Analysis: Ethereum's liquidity moat remains unbreached, with five reasons supporting its strong position.

On October 10 that analyst Jake Koch-Gallup stated Ethereum's liquidity moat has not been breached, providing five reasons: first, ETH serves not only as a medium of exchange but also possesses characteristics as a reserve and collateral asset; second, Ethereum still accounts for 65% of DeFi TVL, with the Layer 2 ecosystem continuing to expand to encompass Base, Robinhood Chain, and others; third, although USDe's share on Ethereum has dropped from 88% to 56%, Ethereum remains its largest network; fourth, while stablecoin market share has fallen to 51%, if the total industry market cap reaches $3 trillion, Ethereum's stablecoin volume would surge from the current $15.5 billion to nearly $1 trillion even with only a 30% share; fifth, Ethereum boasts an operational track record spanning over ten years, a dominant developer ecosystem, and a 36% staking rate, with institutional adoption and RWA activities continuing to lead, keeping its fundamentals solid.