#以太坊行情解读 In the past week, major news about Ethereum has been coming one after another.

Let's take a look at the latest developments: The Dubai government officially announced acceptance of Ethereum for tax payments and government fees; PayPal has integrated Ethereum payment channels, covering its 1.4 billion users; Arizona in the United States proposed a bill for full tax exemption on Ethereum; the EU officially confirmed that the euro stablecoin will be launched on the Ethereum network. These four pieces of news emerged in a short period, and their underlying significance is worth pondering.

On the surface, it appears to be a accumulation of positive signals, but in essence, it reflects a deeper change: major global economies and institutions are actively redefining Ethereum's role.

Breaking it down—sovereign governments are using it for tax collection; multinational payment companies are expanding their transaction channels with it; local councils are recognizing it through tax laws; central bank digital currencies are leveraging it for circulation. This is not a case of isolated efforts but the building of a multi-layered application ecosystem on the same public blockchain.

When billions of euros in stablecoins circulate on-chain daily, and PayPal processes hundreds of millions of transactions through the Ethereum network, what Ethereum captures changes in nature. It is no longer just a target for price fluctuations but has become the infrastructure of the entire digital payment system. More precisely, it is the "passage rights" and "traffic hub" of on-chain ecosystems.

What does this mean? Those still focusing on K-line fluctuations might be missing something more important: real-world adoption is laying the groundwork. From government tax collection to commercial payments, from stablecoin circulation to user base expansion—this accumulation of genuine demand is often the core driver of long-term value.

Regardless of short-term volatility, as these infrastructures are gradually improved and application scenarios are gradually implemented, the activity density on the Ethereum network will continue to rise. That is the real change worth paying attention to.