Ethereum ETF: Spot ETHA + Staked ETHB Guide 2026
— By Tony Rabbit in Tutorials
BlackRock's ETHA dominates the spot Ethereum ETF market. Now ETHB adds staking. Learn fees, issuers, taxes and how to invest.
Ethereum ETF: The Spot and Staked Revolution of 2026
The Ethereum ETF landscape has matured into one of the most consequential developments in modern asset management. What started in July 2024 as a simple spot product on the Nasdaq has grown, by March 2026, into a multi-product category that now includes native staking exposure inside a regulated wrapper. Walls of paperwork have given way to a single ticker that anyone with a Fidelity or Schwab account can buy in seconds.
This guide breaks down everything investors need to know about the current Ethereum ETF market. We cover BlackRock's iShares Ethereum Trust (ticker ETHA), the newer iShares Staked Ethereum Trust (ticker ETHB), the full slate of competing issuers, fees, custody arrangements, tax treatment, the mechanics of staking inside an ETF, and the step by step process to buy through any US broker.
Why now? Because the SEC's February 2026 ruling that finally permitted native staking inside spot ether ETFs has unlocked a new yield channel for institutional money. With ETHA already commanding more than half of the US Ethereum ETF market and ETHB capturing fresh inflows at a record pace, understanding the differences between products is no longer optional for serious crypto investors.
What Is an Ethereum ETF?
Definition. An Ethereum ETF is a publicly traded fund that holds spot ether or staked ether on behalf of investors, letting them gain ETH exposure through traditional brokerages without managing wallets or private keys. BlackRock's iShares Ethereum Trust (ETHA), launched in July 2024, dominates the US market with over $6.6 billion in assets and a 0.25 percent fee, while the iShares Staked Ethereum Trust (ETHB) launched in March 2026 as the first US spot ETH ETF with native staking rewards.
In plain terms, an Ethereum ETF is a share class issued by a regulated fund company. Each share represents a fractional claim on a pool of ether held by an institutional custodian. The fund publishes a daily net asset value, trades on a US stock exchange during market hours, and creates or redeems shares with authorized participants to keep the market price tightly aligned with the underlying ether price.
For investors who already have a 401(k), IRA, or taxable brokerage account, Ethereum ETFs remove every friction that historically kept crypto outside conventional portfolios. No seed phrases. No exchange accounts. No gas fees. Just ticker symbols that settle in T plus one through the same plumbing that handles every other US equity. To understand the underlying asset better, see our complete beginner guide to Ethereum.
History and Regulatory Background
The road to a US spot Ethereum ETF was longer than most observers expected. Grayscale's Ethereum Trust (ETHE) traded over the counter for years as a closed end product before conversion. Multiple issuers submitted spot ETF applications in 2023 only to see the SEC slow walk decisions while it concentrated on Bitcoin.
The pivotal moment came on January 10, 2024 when the SEC finally approved spot Bitcoin ETFs and BlackRock's IBIT launched. IBIT's explosive growth, surpassing $30 billion in assets faster than any ETF in history, forced regulators to reconsider their stance on ether. On May 23, 2024 the SEC approved 19b-4 rule changes for spot ether products and on July 23, 2024 the first batch began trading.
However, that first wave came with a critical restriction. The SEC explicitly prohibited the funds from earning staking rewards. Issuers had to hold only the spot asset, which meant ETF investors were leaving roughly 3 to 4 percent annual yield on the table compared to anyone running their own validator or staking through Lido or Rocket Pool. For a deeper look at how staking pools work, our piece on Rocket Pool and rETH liquid staking is a useful primer.
That changed in February 2026. After eighteen months of industry lobbying and several Hill testimonies from BlackRock's Robert Mitchnick (Head of Digital Assets) alongside CEO Larry Fink, the SEC issued guidance permitting registered ETFs to stake a portion of their underlying ether through approved validators. BlackRock filed an S-1 amendment within days and on March 12, 2026 the iShares Staked Ethereum Trust (ETHB) began trading on the Nasdaq, marking the first US spot ETH ETF with native staking. The Defiant and CoinDesk both ran feature coverage of the launch, and inflows topped $400 million in the first week.
ETHA vs ETHB: BlackRock's Two Ether Products
Investors now face a real choice between BlackRock's two ether vehicles. They share custody arrangements, benchmarks, and the iShares brand, but they differ in fee structure, yield profile, and risk surface.
