以太坊（ETH）作為一項投資的死亡：地震震顫通過加密球體迴盪

以太坊（ETH）作為長期加密貨幣投資的基石的曾經無用的敘事已被震撼了其核心。

The usually impenetrable narrative of Ethereum (ETH) as a core, long-term cryptocurrency investment has come under surprising attack, shaking the foundations of the crypto sphere.

以太坊（ETH）作為核心，長期加密貨幣投資通常無法穿透的敘述受到了令人驚訝的攻擊，從而震撼了加密球體的基礎。

This tremor was set off by Quinn Thompson, CIO of Lekker Capital, who went as far as to claim that Ethereum is “totally dead” as an investment vehicle. Though this statement might seem extreme, it was fueled by bleak on-chain data showing slowing growth and diminishing revenue.

雷克資本（Lekker Capital）的CIO奎因·湯普森（Quinn Thompson）引發了這一震顫，後者甚至聲稱以太坊是“完全死亡”的投資工具。儘管這一說法似乎很極端，但鏈上數據顯示出增長放緩和收入減少的束縛。

While this claim might seem pessimistic, it has sparked a fierce debate among industry figures. The discussion touched upon the concerning tale told by on-chain metrics, the role of Layer 2 (L2) solutions, and ultimately, whether ETH is still a viable long-term asset.

儘管這一說法似乎很悲觀，但在行業人物之間引發了激烈的辯論。討論涉及了有關鏈指標，第2層（L2）解決方案的作用，以及最終ETH是否仍然是可行的長期資產的有關故事。

Is this a moment of reckoning, signaling to abandon Ethereum entirely, or is it a temporary lull before a resurgence? Let's break down the data and arguments that ignited this critical conversation.

這是算是一刻，完全放棄以太坊的信號，還是在復興之前的暫時休息？讓我們分解點燃這一關鍵對話的數據和論點。

Quinn Thompson's assertion that Ethereum is "totally dead" as an investment is a hypothesis based on tangible on-chain data. Recent statistics from The Block paint a disconcerting trend.

奎因·湯普森（Quinn Thompson）斷言以太坊“完全死亡”，因為投資是基於有形的鏈上數據的假設。該區塊的最新統計數據繪製了令人不安的趨勢。

The 7-day moving average (7DMA) of daily transactions has plateaued, failing to replicate the explosive growth seen in 2021. The number of daily and monthly active addresses, crucial indicators of user engagement, has also stalled.

每日交易的7天移動平均值（7DMA）已經平穩，未能複制2021年看到的爆炸性增長。每天和每月的主動地址的數量，用戶參與的關鍵指標也已停滯不前。

Perhaps most alarmingly, the creation of new addresses, a metric that underscores the network's ability to attract new users, is lagging. These data points paint a picture of a network struggling to maintain its momentum.

也許最令人震驚的是，創建新地址，這是一個強調該網絡吸引新用戶的能力的指標。這些數據點描繪了一個網絡努力維持其動力的圖片。

The slowdown in user growth, coupled with the stagnation in transaction activity, raises fundamental questions about Ethereum's ability to justify its massive $225 billion valuation.

用戶增長的放緩，再加上交易活動的停滯，提出了有關以太坊有理由證明其龐大的2250億美元估值合理能力的基本問題。

Thompson's argument is that the network's intrinsic value, measured by its utility and adoption, is not translating into commensurate value accrual for ETH holders.

湯普森的論點是，通過其效用和採用量來衡量的網絡的內在價值並未轉化為ETH持有人的相應價值。

At the heart of the debate lies the complex relationship between Ethereum's main chain and its burgeoning ecosystem of Layer 2 (L2) solutions. These L2s, designed to enhance scalability and reduce transaction costs, are undeniably driving innovation and adoption within the Ethereum ecosystem.

辯論的核心是以太坊的主鏈與其迅速發展的第2（L2）解決方案的生態系統之間的複雜關係。這些L2旨在提高可擴展性和降低交易成本，無疑是在以太坊生態系統內推動創新和採用的。

However, their impact on ETH's value accrual is a subject of contention.

但是，它們對ETH價值應計的影響是爭論的主題。

According to Ben Armstrong, L2s are effectively "draining value" from the Ethereum main chain. By offloading transaction activity and reducing reliance on the base layer, L2s are stifling ETH's ability to capture the network's burgeoning value.

