PANews reported on February 7 that according to CoinDesk, JPMorgan pointed out in its latest report that Ethereum ( ETH ) has underperformed Bitcoin (BTC) and other competing chains recently, mainly because it lacks the market appeal of Bitcoin's "digital gold" narrative and faces fierce competition from blockchains such as Solana. Although Ethereum has launched upgrades such as Dencun, mainnet activities have partially shifted to Layer 2, affecting its growth. The report mentioned that decentralized applications (dApps) such as Uniswap are migrating to exclusive blockchains, which may weaken Ethereum's transaction fee revenue. In addition, increased competition may lead to higher ETH inflation, as fewer transactions will reduce the amount of burn. Despite this, Ethereum still maintains its lead in stablecoins, DeFi and asset tokenization, but competitive pressure is expected to continue.