為什麼ETH在這個週期中表現不佳？

沒有人可以肯定知道，但我相信主要原因如下：

This cycle has been very tough for ETH. In 2022, when BTC was at the bottom of the bear market, many were talking about how ETH would easily reach $10,000 in this cycle. Now, many seem to doubt whether ETH can reach a new high this year.

對於ETH來說，這個週期非常困難。 2022年，當BTC處於熊市的底部時，許多人在談論ETH在這個週期中如何輕鬆達到10,000美元。現在，許多人似乎懷疑ETH今年是否可以達到新的高位。

Given the current market sentiment, you really can't blame them; even ETC has recently outperformed ETH. But in my opinion, ETH's poor performance indicates that some significant changes are needed.

考慮到當前的市場情緒，您真的不能怪他們；甚至最近都優於ETH。但是我認為，ETH的性能差表明需要進行一些重大變化。

Why has ETH performed poorly in this cycle?

為什麼ETH在這個週期中表現不佳？

No one can know for sure, but I believe the main reasons are as follows:

沒有人可以肯定知道，但我相信主要原因如下：

With almost every Ethereum L2 launching a token, many Ethereum fans have started to choose to buy L2 tokens instead of ETH, significantly reducing the amount of funds flowing into ETH. If you are bullish on Solana without L2, then just buy SOL. But if you are bullish on ETH, there are dozens of ETH beta options available for purchase.

幾乎每個以太坊L2都推出了代幣，許多以太坊粉絲已經開始選擇購買L2代幣而不是ETH，從而大大減少了流入ETH的資金的數量。如果您對沒有L2的Solana看漲，請購買SOL。但是，如果您對ETH看漲，則可以購買數十種ETH Beta選項。

There are currently over 100 Ethereum L2 projects. While moving funds from one L2 to another is not a problem for advanced DeFi users, it can be a nightmare for regular retail investors. Indeed, trading on Ethereum L2 is fast and cheap now, but until the cross-L2 user experience improves, L2 scaling won't help Ethereum achieve mass adoption.

目前有100多個以太坊L2項目。對於高級Defi用戶而言，將資金從一個L2轉移到另一個L2並不是問題，但對於常規零售投資者來說，這可能是一場噩夢。確實，以太坊L2的交易現在很快又便宜，但是在Cross-L2用戶體驗改善之前，L2縮放不能幫助以太坊實現大量採用。

In the last cycle, Ethereum was the leading L1 blockchain by all metrics.

在最後一個週期中，以太坊是所有指標的主要L1區塊鏈。

While I believe it still has the best DeFi ecosystem, other L1s (like Solana) are now often surpassing it in revenue and DEX trading volume. I think this is partly due to their technological advancements.

儘管我認為它仍然具有最好的Defi生態系統，但其他L1（例如Solana）現在經常在收入和DEX交易量中超過它。我認為這部分是由於它們的技術進步。

Ethereum has made significant progress over the past few years, but some L1 competitors have progressed faster and are now able to offer a better user experience.

在過去的幾年中，以太坊取得了重大進展，但是一些L1競爭對手的進步速度更快，現在能夠提供更好的用戶體驗。

How can we make ETH great again?

我們如何再次使Eth偉大？

Here are some ideas:

這裡有一些想法：

I believe these could be important steps in the right direction. Over the past few years, the Ethereum Foundation and its community seem to have become a bit complacent, which could cause long-term serious damage to the project.

我相信這些可能是朝著正確方向邁出的重要步驟。在過去的幾年中，以太坊基金會及其社區似乎變得有些自滿，這可能會對該項目造成長期嚴重破壞。

Ethereum is still the leading L1, but if it doesn't start adopting a winning mindset, other L1s with teams eager to win could also win the L1 war.

以太坊仍然是領先的L1，但是如果它沒有開始採用獲勝的心態，那麼其他渴望獲勝的L1也可能會贏得L1戰爭。

Fortunately, we have already seen some positive developments, especially from ecosystem projects trying to improve ETH sentiment:

幸運的是，我們已經看到了一些積極的發展，尤其是從試圖改善道德情緒的生態系統項目中：

The first three items on the list above will certainly increase the adoption of Ethereum's second layer. But the real question is:

上面列表上的前三個項目肯定會增加以太坊第二層的採用。但是真正的問題是：

Will they also have a positive impact on ETH's price?

他們還會對ETH的價格產生積極影響嗎？

But in my opinion, the most important things to make ETH rise again are:

但我認為，再次使ETH崛起的最重要的事情是：

An increase in ETH will benefit everyone holding altcoins. Historically, ETH's rise has been a catalyst for the altcoin market boom.

ETH的增加將使所有持有山寨幣的人都受益。從歷史上看，ETH的崛起一直是Altcoin市場繁榮的催化劑。