The rise of crypto perpetual futures has led to a shift in Ethereum's role, from a primary platform for trading to a settlement and collateral layer. With its layer-2 networks, such as Arbitrum and Base, Ethereum is providing a secure and scalable solution for high-volume trading activity. However, other chains like Solana and Hyperliquid have gained popularity for their high-performance trading infrastructure, highlighting the importance of fragmentation and user experience.
As institutions begin to take notice of onchain derivatives, the focus is on execution, custody, and predictability, rather than ideology. Ethereum's layer-2 ecosystem is becoming a crucial component of the onchain financial stack, providing the deepest liquidity, widest range of assets, and most mature DeFi primitives. The division of labor between Ethereum and other chains may persist, with Ethereum focusing on settlement and collateralization, while others prioritize high-speed transactions. Ultimately, Ethereum's ability to solve challenges such as fragmented liquidity, interoperability, and user experience will determine its position in the market.