1/ ETH is back to its Dec 2021 price levels. But the Ethereum of 2025 is not the Ethereum of 2021. Same price. Entirely different network.

2/ Back then: Proof-of-Work. Now: Proof-of-Stake — energy use cut by ~99.95%, issuance slashed, supply often deflationary. The Merge (Sep 15, 2022) changed ETH’s economics forever.

3/ Since Dec 2021 we’ve had 3 more major upgrades: •Shapella (Apr 2023): Staked ETH withdrawals. •Dencun (Mar 2024): EIP-4844 → L2 fees down 50–99%. •Pectra (May 2025): Smart wallets, social recovery, MEV resistance.

4/ Staking for anyone. 29–30% of ETH supply now earns yield securing the network. Decentralized pools, solo staking, and CEX staking… all unlocked post-Shapella.

5/ ETFs are here. U.S. spot Ether ETFs launched July 2024: $1.07B turnover day 1, $106M inflows. 2025 YTD inflows: $6.2B+ — with weekly records over $2B.

6/ Corporate treasuries are piling up ETH. Public companies now hold 3.04M ETH ($12.82B), up drastically from end-2024.

7/ Network activity is surging. Peak tx/day: 1.96M (Jan 2024). Peak active wallets: 1.42M (Dec 2022). Gas down ~95% YoY. Throughput rising thanks to L2 adoption.

8/ Ethereum dominates stablecoins. $150B stablecoins live on ETH — over half of the global $262B market. Ethereum is the settlement layer for the digital dollar economy.

9/ Ethereum dominates RWAs. $6.74B in tokenized U.S. Treasuries, led by: •BlackRock’s BUIDL ($2.9B) •Franklin’s BENJI MMF ($750M) Total RWA (ex-stablecoins): $25.5B.

10/ Booming DeFi & corporate L2s. $100B+ TVL on rollups today. Enterprises launching bespoke L2s for payments, capital markets, RWAs.

11/ Macro tailwinds: •Pro-crypto U.S. policy momentum •SEC green-lighting staking in ETFs •Stablecoin legislation moving forward 2025’s regulatory backdrop is night-and-day vs 2021.

12/ Same price as Dec 2021. But now: greener, faster, cheaper, more secure, more dominant. The best revenge is a proper market valuation. Builders never stopped building. Believers never stopped believing.