隨著比特幣（BTC）優勢的增長，以太坊（ETH）面臨重大挑戰

以太坊（ETH）曾經是智能合約中無可爭議的領導者，第1層（L1）區塊鏈空間正面臨重大挑戰。

Ethereum (ETH), once the undisputed leader in the smart contract and Layer 1 (L1) blockchain space, is facing significant challenges as several competitors emerge and Bitcoin regains dominance. Since September 2022, Ethereum has lost over 73% of its value relative to Bitcoin, a trend that underscores shifting investor sentiment and the rise of alternative blockchains such as Solana, Binance Chain, and Avalanche.

以太坊（ETH）曾經是智能合約中無可爭議的領導者和第1層（L1）區塊鏈空間，隨著幾個競爭對手的出現和比特幣恢復優勢，面臨重大挑戰。自2022年9月以來，以太坊相對於比特幣損失了超過73％的價值，這種趨勢強調了投資者的情緒轉移以及替代區塊鏈（例如Solana，Binance Chain和Avalanche）的興起。

At the time of writing, Ethereum is trading around $1,880, reflecting a 9% decline over the past week and a staggering 62% drop from its all-time high of $4,890 in November 2021. While Ethereum continues to dominate the decentralized finance (DeFi) ecosystem, its market share is gradually eroding, raising questions about its ability to maintain dominance.

在撰寫本文時，以太坊的交易約為1,880美元，反映了過去一周下降的9％，而2021年11月的歷史最高高點的高度下降了62％。而以太坊繼續統治著分散的融資（DEFI）生態系統，其市場份額逐漸侵蝕了其能力，可以逐漸侵蝕其統治能力。

Several key indicators highlight Ethereum’s struggles:

幾個關鍵指標突出了以太坊的鬥爭：

1. ETH/BTC Ratio: One of the most alarming trends for Ethereum is the decline in its ETH/BTC ratio. In September 2022, the ratio stood at 0.085, but it has since dropped significantly. While Bitcoin has seen a relatively mild year-to-date decline of 10%, Ethereum has suffered a much sharper 46% drop over the same period. This trend suggests that investors are increasingly favoring Bitcoin over Ethereum.

1。 ETH/BTC比率：以太坊最令人震驚的趨勢之一是其ETH/BTC比率下降。 2022年9月，該比率為0.085，但此後的比率大大下降。雖然比特幣的年初至今相對溫和的下降10％，但以太坊在同一時期下降了46％。這種趨勢表明，投資者越來越喜歡比特幣而不是以太坊。

2. Total Value Locked (TVL) in Ethereum’s Ecosystem: Ethereum remains the largest DeFi ecosystem, but its dominance is shrinking. As of April 1, 2024, Ethereum’s TVL is approximately $50.5 billion, which is 52.5% of the total DeFi market. This is a considerable decrease from its 61.64% market share in February 2024, as DeFi applications are gradually migrating to competing blockchains.

2。以太坊生態系統中鎖定的總價值鎖定（TVL）：以太坊仍然是最大的偏見生態系統，但其優勢正在縮小。截至2024年4月1日，以太坊的TVL約為505億美元，是DEFI市場總額的52.5％。這與2024年2月的61.64％的市場份額相比有了可觀的下降，因為DEFI應用程序逐漸遷移到競爭區塊鏈。

3. Shrinking Smart Contract Market Share: Ethereum was the go-to platform for decentralized applications (dApps) and smart contracts. However, its market share is decreasing as alternative Layer 1 networks provide faster, cheaper, and more efficient solutions for developers.

3。縮小智能合同市場份額：以太坊是分散應用程序（DAPP）和智能合約的首選平台。但是，隨著替代第1層網絡為開發人員提供更快，更便宜，更有效的解決方案，其市場份額正在下降。

Several Layer 1 blockchains are emerging as strong challengers, offering unique advantages that attract developers and users.

一些第1層區塊鏈正在成為強大的挑戰者，提供了吸引開發人員和用戶的獨特優勢。

* Solana (SOL) is known for its incredibly fast transaction speeds and low fees, making it an attractive choice for NFT projects and DeFi applications. With its increasing adoption, Solana is rapidly eating into Ethereum’s market share.

* Solana（Sol）以其令人難以置信的快速交易速度和低費用而聞名，這使其成為NFT項目和DEFI應用程序的吸引人選擇。隨著採用的越來越多，Solana正在迅速吞噬以太坊的市場份額。

* Binance Chain (BNB), backed by Binance, offers a more centralized but highly efficient alternative to Ethereum, boasting lower fees and a robust ecosystem of dApps.

