Ethereum's staking queues have cleared, allowing the network to handle new validators and exits in real time. This shift indicates a move from scarcity to a steady-state in staking, with rewards compressing to around 3% as staked ETH grows faster than issuance and fee income. The absence of queues suggests Ethereum can manage staking flows without prolonged liquidity lockups, altering the psychology around ETH trading. Despite Ethereum's DeFi TVL being around $74 billion, down from its $106 billion peak in 2021, the network still holds 58% of total DeFi TVL. However, growth is increasingly captured by ecosystems like Solana and Base, leading to a more fragmented market. This fragmentation, coupled with unconstrained staking supply, is seen as a limiting factor for ETH's price potential, with prediction markets assigning just an 11% chance of reaching a new all-time high by March 2026.