ChainCatcher news, according to a report released by CoinShares, shows that the trading demand for Ethereum is concentrated in a few speculative application scenarios, limiting its long-term value growth. The report points out that while the Ethereum ecosystem is expanding, the main driving force is users' willingness to pay for transactions, especially on decentralized exchanges (such as Uniswap), where transaction fees account for over 90%. At the same time, trading of stablecoins has also become one of the core activities on the network. With the rise of Layer 2 scaling solutions, the demand for Ethereum has declined, and the future challenge lies in promoting the development of on-chain applications with long-term value.