Golden Finance reported that on February 7, JPMorgan pointed out in its latest report that Ethereum (ETH) has not performed as much as Bitcoin (BTC) and other competitive chains recently, mainly because of its lack of "digital gold" similar to Bitcoin. The market appeal of narratives is also facing fierce competition from blockchains such as Solana. Despite Ethereum’s launch of upgrades such as Dencun, mainnet activity has been partially shifted to Layer 2, affecting its growth. The report mentioned that decentralized applications such as Uniswap (dApps) are migrating to exclusive blockchains, which may weaken Ethereum transaction fee revenue. In addition, intensified competition may lead to higher ETH inflation, as reduced trading will reduce the amount of burning. Despite this, Ethereum remains ahead of the field of stablecoins, DeFi and asset tokenization, but competitive pressure is expected to continue.