The headline difference is yield. ETHB is permitted to stake up to half of its underlying ether through approved validators run by Coinbase Custody Trust, with rewards passed back into the net asset value of the fund. That should add roughly 1.4 to 1.8 percent annualized after the staking provider's cut and the slightly higher operational overhead. For long term holders this compounding can dwarf the modest 0.25 percent management fee.
However, staking introduces a tail risk: slashing. If a validator misbehaves through double signing or extended downtime, the protocol penalizes a portion of its stake. Coinbase Custody indemnifies up to a contractual cap, but ETHB shareholders technically bear residual exposure that ETHA holders do not. We unpack the math of slashing risk in our deep dive on EigenLayer restaking.
Full Issuer Comparison: All 9 US Ethereum ETFs
BlackRock dominates but it is far from alone. The original July 2024 cohort plus subsequent entrants has produced a competitive issuer landscape with meaningful fee spreads. Here is the full slate as of May 2026.
Several observations jump out. Grayscale's flagship ETHE still carries a 2.50 percent fee, a relic of its closed end trust days, while its Mini Trust spinoff (ticker ETH) sits at a market low 0.15 percent. Franklin Templeton's EZET undercuts BlackRock by six basis points but commands a fraction of the assets. Fidelity's FETH is the natural number two, helped by the company's enormous brokerage footprint and integrated platform. For more on Grayscale's structure see our piece on Grayscale ETHE explained.
Liquidity matters as much as fees. ETHA averages over 30 million shares of daily volume, FETH around 8 million, and the smallest funds barely break 100 thousand. For active traders the bid ask spread on ETHA, often a single penny, can save more in execution than a competitor's lower expense ratio.
How an Ethereum ETF Actually Works
Behind the simple ticker lies a creation and redemption mechanism that keeps the share price aligned with the underlying ether. Authorized participants, large market making firms like Jane Street, Virtu, and Cumberland, are the only entities permitted to mint new ETF shares or destroy existing ones. They deliver cash or ether to the trust in large blocks, called creation units, and receive shares in return, or vice versa.
Creation and Redemption Flow
The benchmark used to price the ether held by every major US fund is the CME CF Ether-Dollar Reference Rate, calculated daily at 4 pm London time using volume weighted prices from a basket of approved exchanges including Coinbase, Kraken, Bitstamp, Gemini, and itBit. This standard reduces single venue manipulation risk and is the same family of benchmarks used to settle CME ether futures.
For staked funds like ETHB the operational flow gains an extra step. After ether is deposited into custody, the staking module signals a portion to be moved into validator deposit contracts. Coinbase Custody Trust operates the validators, signs blocks and attestations, and collects consensus and execution layer rewards. Those rewards accrue back to the trust, where they are added to the underlying ether balance and reflected in a higher NAV per share. For an introduction to the technical machinery see our Lido Finance liquid staking guide.
Staking Inside an ETF: Mechanics Demystified
The most novel feature of ETHB is its staking module. Understanding how it actually works clarifies both the yield opportunity and the residual risks.
Ethereum's proof of stake protocol requires validators to deposit 32 ether into a beacon chain deposit contract. In return the validator earns roughly 3.2 to 3.6 percent annualized in newly issued ether plus its share of priority fees and MEV. ETHB pools its underlying ether into 32 ether tranches and assigns each tranche to a validator key custodied by Coinbase Custody Trust. The custodian signs all consensus messages on chain using cold key infrastructure protected by hardware security modules.
A few details matter for investors. First, only up to 50 percent of the trust's ether is permitted to be staked at any time, with the remainder held liquid for redemptions. Second, ether that is being unstaked must traverse the protocol's exit queue, which can take days to weeks depending on network conditions. Third, the staking provider collects a commission of roughly 15 percent of gross rewards, leaving net yield in the 1.4 to 1.8 percent range after the trust's 0.25 percent sponsor fee.
Slashing remains the headline risk. The Ethereum protocol penalizes validators that double sign or commit other consensus violations. Coinbase Custody indemnifies the trust against operational slashing up to a contractual cap, but a black swan event that exceeds the cap would impair NAV. The probability is low: across more than a million active mainnet validators, slashing incidents number in the low hundreds. Still, ETHA does not carry this exposure at all.
