Internet reported that on February 7, JPMorgan pointed out in its latest report that Ethereum (ETH) has not performed as well as Bitcoin (BTC) and other competing chains in the near future, mainly because it lacks a narrative similar to Bitcoin's "digital gold" market appeal, while facing fierce competition from blockchains such as Solana. Although Ethereum has launched upgrades such as Dencun, main-network activity has partially shifted to Layer 2, affecting its growth. The report mentioned that decentralized applications (dApps) such as Uniswap are migrating to dedicated blockchains, which could weaken Ethereum transaction fee revenue. In addition, increased competition may lead to higher ETH inflation, as fewer transactions reduce burns. Despite this, Ethereum remains a leader in stablecoins, DeFi and asset tokenization, but competitive pressures are expected to continue.