The crypto perpetual futures market has experienced significant growth, with Ethereum's role shifting from a primary platform for trading to a settlement and collateral layer. This change is largely due to the emergence of layer-2 networks like Arbitrum and Base, which offer faster transaction times and lower costs. As a result, many perpetual trading platforms have migrated to these networks, with Ethereum's mainnet becoming less prominent in this space.
However, Ethereum's layer-2 ecosystem has become a crucial component in the crypto economy, providing a secure and trusted environment for settlement and collateralization. The rise of Solana and Hyperliquid has also contributed to the shift, as these platforms have established themselves as venues for high-speed transactions. Despite the challenges Ethereum faces, including fragmentation and the need for better interoperability, its proponents argue that it can remain a vital part of the crypto ecosystem by focusing on its strengths as a settlement and collateral layer.