If Coinbase Custody's validators sign two conflicting blocks at the same slot, the Ethereum protocol burns up to 1 ether from each affected validator plus correlated penalties. ETHB shareholders are insulated up to a contractual cap, after which they bear residual exposure. Read the trust's prospectus for the specific cap and recent monthly attestations.
ETF vs Holding ETH Directly: The Tradeoffs
An Ethereum ETF is not a substitute for self custody. It is a different financial instrument with different rights, costs, and tax treatment. Choosing between the two depends on what you actually want from your ether exposure.
For a tax sheltered retirement account or a portfolio managed by a financial advisor, the ETF is overwhelmingly the right choice. For an active DeFi user who wants to lend, farm, or use ether as collateral, direct custody is the only option that preserves those use cases. Many investors split the difference: ETHA or ETHB in a Roth IRA for the long term, direct ETH in a hardware wallet for active deployment. To understand the trading mechanics on the spot side, our walkthrough of how to sell ETH effectively covers the order types and venues to use.
How to Buy an Ethereum ETF: Step by Step
The process is identical to buying any other US listed ETF. Below is the exact sequence through the three largest retail brokers.
Through Fidelity
- Log in to fidelity.com or the mobile app and select the account you want to use (taxable, traditional IRA, or Roth IRA).
- Click Trade and select Stocks and ETFs.
- Enter the symbol:
ETHAfor spot orETHBfor staked. Fidelity will also natively supportFETH. - Choose action Buy, enter the dollar amount or share quantity. Fidelity supports fractional shares from $1.
- Select order type: market for immediate execution or limit if you want to set a maximum price.
- Pick time in force: day, good til canceled, or fill or kill.
- Review and submit. The trade settles T plus one and shares appear in your positions instantly.
Through Charles Schwab
- Sign in to schwab.com or the thinkorswim platform if you use that interface.
- Open the trade ticket and enter the ETF symbol. All major spot and staked ether funds are tradable.
- Schwab supports Schwab Stock Slices for fractional shares, but only on S&P 500 names, so ETFs require whole shares.
- Configure your order type and time in force as usual, then confirm.
- For a recurring purchase use the Schwab Automatic Investment Plan: set a monthly dollar amount and Schwab buys for you on the first market day of each month.
Through Vanguard
- Vanguard initially restricted spot crypto ETF trading on its platform but reversed course in late 2025. Confirm your account is enabled.
- Use Trade ETFs, enter symbol, choose order parameters.
- Vanguard does not currently offer recurring purchases for ETFs other than its own Vanguard family, so plan to enter trades manually.
Robinhood, Webull, and Interactive Brokers all support every US listed ether ETF with commission free trading. IBKR is the venue of choice for international investors looking for US ETF access.
Tax Implications of Ether ETFs
Ether ETFs are structured as grantor trusts in the United States, which has nuanced consequences for tax reporting. Unlike a registered investment company that issues a 1099-DIV, a grantor trust passes through pro rata ownership of the underlying ether and any incidental cash to the holder.
In practice, this means a few things. First, when you sell ETHA or ETHB shares the gain or loss is calculated against your cost basis on Form 8949 and Schedule D, just like any other stock or ETF. Your broker issues a 1099-B with the proceeds, dates, and adjusted cost basis. Long term capital gains rates apply if held for more than 12 months, otherwise short term ordinary income rates.
Second, the trust itself sells small amounts of ether periodically to pay the sponsor fee. Each such sale is a taxable event allocated pro rata to shareholders, generating tiny capital gains or losses you must report. The trust publishes an annual tax information statement that breaks this out, typically as a fraction of a basis point per share.
Third, for ETHB the staking rewards are added to NAV rather than distributed as cash. The IRS guidance treats accrued staking rewards inside a grantor trust as ordinary income to the shareholder at the moment of accrual, with a corresponding step up in basis. Your tax information statement will allocate these amounts. This treatment makes ETHB slightly less tax efficient than ETHA in a taxable account, which is why advisors often suggest holding ETHB inside a Roth IRA where the staking income compounds tax free.
Hold ETHA in a taxable account for clean capital gains treatment with no annual staking income. Hold ETHB inside a Roth IRA so the staking rewards compound tax free for decades. Avoid holding ETHB in a taxable account unless your effective marginal rate is low.
