TL;DR: In 2025, Ethereum advanced across multiple fronts: major upgrades (Pectra, Fusaka) improved execution and scalability; privacy tooling and ZK efficiency progressed; EcoDev scaled founder, enterprise, and global ecosystem support; L2s and appchains aligned more closely with Ethereum; Devcon hit record scale; and ETH-native treasury companies emerged. These trends are expected to compound further in 2026.

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