What is ETH?

ETH is the native asset of the Ethereum blockchain, described by Chris Berniski as its most financially valuable product. The material tracks concerns about concentration of ETH ownership and its implications for network security and valuation.

• May 2026 - Chris Berniski said ETH is the most high value product of the Ethereum blockchain financially.
• May 2026 - Chris Berniski said if ETH is 95% dominant in DeFi, it is valued as money; if 65% dominant, as a smart contract chain.
• May 2026 - Ryan Sean Adams said a holder is on track to hit 5% of all ETH by September, making about $300 million a year from staking.
• Jun 2026 - Ryan Sean Adams said a holder reached 4.6% of ETH in 11 months from zero, and could reach 13% (needed to cause consensus failure) with a 2.5x increase from current $10 billion position.