Finally, none of these grantor trusts issue a K-1, which is a relief for investors used to the burden of master limited partnership tax reporting. All required information lives on Form 1099-B and the annual trust statement.
ETHA's Dominance: Why BlackRock Won
BlackRock did not just enter the spot ether ETF market in July 2024. It rapidly dominated it. ETHA's $6.6 billion AUM as of March 2026 represents more than 50 percent of total US spot ether ETF assets. Several factors explain this concentration.
First, distribution. BlackRock is the world's largest asset manager with deep relationships across registered investment advisors, broker dealer wirehouses, and institutional consultants. Its sales team had been preparing the ground for years through education sessions on Bitcoin and ether. When ETHA launched, model portfolios at firms like Morgan Stanley and UBS could simply add the ticker.
Second, liquidity reinforces liquidity. ETHA's tight spreads and deep order books attract more flow, which attracts more market makers, which tightens spreads further. Smaller funds cannot break this flywheel without aggressive fee cuts that would still leave them competing on a non liquidity dimension.
Third, brand. Larry Fink's public endorsement of digital assets as a strategic asset class gave portfolio managers institutional cover to allocate. Robert Mitchnick's team built the operational and compliance infrastructure that wirehouse compliance officers could accept without raising flags. The result is that ETHA is the default vehicle, with competitors fighting for the remaining half of the pie. For broader context on BlackRock's crypto strategy see BlackRock's BUIDL tokenized treasury.
Risks Every Investor Should Know
Ethereum ETFs are regulated products but they are not risk free. Understanding the failure modes matters before committing capital.
The fund's value moves one for one with ether. A 50 percent drawdown in ETH translates to a 50 percent drawdown in ETHA, minus fees. This is the dominant risk and the reason you bought the ETF in the first place.
Nearly every US spot ether ETF uses Coinbase Prime as its custodian. A serious operational failure or insolvency at Coinbase would affect the entire category simultaneously. SIPC does not cover crypto custody.
Staked funds carry tail risk from validator misbehavior. Coinbase Custody indemnifies up to a contractual cap, beyond which the trust bears the loss. Read the prospectus for the cap detail.
In stressed markets the ETF's share price can diverge from NAV. Authorized participants will arbitrage back to fair value, but during extreme volatility intraday gaps of 50 to 200 basis points have occurred.
The SEC could revisit aspects of approval, particularly around staking. While outright rescission is unlikely, new rules on disclosure, custody, or staking practices could constrain operations or force structural changes.
Fees, cash drag, and creation friction can cause the fund to slightly underperform the underlying ether benchmark. Over multi year horizons this drift can total several percent.
Spot ETFs vs Futures ETFs: A Quick Clarification
Long before any spot ether ETF reached market, US investors could access ether through futures based products like ProShares EETH and VanEck EFUT. These funds hold cash settled ether futures contracts from the CME rather than physical ether.
The structural drawback of futures ETFs is the cost of rolling expiring contracts forward each month. In a typical contango market this roll drag can subtract 5 to 15 percent annualized from returns. Spot ETFs do not roll anything: they hold ether directly. Now that ETHA, ETHB, FETH, and the rest are live, futures based products have lost most of their use case for retail investors. For background on ether market structure, our piece on should I buy ETH market analysis is a relevant complement.
Ether ETF vs Bitcoin ETF: How They Compare
BlackRock's iShares Bitcoin Trust (IBIT) launched in January 2024 and crossed $30 billion in AUM in record time, becoming the most successful ETF launch in history by every meaningful metric. ETHA followed six months later and grew more slowly, ending its first year with around $4 billion. Several reasons explain the gap.
First, Bitcoin's narrative as digital gold maps neatly onto institutional asset allocation frameworks. Ether's smart contract platform thesis is more nuanced and takes longer for traditional investors to internalize. Second, the original ether ETFs lacked the staking feature, which institutional yield buyers immediately noticed. ETHB's March 2026 launch begins to close that gap.
Looking ahead, the ratio of ether ETF assets to Bitcoin ETF assets is gradually converging toward the market cap ratio of the underlying assets, suggesting institutional appetite is normalizing. For ongoing coverage of the BTC ETF flows that influence ether ETF expectations see our weekly tracker on Bitcoin ETF weekly flows.
