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📊 
$ETH's Adoption Paradox: More Users, Less Revenue?
Ethereum is hitting record usage levels, but the numbers tell a conflicting story. On-chain data from Santiment reveals a massive milestone: $ETH now boasts 182.74 million non-empty wallets - more than 3x that of Bitcoin (58.51M)! 🚀
The wallet base has grown parabolically since 2019, cementing ETH as the core infrastructure for DeFi and L2s. Despite record activity, fee revenue is lagging behind competitors like Tron and Solana as L2s capture the economic value.
Ethereum is the backbone of Web3, yet its price is decoupled from this surge in utility. Are network effects enough to drive price, or is the "value capture" problem the real hurdle?
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