From the perspective of historical destruction volume, the greatest demand for ETH comes from - ETH transfers -NFT represented by OpenSea -Uniswap transactions -USDT/USDC stablecoin transfer -Layer2 Sorter Transaction Packaging Represented by Arbitrarum Looking at the present moment - NFT are dead -Uniswap launches its own Unichain -Layer2 narrative decline and blob optimization of submission cost to L1 The biggest narrative of Ethereum in the past year has been Restaking and its derivative LRT, low-frequency scenarios, and the failure to create actual demand for ETH, but rather a nested reuse of ETH Upon careful consideration, in the past few major levels of new assets and narratives, different trading pairs were used for assets. NFT trading used ETH as the trading pair, inscription trading used BTC as the trading pair, pump fun Meme used SOL as the trading pair, and Virtuals AI Agents used VIRTUAL as the trading pair. Narrative related transactions, using new narratives to create demand for asset growth