A second dynamic worth tracking is the difference in flow seasonality. Bitcoin ETFs see strong inflows around macro events such as Federal Reserve meetings and CPI prints, with traders rotating in and out based on monetary policy expectations. Ether ETFs, particularly post staking, are attracting a different buyer profile: yield seeking long term investors, pension funds, and family offices that view ETHB's 1.4 to 1.8 percent net yield as a crypto adjacent fixed income substitute. This buyer composition tends to be stickier than Bitcoin's macro driven traders, which could give ether ETFs lower flow volatility over the long run.
Options markets on ether ETFs have also matured rapidly. CBOE began listing options on ETHA in November 2024, and weekly expiries are now actively traded. This option chain enables sophisticated income strategies such as covered calls on ETHA holdings inside a Roth IRA, dramatically expanding the toolkit available to ether investors who never want to touch a private key. To understand how options interact with the spot market, our analysis of market makers in crypto covers the dealer flow mechanics.
Looking Ahead: Solana, XRP, and the Multi Asset Crypto ETF
The spot ether ETF approval set a precedent for non Bitcoin crypto assets. Spot Solana ETF applications from BlackRock, Bitwise, Fidelity, and VanEck have been working through the SEC review process, with several already approved and trading by Q2 2026. XRP ETFs have also moved forward following a series of favorable Ripple Labs case outcomes. For our take on the Solana side, see is a Solana ETF coming.
The ultimate likely product is a multi asset crypto index ETF, holding a market weighted basket of BTC, ETH, SOL, XRP, and other approved assets. Bitwise has filed one and other issuers are expected to follow. Such a product would deliver diversified crypto beta in a single ticker, the way a total market index fund delivers diversified equity beta.
Best Practices for Portfolio Allocation
Sizing an ether ETF allocation depends on overall portfolio objectives. A few principles apply consistently across investor profiles.
Start with the total crypto allocation. Most financial advisors recommend 1 to 5 percent of a diversified portfolio for crypto in aggregate, with conservative investors at the low end and crypto natives sometimes higher. Within that bucket, allocate between BTC, ETH, and any approved alts based on conviction. For investors with a 60/40 stock bond portfolio, a 3 percent crypto allocation could break out as 1.5 percent IBIT, 1 percent ETHA or ETHB, and 0.5 percent SOL ETF.
Within ether specifically, the choice between ETHA and ETHB depends on time horizon and account type. Long horizon in a tax sheltered account favors ETHB for the compounding yield. Active trading or taxable account holdings favor ETHA for the simpler tax surface. Investors who prefer a barbell can split, holding both.
Rebalancing matters. Crypto volatility means a 2 percent allocation can drift to 6 percent in a strong year or down to 0.5 percent in a bear cycle. Annual or semiannual rebalancing back to target keeps risk consistent and forces the discipline of selling high and buying low. For active traders who want exposure beyond ETFs, our guide to long vs short in crypto covers the derivatives toolkit.
Frequently Asked Questions
Q What is the best Ethereum ETF in 2026?
BlackRock's iShares Ethereum Trust (ETHA) leads on liquidity and AUM with over $6.6 billion. For investors who want native staking yield, the newer iShares Staked Ethereum Trust (ETHB) launched in March 2026 offers 1.4 to 1.8 percent annual rewards on top of price exposure, with a fee waiver to 0.12 percent for the first year. Grayscale's Mini Trust (ETH) has the lowest headline fee at 0.15 percent but lacks staking.
Q When did spot Ethereum ETFs start trading in the US?
The SEC approved the 19b-4 rule changes in May 2024 and the first US spot Ethereum ETFs began trading on July 23, 2024. The initial cohort included BlackRock's ETHA, Fidelity's FETH, Bitwise's ETHW, Franklin Templeton's EZET, Grayscale's ETHE and Mini Trust ETH, VanEck's ETHV, Invesco Galaxy's QETH, and 21Shares' CETH.
Q What is the difference between ETHA and ETHB?
ETHA is BlackRock's spot Ethereum ETF that holds only ether and earns no staking rewards. ETHB is BlackRock's staked Ethereum ETF, launched March 12 2026, that stakes up to 50 percent of its underlying ether through Coinbase Custody and passes those rewards back to shareholders via a higher NAV. ETHB carries slashing risk while ETHA does not.
Q Can I hold an Ethereum ETF in my IRA or 401(k)?