* Binance鏈（BNB），由Binance支持，為以太坊提供了更為集中但高效的替代品，具有較低的費用和強大的DAPP生態系統。

* Avalanche (AVAX) is gaining popularity for its innovative approach to blockchain interoperability, with subnets enabling customized blockchains to interact seamlessly. This factor attracts a diverse range of DeFi and gaming projects to the Avalanche ecosystem.

* Avalanche（Avax）以其區塊鏈互操作性的創新方法而廣受歡迎，子網可以使定制的區塊鏈無縫相互作用。這個因素吸引了雪崩生態系統的各種DEFI和遊戲項目。

In an attempt to address privacy concerns while maintaining regulatory compliance, Ethereum has introduced a new feature known as Privacy Pools.

為了在維持監管合規性的同時解決隱私問題，以太坊引入了一項名為“隱私池”的新功能。

Privacy Pools allow users to maintain anonymity while proving that their transactions are not linked to illicit funds, a crucial factor in the face of growing regulatory scrutiny on cryptocurrency transactions. Despite the advantages, the market’s response to Privacy Pools has been lukewarm.

隱私池允許用戶保持匿名性，同時證明其交易與非法資金無關，這是面對加密貨幣交易的監管審查的關鍵因素。儘管有優勢，但市場對隱私池的反應仍然很不冷不熱。

Despite the introduction of Privacy Pools and other optimisations, Ethereum’s price has not shown significant improvement, raising concerns about the overall impact of these changes on investor sentiment.

儘管引入了隱私池和其他優化，但以太坊的價格尚未顯示出顯著改善，這引起了人們對這些變化對投資者情緒的總體影響的擔憂。

Can Ethereum Reclaim Its Market Dominance?

以太坊可以恢復其市場優勢嗎？

Despite its recent struggles, Ethereum remains a powerhouse in the blockchain space. Several factors could contribute to a potential resurgence for Ethereum:

儘管最近的掙扎，以太坊仍然是區塊鏈領域的強大力量。幾個因素可能導致以太坊的潛在復興：

* Ethereum 2.0 and the Move to Proof-of-Stake: Ethereum’s transition to Proof-of-Stake (PoS) through Ethereum 2.0 was a major milestone in the network’s evolution, improving scalability and energy efficiency. However, challenges remain in terms of transaction speeds and costs. If Ethereum can further optimize its network, it could regain investor confidence.

*以太坊2.0和轉向驗證證明：以太坊通過以太坊2.0的過渡（POS）是該網絡演變的主要里程碑，從而提高了可擴展性和能源效率。但是，在交易速度和成本方面仍然存在挑戰。如果以太坊可以進一步優化其網絡，它可以恢復投資者的信心。

* Layer 2 Scaling Solutions: Ethereum is actively developing Layer 2 solutions, such as Optimistic Rollups and Zero-Knowledge Rollups (ZK-Rollups), to enhance transaction efficiency. If these solutions gain widespread adoption, Ethereum could become more competitive with newer Layer 1 blockchains.

*第2層縮放解決方案：以太坊正在積極發展第2層解決方案，例如樂觀的匯總和零知識匯總（ZK-Rollups），以提高交易效率。如果這些解決方案獲得廣泛的採用，則以太坊可能會隨著較新的第1層區塊鏈而變得更具競爭力。

* Institutional Adoption and DeFi Expansion: Despite its challenges, Ethereum remains the preferred blockchain for institutional investors and DeFi protocols. Major financial institutions continue to build on Ethereum, reinforcing its position as a foundational blockchain in the ecosystem.

*機構的採用和DEFI擴展：儘管面臨挑戰，但以太坊仍然是機構投資者和DEFI協議的首選區塊鏈。主要的金融機構繼續建立在以太坊上，從而增強了其作為生態系統中基礎區塊鏈的地位。

The future of Ethereum will largely depend on how well it adapts to an increasingly competitive landscape. Several key factors will need to be monitored closely:

以太坊的未來將在很大程度上取決於它適應日益競爭的格局。需要密切監視幾個關鍵因素：

- As Bitcoin asserts its market superiority and competitors like Solana and Avalanche gain traction, Ethereum’s declining dominance in the Layer 1 blockchain space is a concerning trend.

- 正如比特幣所主張的市場優勢和諸如Solana和Avalanche增益牽引力之類的競爭對手時，以太坊在第1層區塊鏈空間中的優勢下降是一個令人關注的趨勢。

- However, it's important to note that Ethereum is far from obsolete. The introduction of Privacy Pools, Ethereum 2.0, and Layer 2 scaling solutions are promising developments that could help Ethereum regain its lost ground.

- 但是，重要的是要注意，以太坊遠非過時。引入隱私池，以太坊2.0和第2層擴展解決方案是有希望的發展，可以幫助以太坊恢復其失去的立場。