The rise of crypto perpetual futures has led to a shift in Ethereum's role, from a platform for decentralized finance to a settlement and collateral layer supporting layer-2 networks. With the increasing demand for high-performance trading infrastructure, chains like Solana and Hyperliquid have gained traction, while Ethereum's layer-2 ecosystem has become a compromise, offering security and improved trading performance. As institutions begin to pay attention to onchain derivatives, the focus is on execution, custody, and predictability, with Ethereum's role evolving to provide deeper liquidity, more efficient capital usage, and better execution.
The division of labor between Ethereum and purpose-built chains may persist, with Ethereum positioning itself as the settlement and collateral layer underpinning high-speed trading markets.