華爾街銀行JPMorgan（JPM）說，Ether（ETH）在最近幾個月中表現不佳。

代幣缺乏像更大的同伴比特幣那樣引人入勝的敘述（BTC，銀行說，並補充說，比特幣從視力和數字黃金的看法中受益。

The price of ether (ETH) has lagged behind other cryptocurrencies recently as the Ethereum blockchain faces “fierce” competition from other networks, Wall Street bank JPMorgan (JPM) said in a research note on Wednesday.

華爾街銀行摩根大通（JPM）在周三的研究報告中說，最近以太坊區塊鏈面對“激烈”的競爭，以太（ETH）的價格落後於其他加密貨幣。

The token lacks a strong narrative compared to its larger peer bitcoin (BTC), the bank said, adding that bitcoin benefits from its perception as a store of value and digital gold.

該銀行說，與其更大的同行比特幣（BTC）相比，代幣缺乏強烈的敘述，並補充說，比特幣從價值和數字黃金存儲的看法中受益。

Despite upgrades like Dencun, activity has shifted away from the main Ethereum network and onto layer 2’s, which is hurting the blockchain’s growth, the report said. The network’s next upgrade, Pectra, is due early April.

報告說，儘管像Dencun這樣的升級，但活動還是從主要的以太坊網絡轉移到了第2層，這損害了區塊鏈的增長。該網絡的下一個升級Pectra將於4月初到期。

“Competitive pressures have led some decentralized applications (dapps) to migrate from Ethereum to other application-specific chains for better performance,” analysts led by Nikolaos Panigirtzoglou wrote.

Nikolaos Panigirtzoglou領導的分析師寫道：“競爭壓力導致一些分散的應用程序（DAPP）從以太坊遷移到其他特定於應用程序的鏈，以提高性能。”

Examples include decentralized exchanges (DEXs) like Uniswap, dYdX and Hyperliquid, the bank said.

該銀行表示，例如Uniswap，DyDX和Hyproliquid等去中心化交易所（DEX）。

Uniswap’s upcoming move to Unichain is important as it is one of Ethereum’s “largest gas consuming protocols,” and its migration could result in a significant loss to the network’s fee pool, the bank noted.

該銀行指出，Unistwap即將進行的Unichain的舉動很重要，因為它是以太坊的“最大天然氣消耗協議”之一，其遷移可能會導致網絡的費用池造成重大損失。

JPMorgan said this trend of dapps moving to other layer 2’s or alternative layer 1’s could hurt Ethereum by reducing activity on the main network, which could lead to lower transaction fees and validator revenue.

摩根大通說，DAPPS轉移到其他第2層或替代第1層的趨勢可能會通過減少主網絡的活動來傷害以太坊，這可能導致交易費用降低和驗證者收入。

Layer 2’s are separate blockchains built on top of layer 1’s, or the base layer, that reduce bottlenecks with scaling and data. In terms of supply, this could make ether inflationary as “fewer transactions imply reduced token burning,” the authors wrote.

第2層是在第1層或基層層頂部建造的單獨的區塊鏈，可減少使用縮放和數據的瓶頸。作者寫道，在供應方面，這可能會使以太通貨膨脹率“更少的交易意味著減少令牌燃燒”。

The bank noted that Ethereum’s growth lags behind competitors like Solana, which saw a surge in activity linked to memecoins.

該銀行指出，以太坊的增長落後於索拉納（Solana）等競爭對手，索拉納（Solana）的活動激增與成員有關。

The Ethereum ecosystem still dominates the stablecoin, decentralized finance (DeFi) and tokenization spaces despite these challenges, the bank said.

該銀行說，儘管這些挑戰面臨這些挑戰，但以太坊生態系統仍然主導著穩定的，分散的金融（DEFI）和令牌化空間。

The network could see increased institutional demand from tokenization enterprises, but “competition from other networks is likely to remain intense for the foreseeable future,” the report added.

該報告補充說，該網絡可能會看到代幣化企業的機構需求增加，但“在可預見的將來，其他網絡的競爭可能會保持激烈。”