In 2025, winning in crypto isn’t just about high valuations or flashy incentives — it’s about resilience, community strength, and attracting real users beyond the usual crypto crowd.
That’s the message from Max Lomu, Arbitrum DAO Delegate and Grant Manager, who spoke at ETHCluj, the “Ethereum for Everyone” conference held in Cluj Napoca, Romania. The event brought builders, investors, and developers together to discuss the future of Ethereum and what it takes to build ecosystems that last.
Ethereum’s Comeback Story
According to Lomu, Ethereum has regained momentum after a few quiet years. Thanks to scaling improvements and stronger applications on mainnet, Ethereum is once again appealing for both users and builders.
“TVL is still important because it’s harder to fake,” Lomu explained, “but what really matters now are developers and users. The real win is when apps bring in new people from outside the crypto bubble. That’s what drives sustainable revenue.”
Beyond TVL: New Metrics for Success
Gone are the days when Total Value Locked (TVL) alone defined ecosystem health. Today, success is measured by:
- User retention and growth outside crypto-native circles
- Sticky TVL that doesn’t quickly migrate to competitors
- Institutional participation and deployment trends
- Where new narratives and innovation begin
From Incentives to Sustainable Growth
In the last bull cycle, ecosystems threw hundreds of millions at liquidity mining and incentive programs. But this time, strategies have matured.
The focus has shifted away from pure incentives,” Lomu said. “Ecosystems like MegaETH and Berachain are making focused bets with in-house incubators, while Base is simplifying the building process. Gnosis Pay is creating complete pipelines tailored to its network strengths. It’s about quality over quantity now.
The Role of Governance and Community
Governance design, once a side note, now plays a bigger role in shaping ecosystems. While early builders still find governance heavy, teams are working to streamline decision-making and improve feedback loops.
But governance alone isn’t enough. Lomu stressed that community culture is critical:
People should feel welcome, excited for the future, and able to make an impact quickly. When that happens, builders attract more builders — and growth compounds.
The Narratives Driving 2025
So, what’s fueling ecosystem competition this year? Lomu pointed to three major narratives:
- AI integration — from autonomous agents to “vibe coding” experiments
- Real World Assets (RWAs) — bringing traditional finance closer to blockchain
- Speculation & hedging tools — perpetuals and derivatives creating new layers of activity
Still, he warns against overhyping: Tech alone doesn’t drive success anymore. Build it and they will come — that myth is long gone.
The Takeaway
The winning formula for crypto ecosystems in 2025 isn’t just technology or incentives — it’s community resilience, smarter growth strategies, and real-world adoption. Ethereum’s renewed energy shows that ecosystems with staying power can always make a comeback.
As Lomu summed it up: The space is still wide open. A few standout apps can easily change the trajectory of an entire chain.
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