在危機中，以太坊區塊鍊是嗎？

幾個月來，人們對以太坊區塊鏈的“穩定性”一直存在許多疑問。

For some months now, there have been many doubts about the “stability” of the Ethereum blockchain.

幾個月來，人們對以太坊區塊鏈的“穩定性”一直存在許多疑問。

It is not about doubts related to the technical functioning of this blockchain, which shows no signs of having problems from this point of view, but related to the actual use by the users.

這與與此區塊鏈的技術功能有關的疑問無關，這沒有顯示出從這個角度出現問題的跡象，而是與用戶實際使用有關的跡象。

Ethereum in fact was not created as a financial asset, like Bitcoin, but as a network of computers that executes smart contracts in a decentralized, trustless, and uncensorable manner. Its goal has always been to provide a service to users, rather than to provide a financial asset.

實際上，以太坊不是像比特幣這樣創建的，而是作為金融資產，而是以分散，無信任和無可估算的方式執行智能合約的計算機網絡。它的目標一直是為用戶提供服務，而不是提供金融資產。

In the Ethereum white paper in 2014 Vitalik Buterin wrote:

在2014年的以太坊白皮書中，維塔利克·布特林（Vitalik Buterin）寫道：

“What Ethereum intends to provide is a blockchain with a fully integrated Turing-complete programming language that can be used to create ‘contracts’ which can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing the logic in a few lines of code”.

“以太坊打算提供的是一個具有完全集成的圖靈完整編程語言的區塊鏈，可用於創建'合同'，可用於編碼任意狀態過渡功能，允許用戶創建上述任何系統，以及許多其他我們尚未想像的其他系統，僅通過在幾行編碼中編寫邏輯來編寫。”

Ethereum Blockchain in crisis?

以太坊區塊鏈在危機中？

Despite this, over time the real great success of Ethereum has been to enable the launch of many tokens on the crypto markets, starting from the ICO boom of 2018 and passing through the memecoin boom of 2021.

儘管如此，隨著時間的流逝，以太坊的最大成功一直是從2018年的ICO繁榮開始，並通過2021年的Memecoin繁榮，使許多令牌在加密貨幣市場上推出。

For example, SHIB of Shiba Inu was launched as a token on Ethereum.

例如，Shiba Inu的Shib是作為以太坊的代幣發射的。

Starting from 2023, however, Ethereum began to face competition from Solana from this point of view, so much so that now it is mainly on Solana that new tokens are launched.

然而，從2023年開始，從這個角度來看，以太坊開始面對索拉納的競爭，以至於現在主要是在Solana上推出了新的代幣。

The fact is that on Solana it is so much simpler, cheaper, and faster to launch a token that it has made this activity accessible to practically everyone. Ethereum, on the other hand, has fallen a bit behind in this regard.

事實是，在Solana上，啟動一個令牌非常簡單，更便宜和更快，以至於它幾乎使每個人都可以訪問這項活動。另一方面，以太坊在這方面落後了一點。

The symbol of this handover was the launch of Donald Trump’s official token, on January 18 of this year, launched specifically on the Solana blockchain and not on that of Ethereum.

這種交接的象徵是今年1月18日，唐納德·特朗普（Donald Trump）的官方代幣推出，專門針對Solana區塊鏈而不是以太坊的啟動。

Despite this, the number of average daily transactions recorded on the Ethereum blockchain does not appear to be in decline.

儘管如此，以太坊區塊鏈記錄的平均每日交易數量似乎並未下降。

During 2021, this number had settled well above the one million mark, and in 2023 it had settled around this level.

在2021年期間，這個數字已遠遠超過一百萬分，而在2023年，它已經在這個級別上定居下來。

While Solana was stealing the role of leader of memecoins from Ethereum, between 2024 and 2025, the number of average daily transactions recorded on the latter blockchain rose first above 1.1 million, and then also above 1.2 million.

當索拉納（Solana）從以太坊（Ethereum）偷走了情緒的領導人的角色，而2024年至2025年之間，後者區塊鏈記錄的平均每日交易數量升至110萬以上，然後超過120萬。

Not even with the downturn of 2025 has it returned to a million, so from a technical standpoint, the Ethereum blockchain does not seem to be in a bear market at all.

甚至沒有2025年的經濟低迷恢復到一百萬，因此從技術角度來看，以太坊區塊鏈似乎根本不在熊市中。

The problem of DeFi

defi的問題

The real problem is of a purely financial nature.

真正的問題是純粹的財務性質。

For example, the TVL of DeFi on Ethereum at the end of 2024 reached a peak of 77 billion dollars, which is significantly lower than the all-time high of 109 billion in November 2021.

例如，2024年底在以太坊上的Defi TVL達到了770億美元的峰值，這顯著低於2021年11月的歷史最高點。

Furthermore, during 2025 it fell below 50 billion, which is a level in line with that of twelve months ago.

此外，在2025年，它降至500億以下，這與十二個月前的水平相符。

Although these numbers do not suggest at all that there is a real crisis underway, they do denote a bit of suffering.

儘管這些數字根本沒有暗示正在發生真正的危機，但它們確實表示有些痛苦。

The dominance of Ethereum in the TVL DeFi is still very high (52%), but Solana is growing (7%).

以太坊在TVL DEFI中的優勢仍然很高（52％），但Solana增長（7％）。

The fact is that at the end of 2024 Solana recorded its all-time high for TVL DeFi, reaching nearly 12 billion dollars for the first time in history. The peak in 2021, however, had stopped at 10 billion.

事實是，在2024年底，索拉納（Solana）為TVL Defi錄製了歷史上的歷史最高點，歷史上第一次達到了近120億美元。然而，2021年的峰值停止了100億。

However, even for Solana, 2025 saw a strong decline, down to the current 6.6 billion dollars, which is nevertheless a figure significantly higher than that of twelve months ago.

然而，即使對於索拉納來說，2025年也有強勁的下降，達到了目前的66億美元，但這仍然是一個比十二個月前的數字要高得多。

In other words, it is evident that Solana has nibbled away a bit of Ethereum’s TVL share.

換句話說，很明顯，索拉納已經ni了一些以太坊的TVL分享。

The DEX

dex

Where the competition from Solana is greater is in the DEX, or the decentralized exchange.

來自Solana的競爭更大的是DEX或分散交易所。

The fact is that with significantly lower fees, Solana takes away from Ethereum all the users who trade small amounts on DEX, and this has also led to the overtaking.

事實是，索拉納（Solana）從所有在DEX上進行少量交易的用戶的以太坊（Ethereum）帶走了，這也導致了超車。

Taking as a reference only the total daily trading volumes on DEX, those on Ethereum had a peak of 7.6 billion dollars in 2024, with an average at the end of the year of about 3 billion.

僅作為DEX上的每日交易總量的參考，在2024年，以太坊的人的峰值為76億美元，平均在年底的平均值約為30億美元。

Instead, those on Solana experienced an incredible spike to over 35 billion dollars the day after the launch of Trump’s memecoin, and an average at the end of 2024 close to 5 billion.

取而代之的是，索拉納（Solana）上的那些人在特朗普（Trump）的成員推出後的第二天經歷了令人難以置信的尖峰，達到了超過350億美元，在2024年底的平均值接近50億美元。

Analysing the monthly volumes, on DEX on Ethereum in December 20

分析每月的捲，在12月20日在以太坊上的DEX上