most users do not need
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