Ethereum's growth throughout Q4 2024 was marked by strong performance across multiple key metrics, highlighting its continued dominance. ETH's price appreciation of 32.7% QoQ and a 121.6% YoY increase in TVL (USD) underscore the increasing demand for Ethereum’s infrastructure and applications. While ETH underperformed relative to BTC over the year, it remains the foundation for DeFi, stablecoins, and Layer-2s, solidifying its position as the leading smart contract platform. The Ethereum staking landscape saw its first-ever quarterly decline in total staked ETH, with the staking ratio decreasing to 28.4% by year-end. However, the potential integration of staking within ETH ETFs in 2025 could be a game-changer, providing new institutional demand for staking participation. Developments such as Grayscale's proposal to incorporate staking into its Ethereum Trust ETFs and Cboe’s filing for the 21Shares Core Ethereum ETF suggest a shifting regulatory landscape that may further accelerate Ethereum’s staking adoption. Ethereum’s Layer-2 ecosystem remains highly competitive, with Base leading in TVL growth and Taiko emerging as a notable new entrant. While Ethereum outperformed all major L2s except Base in Q4 TVL growth, the ongoing battle for capital allocation across networks highlights the growing importance of efficient scaling solutions. At the same time, the DEX market rebounded significantly, with 126.6% QoQ growth in total volume, driven by increased demand for onchain tokens. The Pectra upgrade, Ethereum’s next major network improvement, introduces key EIPs aimed at scalability, staking efficiency, and transaction cost optimization. While the Holesky testnet successfully implemented the upgrade, it faced a temporary finality bug linked to EIP-6110, which was quickly resolved. The Feb. 27, 2025, All Core Devs call will determine the timeline for Sepolia’s upgrade and mainnet deployment, paving the way for Ethereum’s next evolution. Looking ahead to 2025, Ethereum’s position remains strong as it continues to attract institutional capital, expand Layer-2 solutions, and refine its staking mechanisms. The potential for staking integration into ETH ETFs, coupled with advancements in scalability, will be key catalysts shaping Ethereum’s trajectory in the coming year.