根據本·阿姆斯特朗（Ben Armstrong）的說法，L2S實際上是從以太坊主鏈中“排出的價值”。通過卸載交易活動並減少對基礎層的依賴，L2扼殺了ETH捕獲網絡迅速增值的能力。

With the proliferation of L2 tokens and staking protocols, Ben contends that ETH is no longer the primary beneficiary of the Ethereum ecosystem's expansion, casting doubt on its long-term investment potential.

隨著L2代幣和固定協議的擴散，Ben認為ETH不再是以太坊生態系統擴展的主要受益者，對其長期投資潛力產生了懷疑。

Omid Malekan offers a counterargument, asserting that L2s are indispensable for blockchain scalability and their existence does not threaten Ethereum's long-term value.

Omid Malekan提供了反駁，並斷言L2對於區塊鏈可伸縮性是必不可少的，並且它們的存在並不威脅到以太坊的長期價值。

Malekan's perspective is that L2s are a necessary evolution for Ethereum to adapt to the changing demands of the cryptocurrency landscape.

Malekan的觀點是，L2S是以太坊適應加密貨幣景觀需求不斷變化的必要進化。

Quinn Thompson's critique goes further, encompassing the very core of Ethereum's economic model. He argues that while the Ethereum ecosystem is flourishing, ETH is not effectively capturing the value generated by this activity.

奎因·湯普森（Quinn Thompson）的批評進一步發展，涵蓋了以太坊經濟模式的核心。他認為，儘管以太坊生態系統正在蓬勃發展，但ETH並未有效地捕獲該活動產生的價值。

Using an analogy from the oil industry, Quinn suggests that while the Ethereum network provides essential utility, ETH holders are not reaping a commensurate premium.

奎因（Quinn）使用石油行業的類比，表明，儘管以太坊網絡提供了必不可少的效用，但ETH持有人並未獲得相應的溢價。

Scott Johnsson claims that ETH's value will appreciate in tandem with increasing network activity. He further emphasizes the potential of ETH's deflationary mechanism, suggesting that a reduction in circulating supply will drive up its price.

斯科特·約翰遜（Scott Johnsson）聲稱，ETH的價值將隨著網絡活動的增加而欣賞。他進一步強調了ETH的通縮機制的潛力，這表明循環供應的減少將提高其價格。

This divergence of opinions highlights the fundamental question of whether Ethereum's deflationary mechanism, coupled with its current transaction rates, can be sustained over the long term. The debate centers on the delicate balance between network utility and value accrual for ETH holders.

這種意見的差異突出了以太坊的通縮機制以及當前交易率是否可以長期維持的基本問題。辯論集中在網絡效用與ETH持有人的價值之間的微妙平衡有關。

As the discussion continues, it will be interesting to see how the narrative unfolds and whether investors begin to view Ethereum through a lens of skepticism.

隨著討論的繼續，看到敘事如何展開以及投資者是否開始通過懷疑態度來看以太坊將很有趣。

While the on-chain data and the L2 debate present a valid critique, it's important to acknowledge Ethereum's enduring strengths and its pivotal role in the cryptocurrency landscape.

儘管鏈上數據和L2辯論提出了有效的批評，但要承認以太坊在加密貨幣景觀中的持久優勢及其關鍵作用很重要。

Ethereum remains the dominant platform for decentralized finance (DeFi), boasting a vibrant ecosystem of dApps and smart contracts. Its first-mover advantage and robust developer community provide a formidable foundation for future growth.

以太坊仍然是分散融資（DEFI）的主要平台，擁有充滿活力的DAPP和智能合約的生態系統。它的第一步優勢和強大的開發人員社區為未來增長提供了巨大的基礎。

However, Ethereum faces mounting challenges. The emergence of competing Layer 1 blockchains, offering superior scalability and lower transaction costs, poses a significant threat to its market share.

但是，以太坊面臨著越來越多的挑戰。競爭第1層區塊鏈的出現，提供了卓越的可擴展性和較低的交易成本，對其市場份額構成了重大威脅。

The evolving regulatory landscape, with its potential for both opportunities and obstacles, adds another layer of complexity to Ethereum's future.

不斷發展的監管格局具有機遇和障礙的潛力，為以太坊的未來增加了另一層複雜性。

For investors, the current discussion presents a complex and challenging landscape. The on-chain data presents a mixed picture, with signs of stagnation juxtaposed with enduring strengths.

對於投資者而言，當前的討論呈現出複雜而具有挑戰性的格局。鏈上的數據顯示了混合圖片，並帶有與持久強度並列的停滯跡象。

The L2 debate highlights the inherent tension between scalability and value accrual, forcing investors to

L2辯論強調了可伸縮性和價值應計之間的固有張力，迫使投資者進入