#比特币与黄金战争 ZEC, FLOW, DOGE recent performance is not the focus—what's truly changing is quietly happening.

Ethereum is undergoing an institutional transformation. JPMorgan has already taken action by launching tokenized money market fund products on public blockchains, allowing qualified investors to directly participate in U.S. Treasury yields on-chain, with daily automatic dividends that can compound. More interestingly, its subsidiaries handle billions of dollars in settlements on Ethereum every day, but in external reports, they only mention "distributed ledger" as a conservative term—doing real work on-chain while remaining low-profile off-chain. This approach is quite intriguing.

This is not an isolated phenomenon. Traditional payment giants like Visa and Mastercard are now conducting real-time cross-border settlements on-chain using stablecoins. ZK privacy technology is moving from theory to practical application—solutions like ZK voting systems can ensure verifiable voting while maintaining complete privacy. Institutional-grade applications are truly starting to land.

Data in front of us:

· Ethereum's quarterly settlement volume has exceeded $5 trillion, comparable to Visa
· The two traditional payment giants are conducting real-time cross-border settlements on-chain
· If relevant U.S. legislation advances, Ethereum could be incorporated into the national financial infrastructure

The first two cycles were retail speculation phases; this cycle's logic is entirely different—institutions are building infrastructure pipelines. Once these pipelines are established, capital will naturally flow into projects within the ecosystem that have real application value. From this perspective, certain innovative directions within the ecosystem may hide considerable growth potential.

Ethereum is no longer just a "cryptocurrency"; it is evolving into the trust layer of the financial system. When infrastructure is complete and capital channels are open, the entire ecosystem's innovative applications will accelerate accordingly. Smart participants are already positioning themselves in high-potential areas; by the time institutions enter on a large scale, opportunities may already be locked in advance.