Ethereum Market Structure Shifts as Smart Contracts Gain Prominence

A new report on Ethereum's market structure has revealed a significant shift in how capital is distributed among the network's top holders. The study found that when considering both ETH and ERC-20 tokens, the total value of top addresses increases by over 2x compared to traditional ETH-only rankings.

The report also highlighted the growing importance of smart contracts in Ethereum's market structure. With nearly 40% of top-holder capital controlled by contracts, risk increasingly resides in protocol mechanics rather than individual decision-making.