Yes. All US listed spot ether ETFs including ETHA, ETHB, and FETH are eligible for any IRA, Roth IRA, or 401(k) that permits ETF trading. This is one of the biggest practical advantages of an ETF over direct ETH because it allows tax sheltered crypto exposure without specialty self directed crypto IRA arrangements.
Q How does staking inside an Ethereum ETF actually work?
The trust pools its underlying ether into 32 ether tranches and assigns each tranche to a validator key custodied by Coinbase Custody Trust. The custodian signs consensus and execution layer messages on chain, collecting roughly 3.2 to 3.6 percent gross annualized rewards. After a 15 percent provider commission and the 0.25 percent sponsor fee, ETHB shareholders see net yield in the 1.4 to 1.8 percent range, added to NAV.
Q Who custodies the ether held by US spot ETH ETFs?
Coinbase Prime serves as custodian for nearly every US spot ether ETF including ETHA, ETHB, FETH, ETHW, ETHV, EZET, QETH, and CETH. Grayscale's ETHE and ETH also use Coinbase Custody Trust. This creates a concentration risk: an operational failure at Coinbase would affect the entire category at once.
Q Do Ethereum ETFs issue K-1 tax forms?
No. Ether ETFs are structured as grantor trusts, not master limited partnerships, so they do not issue K-1 forms. Your broker provides a 1099-B with capital gains and proceeds for any shares you sell, and the trust publishes an annual tax information statement that allocates pro rata sponsor fee related sales and, for ETHB, staking income.
Q What is the fee for BlackRock's iShares Ethereum Trust?
ETHA charges a 0.25 percent annual sponsor fee. ETHB also has a stated 0.25 percent fee but is currently waiving 13 basis points down to a net 0.12 percent for the first 12 months from launch or until the fund reaches $2.5 billion in assets, whichever comes first.
Q Can I lose money in a spot Ethereum ETF?
Yes. ETHA and ETHB move one for one with the price of ether, which is among the most volatile major financial assets. Drawdowns of 50 percent or more from peak to trough have occurred multiple times in ether's history. ETF wrappers do not provide downside protection. Position sizing and time horizon matter.
Q Is ETHA better than holding ETH on Coinbase directly?
It depends on your goal. ETHA gives clean tax reporting via 1099-B, eligibility for any retirement account, and execution through your existing brokerage. Direct ETH on Coinbase or a hardware wallet gives 24/7 trading, full DeFi composability, the ability to stake yourself at 3 to 4 percent, and self custody. Many investors do both: ETHA inside a Roth IRA and self custody ETH for active use.
Q What is slashing risk and does it apply to ETHB?
Slashing is the Ethereum protocol's penalty mechanism for validators that double sign blocks or commit other consensus violations. The protocol burns a portion of the validator's stake. ETHB stakes through Coinbase Custody Trust, which indemnifies the trust against operational slashing up to a contractual cap. Beyond that cap, residual exposure falls on shareholders. ETHA does not stake and carries no slashing risk.
Q Will more Ethereum ETFs add staking after ETHB?
Almost certainly. Fidelity's FETH, Bitwise's ETHW, and 21Shares' CETH have all signaled plans to file S-1 amendments adding staking modules to their existing products. Within 6 to 12 months of ETHB's launch we expect the majority of US ether ETFs to offer staked variants, with competitive yield enhancements and fee waivers as issuers fight for assets.
Conclusion: A New Era for Ether Investing
The Ethereum ETF market has matured into a competitive, multi product category in less than two years. ETHA's dominance reflects BlackRock's distribution power and operational rigor. ETHB's arrival in March 2026 finally closes the yield gap that always separated regulated ether products from direct holdings, opening the door to a wave of staking enabled funds from competing issuers over the rest of 2026.
For most investors the right answer is no longer whether to use an Ethereum ETF but which one to use and in what account. ETHA in a taxable account offers clean exposure with the deepest liquidity. ETHB in a Roth IRA compounds staking yield tax free for decades. The combination of regulated structure, brokerage access, and now native staking has fundamentally changed how ether fits into a diversified portfolio.
Whatever path you choose, the days when accessing ether required navigating exchanges, seed phrases, and gas fees are over for anyone who prefers traditional rails. The Ethereum ETF is no longer an experiment. It is core financial infrastructure. To round out your understanding of the surrounding ecosystem, our guides to DeFi fundamentals and Ethereum gas fees are recommended reading for the next steps in your crypto journey.