A public blockchain that runs programmable contracts, which lets developers build applications — exchanges, lending markets, stablecoins, tokenized funds — directly on the network. Its native asset, ether (ETH), pays for transactions and is staked by validators who secure the chain.

What are layer-2 networks?

Separate networks that process transactions cheaply and quickly, then post the results back to Ethereum for final settlement. They exist because demand on the main network drives fees up; most user activity has migrated to them while Ethereum itself acts as the security and settlement layer.

What is staking and why does it matter?

Staking locks ETH to run a validator that confirms transactions, in exchange for a yield paid by the network. It replaced energy-intensive mining, it gives ETH a native return that shapes how institutions value it, and the share of supply staked is a widely watched signal of long-term holder conviction.

Topic · Gokhshtein Media

Ethereum

ETH, the layer-2s, staking, and the network most of on-chain finance is built on

30 stories · Updated 20h ago

If Bitcoin is the reserve asset of crypto, Ethereum is its financial infrastructure — the network where most stablecoins settle, most DeFi runs, and most tokenized assets are being issued. This hub brings together the Digital Assets and On-Chain desks’ Ethereum coverage: the price and the ETFs, the layer-2 networks scaling it, staking economics, protocol upgrades, and the institutions building on it.

Coverage led by The On-Chain Desk

The basics · reviewed September 25, 2026

What is Ethereum?: A public blockchain that runs programmable contracts, which lets developers build applications — exchanges, lending markets, stablecoins, tokenized funds — directly on the network. Its native asset, ether (ETH), pays for transactions and is staked by validators who secure the chain.
What are layer-2 networks?: Separate networks that process transactions cheaply and quickly, then post the results back to Ethereum for final settlement. They exist because demand on the main network drives fees up; most user activity has migrated to them while Ethereum itself acts as the security and settlement layer.
What is staking and why does it matter?: Staking locks ETH to run a validator that confirms transactions, in exchange for a yield paid by the network. It replaced energy-intensive mining, it gives ETH a native return that shapes how institutions value it, and the share of supply staked is a widely watched signal of long-term holder conviction.

Terms to know

Account abstraction Airdrop Altcoin Automated market maker Base fee Blob transactions Block explorer Blockchain Blockchain oracle Centralized exchange Circulating supply Consensus mechanism Cross-chain bridge Crypto exchange Full glossary →

DeFi & On-Chain

Ethena's Young: DeFi Consolidates Into Duopolies Across Verticals

Ethena founder Guy Young observed that stablecoins, lending, perpetual futures, and DEXs each have two dominant protocols capturing most market share.

By The On-Chain Desk3 min read20h ago