以太坊處於十字路口。它會成為區塊鏈的Linux還是淡出默默無聞？

本文的一個版本出現在我們4月1日的分散新聞通訊中。在此處註冊。

A version of this article appeared in our The Decentralised newsletter on April 1. Sign up here.

本文的一個版本出現在我們4月1日的分散新聞通訊中。在此處註冊。

Good morning, and welcome to Monday Morning Web3, your digest of the week's hot topics in the industry.

早上好，歡迎來到週一早上Web3，這是您對本周業內熱門話題的摘要。

Ethereum is at a crossroads.

以太坊處於十字路口。

Over the past decade, the top smart contract network has established itself as the de facto home of the $113 billion decentralised finance ecosystem.

在過去的十年中，頂級智能合同網絡已確立了自己的事實上的1,130億美元分散金融生態系統的故居。

It has batted away competition from well-funded rivals, and navigated a host of complex technical challenges along the way.

它已經擺脫了資金豐富的競爭對手的競爭，並在此過程中遇到了許多複雜的技術挑戰。

But now, many of Ethereum’s most faithful adherents are beginning to feel that the energy and dynamism which once defined the network is slowly draining away. The uniting goal of bringing Ethereum to the masses is becoming a distant memory as the network’s troubles mount.

但是現在，許多以太坊最忠實的擁護者開始感到曾經定義網絡的能量和活力正在慢慢消失。隨著網絡的麻煩安裝，將以太坊帶入大眾的團結目標正在成為遙遠的記憶。

It’s the culmination of months of bad news.

這是幾個月壞消息的結晶。

The vision of outsourcing transactions to separate so-called layer 2 blockchains has backfired, detractors say, knocking the network’s token economics and syphoning value to other projects.

批評者說，將交易外包交易外包交易的願景與其他項目相機，將網絡的代幣經濟學和尼shoning價值擊倒了其他項目。

Others argue that the network is overvalued at its $221 billion valuation and is largely uninvestable.

其他人則認為該網絡的價值高估了2210億美元的估值，並且在很大程度上無法投資。

Some even assert that the transition to Proof of Stake, arguably Ethereum’s proudest achievement which cut its energy use by some 99.5%, was ultimately a mistake.

甚至有人斷言，可以說以太坊最驕傲的成就的過渡將其能源使用削減了約99.5％，最終是一個錯誤。

Activity on Ethereum is stagnating, and there’s no clear catalyst that could bring back growth.

以太坊的活動停滯不前，沒有明顯的催化劑可以恢復生長。

The lack of enthusiasm has manifested in the price of Ether, the network’s native token that users must pay with to send transactions. It has dropped 50% over the past year, and is trading at its lowest level in 16 months.

缺乏熱情已經表現出了以太的價格，即用戶必須付費以發送交易的網絡的本地令牌。在過去的一年中，它下降了50％，在16個月內的最低水平交易。

In a recent post on X, previously known as Twitter, David Liebowitz, a long time DeFi builder and current executive at stablecoin developer CAP, drew on an old metaphor from Ethereum co-founder Vitalik Buterin to describe the bleak situation.

在X的最新帖子中，以前是Defi Builder兼現任Stablecoin開發人員CAP的現任高管David Liebowitz在以太坊共同創始人Vitalik Buterin的一個老隱喻中描述了黯淡的情況。

If Ethereum can’t turn itself around, he said, it could go the way of the operating system Linux – a small but significant piece of infrastructure, but not nearly at its potential and the lofty goal of reaching mass adoption.

他說，如果以太坊無法轉過身，它可能會像操作系統Linux那樣，這是一個很小但重要的基礎設施，但幾乎沒有其潛力和達到大規模收養的崇高目標。

Despite the general malaise among Ethereum’s diehard fans, there are some pretty influential figures who are espousing its potential.

儘管以太坊的頑固愛好者中有普遍的不適，但仍有一些非常有影響力的人物擁護其潛力。

One of them is Robert Mitchnick, head of crypto at fund giant BlackRock (BLK).

其中之一是Robert Mitchnick，他是Fund Giant BlackRock（BLK）的加密貨幣負責人。

He recently said that concerns surrounding Ethereum were “overdone,” and that there’s still a lot for Ethereum bulls to be optimistic about – such as the addition of staking yield to Ethereum exchange-traded funds.

他最近說，圍繞以太坊的擔憂是“過度的”，並且以太坊公牛仍然對以太坊交易所交易貿易資金增加生存產量仍然很樂觀。

What’s more, BlackRock’s tokenised treasuries fund, BUIDL, has grown 361% on Ethereum this month alone to over $1.7 billion, while the fund’s growth on other blockchains remained minimal.

更重要的是，貝萊德（Blackrock）的標記國庫基金Buidl本月僅在以太坊上增長了361％，達到了17億美元以上，而該基金對其他區塊鏈的增長仍然很小。

If Ethereum is good enough for Wall Street’s biggest player, maybe DeFi degens shouldn’t count it out just yet.

如果以太坊對華爾街最大的球員來說足夠好，那麼也許菲迪·德格斯（Defi Degens）尚不應將其計算出來。

Top DeFi stories of the week

本週的頂級故事

This week in DeFi governance

本週的辯護治理

VOTE: Lido Finance (CRYPTO: LDO) DAO mulls re-endorsement of wstETH on Starknet.

投票：Lido Finance（加密貨幣：LDO）Dao Mulls在Starknet上重新註冊。

VOTE: Arbitrum (CRYPTO: ARB) DAO picks members for new oversight and transparency committee.

投票：仲裁（加密：ARB）DAO為新的監督和透明委員會選拔成員。

VOTE: Uniswap (CRYPTO: UNI) DAO votes to give unrepresented delegates more tokens.

投票：uniswap（加密：UNI）DAO投票給無人代表的代表更多的代幣。

Post of the week

本週帖子

Crypto Twitter reacts to Ethereum co-founder Vitalik Buterin interacting with a robot dog.

加密Twitter對以太坊聯合創始人Vitalik Buterin反應與機器人狗相互作用。

Vitalik tried to bond with the robot using “meow” and it still walked awayWe are so cooked pic.twitter.com/3P0g2V25iN

Vitalik試圖使用“ Meow”與機器人建立聯繫，但它仍然走開了，我們是如此煮熟的pic.twitter.com/3p0g2v25in

Got a tip about DeFi? Reach out at tim@delphidigital.io.

有關於defi的提示嗎？通過tim@delphidigital.io與您聯繫。