隨著市佔率下降，以太幣（ETH）面臨中心化風險

繼 CNF 最近分享的質押上限審查之後，Vitalik Buterin 對以太坊的中心化風險發出了警告，以太坊 (ETH) 的價格

As highlighted by CNF in a recent report, Ethereum's (ETH) price has not only struggled against Bitcoin (BTC) but has also lost ground to other altcoins over the last three years, despite the recent staking cap review.

正如CNF 在最近的一份報告中所強調的那樣，儘管最近進行了質押上限審查，但在過去三年中，以太坊(ETH) 的價格不僅與比特幣(BTC) 相比一直在掙扎，而且還輸給了其他山寨幣。

Moreover, peak whale demand for ETH has dropped by nearly 70% since the 2021 bull cycle, which has significantly reduced the network's liquidity and made it less appealing to large investors.

此外，自 2021 年牛市週期以來，鯨魚對 ETH 的需求高峰已下降近 70%，這顯著降低了網路的流動性，降低了對大投資者的吸引力。

In a recent official blog post, Vitalik Buterin stated, "This separation of powers helps keep validators decentralized, but it has one important cost: the actors that are doing the ‘specialized’ tasks can easily become very centralized."

Vitalik Buterin 在最近的官方部落格文章中表示，「這種權力分離有助於保持驗證者的去中心化，但它有一個重要的成本：執行『專門』任務的參與者很容易變得非常中心化。

Additionally, the Ethereum Foundation has sold off approximately 336,000 ETH (around $906.3 million) over the last four years, which has further contributed to the bearish sentiment surrounding the asset.

此外，以太坊基金會在過去四年中出售了約 336,000 ETH（約 9.063 億美元），這進一步加劇了圍繞該資產的看跌情緒。

Here are the 3 Factors Driving ETH's 2024 Decline:

以下是導致 ETH 2024 年下跌的 3 個因素：

1) A 70% decline in Ethereum whale transactions over the last four years

1）過去四年，以太坊鯨魚交易量下降了 70%

2) The sale of over $1 billion in ETH during market rallies

2) 在市場反彈期間拋售超過 10 億美元的 ETH

3) Adoption rates of 85% behind Bitcoin ETFs

3) 比特幣 ETF 的採用率高達 85%

It is also worth noting a recent CNF update on Ethereum developers, where it was confirmed that the Altair upgrade would occur in late October.

另外值得注意的是 CNF 最近對以太坊開發人員的更新，其中確認 Altair 升級將於 10 月底進行。

However, by October 2024, Ethereum's market cap had fallen $1 trillion behind Bitcoin, a significant gap compared to the $625 billion difference during the 2021 bull cycle.

然而，到 2024 年 10 月，以太坊市值已落後比特幣 1 兆美元，與 2021 年牛市週期 6,250 億美元的差距相比，差距巨大。

As Ethereum transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS), there were concerns about centralization, as only large stakers could meet the 32 ETH minimum stake requirement.

隨著以太坊從工作量證明 (PoW) 過渡到權益證明 (PoS)，人們對中心化產生了擔憂，因為只有大型權益持有者才能滿足 32 ETH 的最低權益要求。

This led to the dominance of major validators, with two block builders, Beaverbuild and Titan Builder, validating 88.7% of blocks in October 2024. Buterin has introduced a new roadmap to mitigate these risks, which will be addressed as investors await further developments in 2025.

這導致了主要驗證者的主導地位，兩個區塊建構者Beaverbuild 和Titan Builder 在2024 年10 月驗證了88.7% 的區塊。等待2025 年的進一步發展，該風險將得到解決。

At the time of writing, according to CoinMarketCap, Ethereum (ETH) is trading at $2,635.43, having decreased by 3.97% in the past day and increased by 0.50% in the past week.

截至撰寫本文時，根據 CoinMarketCap 的數據，以太幣 (ETH) 的交易價格為 2,635.43 美元，過去一天下跌 3.97%，過去一周上漲 0.50%。