Ethereum is quietly rewriting the rules of the game. Blue Origin has started accepting ETH payments for space tickets, and PwC is ramping up its crypto business—these signals point to one truth: the top-tier business institutions and traditional financial players are all voting with their feet.

Data from the ecosystem's underlying layer speaks louder. Developers have created record-breaking activity, deploying 8.7 million smart contracts in a single quarter; the liquidation volume of stablecoins has surpassed $8 trillion, making it a major hub for on-chain settlements. These are not virtual numbers.

But there's an interesting phenomenon here: Ethereum carries nearly 60% of the market's actual value and economic activity, yet its market cap share is only 14%. In other words, the ecosystem is operating at a rapid pace, but market perception hasn't caught up yet.

When the most innovative applications, the most cautious traditional institutions, and the most active developer communities are all betting on the same chain, what does this reflect? It may be a fundamental process of value re-evaluation. Will 2026 be the critical point when market perception finally catches up with ecosystem reality? This is a question worth pondering.