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Blockworks analyst Jake Koch Gallop refutes the theory that Ethereum's liquidity moat has been breached, arguing that its reserve asset attributes, Layer 2 ecosystem, and institutional adoption constitute a long-term competitive advantage. Jake pointed out that the market value of ETH is about 1100 times that of REV in the past 12 months, and Ethereum accounts for about 65% of DeFi's total lock up value and about 45% of RWA's on chain management scale share. Currently, spot ETFs and corporate treasuries hold approximately 13% of the total ETH supply, with another 36% of the ETH supply in a pledged state. Although the market share of stablecoins is facing dilution, their absolute size may still grow.