Ether (ETH) pays for computation and data availability on Ethereum and is the staking asset securing proof-of-stake consensus. Post-Merge issuance and burn (EIP-1559) make net supply path dependent on activity. Liquid staking and restaking change the float and claim structure without changing the base asset.
Research use: treat ETH as a claim on L1 fee markets and staking yield, tempered by L2 migration of activity. Track blob/fee markets, staking ratio, validator queues, and ETH beta to BTC.