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ETH is Ethereum's native asset. Every transaction, contract call, or dapp interaction requires ETH to pay gas.

After the Merge, ETH also secures the network: validators must stake ETH to propose and attest blocks; malicious behavior can be slashed. Staking rewards come from protocol issuance and transaction tips.

In DeFi, ETH is the most common collateral and liquidity base. Lending, derivatives, and liquid staking tokens (LSTs) often anchor on ETH.

EIP-1559 introduced base-fee burning: the more active the network, the more ETH is destroyed. ETH thus acts as both a consumable and a store of value, with supply dynamics more complex than simple inflation.

Pricing ETH requires tracking on-chain activity (gas burn), staking scale (reduced float), Layer2 migration (L1 settlement demand), and external channels like macro liquidity and ETFs.