ETH仍然很特別嗎？

我們從不害羞地將ETH視為加密貨幣的第二大資產和傳統投資者的Defi Intuition Gateway。

output: We are never shy about holding ETH to account as crypto’s second largest asset and the DeFi intuition gateway for traditional investors. But mainstream adoption requires a growth story, and so far this year ETH is (to put it kindly) failing to lead.

輸出：我們永遠不會害羞地將ETH作為加密貨幣的第二大資產和傳統投資者的偏見直覺網關。但是主流採用需要一個增長的故事，到目前為止，ETH（友好地說）未能領導。

ETH sits in 16th place in the CoinDesk 20 YTD performance leaderboard, down 53%. Going back a year, the numbers look similar: 15th place and down 50%. Its market cap has dwindled so much relative to XRP that both are expected to be capped in the upcoming CoinDesk 20 reconstitution, a first.

ETH在Coindesk 20 YTD Performance排行榜中排名第16位，下降了53％。回溯一年，數字看起來相似：排名第15位和50％。它的市值相對於XRP的幅度越來越大，以至於兩者都將在即將到來的Coindesk 20重建基地中封頂，這是第一個。

ETH’s woes are news to few in the industry, but for us as index and product builders for “5%-ers,” it begs the question: is ETH still special? A distinguished provenance can only take you so far. ETH continues to dominate its on-chain categories (even before adding in L2s) and is arguably the second best brand name in crypto. There are even thoughtful ideas about ETH’s end-state as an essential supporting component of our blockchain future; we hear expressions like, “Ethereum will be the clearinghouse of DeFi.”

ETH的困擾是該行業中很少有人的新聞，但對我們來說，作為“ 5％的人”的指數和產品建設者，它引出了一個問題：ETH仍然很特別嗎？傑出的出處只能帶您走那麼遠。 ETH繼續主導其鏈類別（甚至在添加L2）中，並且可以說是加密貨幣中第二好的品牌名稱。甚至有關於ETH的最終國家作為我們區塊鏈未來的重要支持組成部分的想法。我們聽到的表達方式：“以太坊將是Defi的交換所。”

However, mainstream adoption requires a growth story.

但是，主流採用需要增長故事。

We have observed over the last few weeks that bitcoin has shown impressive resilience to fragile global markets. This past week was no exception, and as we pointed out last week, expectations for higher inflation – now echoed by Fed Chair Powell – could help support movement into bitcoin.

在過去的幾周中，我們觀察到比特幣對脆弱的全球市場表現出了令人印象深刻的韌性。過去一周也不例外，正如我們上週指出的那樣，對現在由美聯儲主席鮑威爾（Powell）回應的更高通貨膨脹的期望可以幫助支持投入比特幣。

But the crypto market’s dependency on bitcoin to lead prices higher is one we hope the digital asset class outgrows. ETH can reassert a leadership position, as it briefly did in the weeks following the U.S. election. If not, CoinDesk 20 investors have exposure to much of ETH’s competition.

但是，加密市場對比特幣的依賴性提高了價格，我們希望數字資產類別的成長。 ETH可以像在美國大選後的幾週內短暫地重申領導地位。如果沒有，Coindesk 20投資者將獲得ETH的大部分競爭。