币界网报道：Ethereum (ETH) yields fell below 3%, raising concerns about the competitiveness of its on-chain returns. Despite ETH prices fluctuating between $2,400 and $2,800 and sharp short-term volatility, bulls remain supportive. Long-term investors, with 29% of the circulating supply participating in staking, have seen staking rewards fall to around 2.987% as the amount of staked ETH increases. In contrast, other chains such as Solana, Polkadot, and Cosmos offer higher staking yields, but their inflation rates are also significantly higher than Ethereum. Yield-generating stablecoins and DeFi lending protocols such as Aave, MakerDAO, and Compound offer higher passive income, with Aave’s staking reward rate reaching 4.63%, exceeding ETH staking yields. Nonetheless, these DeFi products are all based on the Ethereum network, and their growth helps drive adoption and transaction fees on the Ethereum network, enhancing the long-term value of ETH. Ethereum still dominates the DeFi space, accounting for 55.8% of the total value locked (TVL).