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Ethereum’s 2025 Stress Test

DATs, stablecoins, foundation restructuring, Fusaka, privacy, and everything else that defined the World Computer's chaotic year.
Ethereum’s 2025 Stress Test
David Christopher David Christopher
Dec 23, 2025 • 8 min read
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Ethereum's 2025 was a year of agony, ecstasy, and refocusing.

The Ethereum community started the year on its heels amid dire ETH price performance, Solana garnering builder attention, and upstarts like Hyperliquid scaling quickly and attracting new users. Meanwhile, the Ethereum Foundation was critiqued as too slow, too quiet, and too disconnected from the ecosystem and institutional needs.

At 2025's end, the picture is different. New leadership shipped two hard forks in eight months. Stablecoin supply on Ethereum hit all-time highs. Digital Asset Treasuries and ETFs accumulated over 10% of total ETH supply. The path for staked ETFs was cleared.

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Ethereum’s 2025 Stress Test
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Ethereum Ethereum Solana Solana Hyperliquid Hyperliquid Aave Aave Lido Lido Uniswap Uniswap UNI Base Base World World Justin Drake Justin Drake Coinbase Coinbase
David Christopher

Written by David Christopher

653 Articles • View all      

David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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