If you're keeping tabs on the crypto world, you've probably noticed Ethereum holding its ground amid the usual market ups and downs. A recent chart from Token Terminal breaks it down nicely: since the start of 2025, ETH has climbed about 34% year-to-date (YTD). That's solid performance, especially when you stack it against a bunch of Ethereum-based app tokens.

What the Chart Tells Us

The visual from Token Terminal plots the price action of ETH alongside tokens from popular Ethereum applications. ETH's blue line stands out, showing steady gains while most others dip into negative territory or hover flat. Only two outliers beat ETH's performance: Maple Finance and Euler.

For context, Ethereum app tokens represent projects built on the Ethereum blockchain—like decentralized finance (DeFi) protocols, naming services, and layer-2 solutions. Think Aave for lending, Uniswap for swapping, or EigenLayer for restaking. These tokens often reflect the health of their specific apps, but ETH acts as the backbone, powering the entire ecosystem.

ETH outperforming most of these suggests investors are betting big on the "platform thesis." In simple terms, this means Ethereum as a whole—the network, its security, and its scalability—is seen as a stronger play than individual apps right now. It's like investing in the operating system rather than just one app on your phone.

Standouts: Maple and Euler

• Maple Finance (MPL)​: This DeFi lending platform focuses on institutional-grade undercollateralized loans. Its token has apparently bucked the trend, possibly due to growing adoption in real-world finance integrations or unique yield opportunities.
• Euler (EUL)​: Known for its efficient lending and borrowing markets, Euler emphasizes risk management and capital efficiency. Recent updates or partnerships might be fueling its outperformance.

Meanwhile, heavyweights like Lido Finance (LDO), Pendle (PENDLE), and others listed—Aave (AAVE), Curve (CRV), Frax Stablecoin (FRAX), Ethena (ENA), and more—have lagged behind. Even promising ones like Morpho, Rocket Pool, and EigenLayer couldn't keep pace with ETH's gains.

Why This Matters for Meme Tokens and Beyond

At Meme Insider, we usually dive deep into meme coins, but Ethereum's ecosystem is where many of these viral tokens launch. A strong ETH price often trickles down, boosting liquidity and hype for memes on platforms like Base or Solana competitors—but wait, Ethereum's dominance here reinforces why it's the go-to for serious builders.

If ETH continues this trajectory, it could signal a broader recovery in DeFi and app-specific innovations. For blockchain practitioners, this is a reminder to zoom out: while individual projects fluctuate, the underlying platform's strength can provide stability.

Curious about the full data? Check out the original post on X for more insights. What's your take—bullish on ETH, or eyeing those underperformers for a rebound? Drop your thoughts in the comments!