在過去一年

以太坊（Crypto：ETH）是市場資本化的第二大加密貨幣，與過去一年相比，與其較老的兄弟姐妹比特幣（Crypto：BTC）相比，繪製了截然相反的軌跡。

In the dynamic realm of cryptocurrency, the past year has witnessed a diverging narrative for Ethereum (CRYPTO: ETH), charting a diametrically opposite trajectory when compared to its older sibling, Bitcoin (CRYPTO: BTC).

在加密貨幣的動態領域中，過去一年見證了以太坊（Crypto：ETH）的敘述，與年齡較大的兄弟姐妹比特幣（Crypto：BTC）相比，繪製了截然相反的軌跡。

While Bitcoin has largely remained within the boundaries of last year's trading range, with a potential breakout on the horizon, Ethereum has taken a divergent path.

儘管比特幣基本上保持在去年交易範圍的邊界之內，並且潛在的突破即將到來，但以太坊採取了不同的道路。

Having initiated 2023 at $1,200, the second-largest cryptocurrency has nearly doubled in value, currently trading at around $2,400.

第二大加密貨幣的價值幾乎翻了一番，目前的交易價格幾乎翻了一番，售價為2,400美元，售價為1200美元。

This surge can be attributed to EIP-1559, which introduced a token burn mechanism for the network. Under this mechanism, the base fee, i.e., the minimum fee per transaction, is removed to add deflationary pressure on ETH and boost its value.

這種激增可以歸因於EIP-1559，該EIP-1559引入了網絡的令牌燃燒機制。在這種機制下，刪除基本費用，即每筆交易的最低費用，以增加ETH的通縮壓力並提高其價值。

However, the introduction of L2s, which slashed fees by orders of magnitude, diverted on-chain activity away from the base Ethereum chain, leading to inflation.

然而，L2S的引入通過數量級削減了費用，將鏈上的活性轉移到基本以太坊鏈上，從而導致通貨膨脹。

“It’s ironic that EIP-1559 was supposed to be focused on making Ethereum’s fee structure more efficient, but in the process, it’s actually led to a complete divergence in the economic models of Bitcoin and Ethereum,” said Jeffrey Hu, Head of Investment Research at digital asset manager HashKey Capital.

“具有諷刺意味的是，EIP-1559應該專注於使以太坊的費用結構更加高效，但在此過程中，這實際上導致了比特幣和以太坊經濟模型的完全不同，”數字資產管理經理Hashkey Capital的投資研究負責人Jeffrey Hu說。

“EIP-1559 was focused on making Ethereum’s fee structure more efficient, and in the process, it’s actually led to a complete divergence in the economic models of Bitcoin and Ethereum,” Hu said.

Hu說：“ EIP-1559專注於使以太坊的費用結構更加有效，在此過程中，這實際上導致了比特幣和以太坊的經濟模型的完全不同。”

“With EIP-1559, they took the minimum transaction fee, which is the base fee, and they removed it to add deflationary pressure on ETH and boost its value. But then, with the introduction of L2s—which has slashed transaction fees by orders of magnitude—it’s driven all of the on-chain activity away from the base Ethereum chain and led to inflation.”

“借助EIP-1559，他們收取了最低交易費用，這是基本費用，並將其刪除以增加對ETH的通縮壓力並提高其價值。但是，隨後，隨著L2S的引入 - 通過巨大的順序削減了交易費用，這是巨大的範圍 - 它驅動了所有的活動，從基礎以太室鍊鍊鍊鍊和LED降低了累積式累積。”。

The divergence in the economic models of the two largest cryptocurrencies has become a subject of discussion among industry figures.

兩種最大加密貨幣的經濟模型的差異已成為行業人物之間討論的主題。

At the beginning of the year, an analysis by Ultrasound Money highlighted the varying trajectories of Bitcoin and Ethereum.

在今年年初，超聲資金的分析強調了比特幣和以太坊的不同軌跡。

Despite a setback in mid-2023, Bitcoin’s path remained relatively consistent throughout the year, characterized by slow but steady inflation. Conversely, Ethereum experienced rapid deflation earlier in the year, followed by a period of deflation.

儘管在2023年中期發生了挫折，但比特幣的路徑在全年中保持相對一致，其特徵是緩慢但穩定的通貨膨脹。相反，以太坊在今年早些時候經歷了快速的通縮，其次是通縮時期。

Trever Koverko, Web3 investor and co-founder of Sapien, also noted the contrasting fates of Bitcoin and Ethereum in 2023.

Sapien的Web3投資者兼聯合創始人Trever Koverko也指出了2023年比特幣和以太坊的對比。

“Bitcoin is slowly becoming more valuable over time, while Ethereum is becoming rapidly less valuable over time. Both are strange to observe from the perspective of an investor used to traditional markets.”

“隨著時間的流逝，比特幣正在逐漸變得越來越有價值，而以太坊隨著時間的流逝而變得越來越少。

Both observations highlight the diverging economic paths of Bitcoin and Ethereum in 2023. As cryptocurrencies continue to evolve, it will be interesting to see how these macroeconomic trends play out in the long term.

這兩種觀察結果都凸顯了比特幣和以太坊在2023年的不同經濟道路。隨著加密貨幣的不斷發展，很有趣的是，看到這些宏觀經濟趨勢如何長期發揮作用。