Ethereum's August data was absolutely explosive. Monthly DEX trading volume exceeded $140.1 billion for the first time, and the number of active addresses reached 16.77 million, both record highs. While Bitcoin was consolidating at a high level, the surge in Ethereum on-chain activity, coupled with the strong influx of spot ETFs, clearly signaled a shift in market attention from capital and users from a simple store of value to a broader application ecosystem. What does $140.1 billion in trading volume mean? It's not just about capital flows; it also indicates that DeFi applications like Uniswap and Curve are being used on a large scale and at high frequency. This is completely different from Bitcoin's primary use as digital gold. Three major driving forces are at work. Layer 2 solutions have matured, with Arbitrum and Optimism significantly reducing transaction costs, fully unleashing long-suppressed demand. New methods like restaking and LRT have injected new vitality into DeFi, creating numerous profit opportunities. The approval of spot ETFs has provided a compliant channel for institutional capital to enter the Ethereum ecosystem, driving up ETH prices and on-chain activity. These positive factors are resonating and strengthening Ethereum's positive feedback loop. The so-called Ethereum killers are far behind, and Ethereum's dominance remains unshakable. By the end of August, the total locked value of Ethereum had rebounded to $92.58 billion, just shy of its all-time high. These data tell us that beyond the hype and price fluctuations of meme coins, a truly decentralized economy driven by technology, applications, and community is steadily growing. Ethereum's story has only just entered its most exciting chapter.