以太坊已經死了。

對於許多風險投資家而言，以太坊已不再是相關的投資資產。第二層解決方案，管理不善，收入損失…

"Ethereum is dead." A harsh statement, yet one that several venture capitalists appear to be making. As Layer-2 solutions blossom and the main chain struggles with inflation, a core asset is being lost sight of.

“以太坊已經死了。”一個苛刻的聲明，但幾位風險投資家似乎正在發表。隨著第2層解決方案的開花和主鏈與通貨膨脹的鬥爭，核心資產正在消失。

In a recent post, Quinn Thompson, founder of Lekker Capital, bluntly stated, "I think Ethereum is dead as an investment." He criticizes the lack of crypto user growth, chain activity decline, and revenue drops, ultimately leading to ETH losing its status as a safe haven asset.

Lekker Capital的創始人Quinn Thompson在最近的一篇文章中直言不諱地說：“我認為以太坊是一項投資。”他批評缺乏加密用戶的增長，連鎖活動下降和收入下降，最終導致ETH失去了其作為避風港資產的地位。

This assertion stems from a broader observation: while Arbitrum, Optimism, and other Layer-2 solutions are booming, transferring a large part of the transactional activity, the main chain is capturing minimal value. As Nic Carter from Castle Island Ventures points out, "L2 siphons value from Layer-1, which has committed suicide."

這種斷言源於更廣泛的觀察：仲裁，樂觀和其他第2層解決方案正在蓬勃發展，轉移了交易活動的很大一部分，而主鏈則捕獲了最小值。正如Castle Island Ventures的Nic Carter指出的那樣，“ L2 Siphons從1層自殺的1號價值”。

This leaves the original Ethereum in a bleak state, especially considering EIP-1559, which was meant to make Ethereum deflationary, is no longer delivering, and the recent Dencun update has even brought back net issuance. Is the narrative of "ultrasound money" over?

這使原始的以太坊處於黯淡的狀態，尤其是考慮到旨在使以太坊放流的EIP-1559不再提供的EIP-1559，而最近的Dencun更新甚至帶回了淨簽發。 “超聲資金”的敘述已經結束了嗎？

It seems so, further complicating the thesis of an ETH designed to preserve value over time.

似乎是如此，使旨在保留隨著時間的價值的ETH的論文變得更加複雜。

But in response to this disaffection, the Ethereum Foundation is moving. As Vitalik Buterin proposes a roadmap focused on securing and finalizing L2, the aim is to increase the network's interoperability, attract crypto developers again, and regain weight in the overall infrastructure.

但是，為了應對這種不滿，以太坊基金會正在移動。正如Vitalik Buterin提議的路線圖專注於確保和最終確定L2一樣，其目的是提高網絡的互操作性，再次吸引加密開發人員，並在整體基礎設施中恢復體重。

However, will it be enough to reignite the interest of crypto investors? As long as the main chain does not better capture value and the economic model remains unclear, ETH risks remaining in the shadow of its own ecosystem.

但是，重新點燃加密貨幣投資者的興趣是否足夠？只要主鏈不能更好地捕獲價值並且經濟模型仍不清楚，ETH的風險仍然存在於其自身生態系統的陰影中。

A driving force of Web3 innovation with $850 billion in stablecoin volume, Ethereum's positioning as an investment asset is now questionable. Between value dilution and poorly managed inflation, it needs to revisit its fundamentals.

以太坊作為投資資產的定位，以8000億美元的穩定量為8500億美元的Web3創新推動力，現在值得懷疑。在價值稀釋和管理不良的通貨膨脹之間，它需要重新審視其基本面。

Without rapid evolution, it risks becoming a mere infrastructure tool, an ironic fate for a cryptocurrency that was initially meant to revolutionize the financial system.

沒有快速發展，它有可能成為一種僅僅是基礎設施工具，這是一種具有諷刺意味的命運，它最初旨在徹底改變金融體系。