儘管開發人員出埃及記和表現不佳，但以太坊（ETH）仍然是DEFI和智能合同申請的領導者

以太坊（ETH）仍然是分散財務（FAFI）和智能合同應用的領導者，但它處於十字路口。社區質疑以太坊的相關性

Despite still leading the decentralized finance (DeFi) and smart contract applications space, Ethereum (ETH) is at a crossroads.

儘管仍領導著分散的金融（DEFI）和智能合同應用空間，但以太坊（ETH）仍處於十字路口。

As the community discussed, the largest altcoin has faced increasing criticism, putting its future in the industry spotlight.

正如社區所討論的那樣，最大的Altcoin面臨著越來越多的批評，將其未來置於行業焦點。

Mainstream narratives have focused on a bleak outlook for Ethereum, highlighting a developer exodus and overall network activity dropping 17% last year, compared to Solana’s 83% spike in developer engagement.

主流敘事的重點是以太坊的黯淡前景，強調了開發人員出埃及記，而整個網絡活動去年下降了17％，而Solana在開發人員參與方面的高漲。

Moreover, Standard Chartered analysts slashed their year-end Ether price prediction by 60%, which they attributed to Ethereum’s “identity crisis” and unclear direction going forward.

此外，標準特許分析師將其年終以太​​價格預測削減了60％，這歸因於以太坊的“身份危機”以及未來的方向不清楚。

This follows a bleak assessment of Bitcoin (BTC), which they said had lost the attention of mainstream media and politicians.

這是對比特幣（BTC）的慘淡評估，他們說這已經失去了主流媒體和政客的關注。

Earlier this year, President Donald Trump’s pro-crypto stance saw Bitcoin take the stage, while Ethereum was largely ignored.

今年早些時候，唐納德·特朗普（Donald Trump）總統的親克賴特托（Crypto）立場看到比特幣登上舞台，而以太坊則在很大程度上被忽略了。

Bitcoin’s ideological and political dominance began to take shape after the U.S. government’s bailout of Wall Street in 2008, paving the way for the cryptocurrency industry to flourish.

在2008年美國政府對華爾街的救助之後，比特幣的意識形態和政治主導地位開始成立，為加密貨幣行業鋪平了道路。

Trump’s administration also saw a shift in the U.S. administration’s stance on crypto, which had previously been focused on shutting down the industry.

特朗普政府還看到了美國政府對加密貨幣的立場發生了變化，該立場此前曾致力於關閉該行業。

In contrast, the narrative around Ethereum focused on the exodus of developers from the network, and a drop in network activity.

相反，以太坊的敘述集中在網絡開發人員的出現以及網絡活動下降。

This was largely driven by the adoption of meme coins and fast transaction speeds on Solana.

這在很大程度上是由於採用模因硬幣和Solana上的快速交易速度所驅動的。

However, this narrative ignores the exponential growth of real-world assets (RWA) on Ethereum, and the continued dominance of Layer-2 (L2) solutions in chain activity.

但是，這種敘述忽略了現實世界資產（RWA）對以太坊的指數增長，以及鏈活動中第2層（L2）解決方案的持續優勢。

“This is a bottom signal. Mainstream media almost always get the timing wrong. L2s continue to dominate chain activity and RWA growth on ETH is exponential.”

“這是一個底部的信號。主流媒體幾乎總是會誤解時機。L2S繼續主導鏈活動，而對ETH的RWA增長是指數的。”

Other users reacted to the Bloomberg article, which brought renewed bullishness.

其他用戶對彭博（Bloomberg）的文章做出了反應，後者帶來了新的看漲。

“Was starting to feel bearish but this post has me all bulled up again.”

“開始感到看跌，但是這篇文章讓我又被欺負了。”

These responses, among others, speak to the strength of Ethereum’s community, which has tended to persevere in the face of adversity and innovation.

這些反應包括以太坊社區的力量，這在面對逆境和創新時傾向於堅持不懈。

There is no political spectacle for Ethereum, unlike Bitcoin, with growth contingent on scalability and real-world use.

與比特幣不同，以太坊沒有政治奇觀，其增長取決於可擴展性和現實世界的使用。

Recently, Buterin set out a roadmap for Ethereum’s L2 ecosystem, calling for the funding of open-source development to ensure continued progress.

最近，Buterin為以太坊的L2生態系統制定了路線圖，呼籲為開源開發提供資金，以確保繼續進步。

His vision is already coming to fruition as projects like Celo successfully transition to Ethereum L2 solutions. As BeInCrypto reported, Celo completed the migration after 20 months of testing, aiming to improve scalability and transaction efficiency.

隨著像Celo這樣的項目成功過渡到以太坊L2解決方案，他的願景已經實現。正如Beincrypto報導的那樣，Celo在測試20個月後完成了遷移，旨在提高可擴展性和交易效率。

Adoption of Ethereum scaling solutions, such as Arbitrum, Optimism, and Polygon has also increased.

採用以太坊縮放解決方案（例如仲裁，樂觀和多邊形）也有所增加。

This aligns with Buterin’s perspective that sustainable blockchain growth comes from strengthened infrastructures, not hype-driven narratives.

這與Buterin的觀點相吻合，即可持續區塊鏈增長來自加強基礎設施，而不是炒作驅動的敘述。

These moves indicate that while speculation on Ethereum may be declining, long-term technological adoption could pick up the slack.

這些舉動表明，儘管對以太坊的猜測可能正在下降，但長期採用的採用可能會彌補這一措施。