Institutional adoption of Ethereum as financial infrastructure will drive downstream value to ETH the asset. Ethereum is the most secure, liquid, and widely adopted smart contract platform, with over 11 years of uptime, the deepest developer ecosystem, and the majority of tokenized assets and stablecoins. As more asset managers, banks, and market infrastructures deploy on Ethereum mainnet and L2s, demand for ETH as gas and collateral will increase, benefiting the asset.