Ethereum still hosts ~50% of stablecoin supply and >60% of RWAs, but Galaxy’s Strawmap piece has the nastier stat: RWA share fell from 92% to 63% while absolute issuance 12x’d. That’s the credible-neutrality trade in miniature: institutions still use ETH as settlement, but marginal growth is scattering to chains that package distribution, UX, and fees better. If EF narrows into CROPS, the missing piece is an ETH-aligned growth org with real balance sheet firepower; otherwise Base, Solana, and Hyperliquid keep owning the user-facing P&L while mainnet becomes pristine collateral plumbing.

Top comment by @Benthic