以太坊（ETH）是否將“完全死亡”作為投資？ Lekker Capital Cio Quinn Thompson宣布加密貨幣為“死亡”

Lekker Capital的首席投資官Quinn Thompson在上週末在X上的一篇文章中宣布，以太坊（ETH）被“完全死亡”為投資。

Quinn Thompson, Chief Investment Officer (CIO) at Lekker Capital, sparked a heated debate on X this past weekend after declaring that Ethereum (ETH) has “completely died” as an investment.

Lekker Capital首席投資官（CIO）Quinn Thompson在宣布以太坊（ETH）“完全死亡”作為投資後，在上週末引發了激烈的辯論。

The CIO, who oversees investments at the investment firm, set off the discussion with a post noting that the world’s second-largest cryptocurrency is now a $225 billion market cap network that is seeing declines in transaction activity, user growth and fees/revenues.

負責在投資公司監督投資的CIO發表了討論，並指出，世界第二大加密貨幣現在是一個2250億美元的市值網絡，看到交易活動，用戶增長和收入/收入的下降。

“There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not,” Thompson said.

湯普森說：“這裡沒有投資案件。作為一個有公用事業的網絡？是的。作為一項投資？絕對不是。”

He also shared a set of metrics to highlight the recent stagnation in Ethereum’s activity, including data on active addresses, transaction counts and new address creation.

他還分享了一組指標，以突出以太坊活動中最近停滯的時間，包括有關活動地址，交易計數和新地址創建的數據。

Is Ethereum ‘Dead’ As An Investment?

以太坊是“死”作為投資？

The statement immediately drew responses from prominent figures in the crypto industry, including Nic Carter of Castle Island Ventures, Columbia Business School professor Omid Malekan, and VB Capital’s Scott Johnsson.

該聲明立即引起了加密貨幣行業中著名人物的回應，包括Castle Island Ventures的Nic Carter，哥倫比亞商學院教授Omid Malekan和VB Capital的Scott Johnsson。

Among the topics that arose in the discussion were the economic and investment thesis of the world’s second-largest cryptocurrency, and specifically, the implication of Layer 2 (L2) scaling solutions for Ethereum’s native token economics.

討論中出現的主題之一是世界第二大加密貨幣的經濟和投資論文，特別是第2層（L2）縮放解決方案對以太坊的本地代幣經濟學的影響。

As several commenters noted, L2s are becoming increasingly popular as they offer a way to scale blockchain technology and reduce transaction costs. However, this has also led to some concerns about whether L2s are siphoning value from Ethereum’s L1 chain and its native token.

正如幾位評論者指出的那樣，L2S越來越受歡迎，因為它們提供了擴展區塊鏈技術並降低交易成本的方法。但是，這也引起了人們對L2s是否從以太坊的L1鍊及其本地令牌中汲取價值的擔憂。

One commenter who raised this issue was Carter, who said that greedy eth L2s are pivoting value from the L1 and that social consensus had no issues with an avalanche of tokens. According to the partner at Castle Island Ventures, eth was buried in an avalanche of its own tokens and died by its own hand.

提出這個問題的一位評論者是卡特（Carter），他說，貪婪的Eth L2是從L1中旋轉的價值，而社會共識對代幣的雪崩沒有問題。根據Castle Island Ventures的合夥人的說法，ETH被埋葬在其自己的代幣中，並由自己的手去世。

To this, Thompson replied that the social consensus among .eth’s was in favor of excess tokens because the creation of endless L2s, staking, restaking, DA, etc., enriched their pockets on the way up, but no one wants to face the music now that the market is saying it was a mistake.

為此，湯普森回答說，.Eth之間的社會共識贊成過多的代幣，因為創造了無盡的L2，Stake，Stake，Restaking，Da等。在途中豐富了口袋，但是現在沒有人想面對音樂，因為現在市場說這是一個錯誤。

However, this viewpoint was contested by Malekan, professor at Columbia Business School and specialist in cryptocurrency and blockchain technology since 2019.

但是，自2019年以來，哥倫比亞商學院教授，​​加密貨幣和區塊鏈技術專家Malekan對此觀點進行了競爭。

Malekan highlighted the crucial role of L2s in enabling blockchain scalability and argued that any value-extraction by these secondary layers is not inherently detrimental to Ethereum’s foundational token economics.

Malekan強調了L2在啟用區塊鏈可伸縮性中的關鍵作用，並認為這些二級層的任何價值算法並不固有地對以太坊的基礎代幣經濟學有害。

According to the professor, L2s are the only viable way to scale any blockchain, adding that whether their tokens capture value or not is a separate question.

教授認為，L2S是擴展任何區塊鏈的唯一可行方法，並補充說，它們的令牌是否捕獲價值是一個單獨的問題。

“But it can’t be that L2s ‘siphoned value from ETH’ yet didn’t capture value themselves. Security is not free,” said Malekan, who has authored several books on cryptocurrency and blockchain technology.

“但這不可能是，L2S從ETH中獲得的s句價值'而沒有捕捉到自己的價值。安全不是免費的，”馬利肯說，他撰寫了幾本關於加密貨幣和區塊鏈技術的書籍。

The professor went on to question how Ethereum could realistically become the first example in history of a widely adopted technological network whose utility failed to generate any meaningful financial return.

教授繼續質疑以太坊如何現實地成為廣泛採用的技術網絡歷史上的第一個例子，該技術網絡的實用性未能產生任何有意義的財務回報。

According to Malekan, is Ethereum going to be the first network “with utility” in modern history where the network effects aren’t monetized, and could he have any other examples of this happening.

根據Malekan的說法，以太坊將成為現代歷史上第一個“有實用性”網絡的網絡，而網絡效應未能獲利，並且他還可以有任何其他例子。

In response, Thompson clarified that monetization is taking place within the Ethereum ecosystem, but not sufficiently accruing to ETH itself to validate the cryptocurrency’s current market capitalization.

作為回應，湯普森（Thompson）澄清說，貨幣化正在以太坊生態系統內部進行，但不足以驗證ETH以驗證加密貨幣當前的市值。

He explained that there’s tons of network effects being monetized all over the place, but not enough to ETH to justify its current valuation.

他解釋說，到處都是大量的網絡效應，但不足以證明其當前的估值是合理的。

“Do all the network effects of the oil network and usage of oil accrue to oil?” he asked.

“石油網絡的所有網絡效應以及對石油的使用量是否累積？”他問。

However, the oil analogy drew skepticism from Johnsson, General Partner at VB Capital, who critiqued Thompson’s comparison due to Ethereum’s unique tokenomics, particularly its deflationary token burning mechanics influenced directly by network usage.

然而，石油類比引起了VB Capital的普通合夥人約翰遜的懷疑，他批評了湯普森的比較，這是由於以太坊的獨特令牌學，尤其是其通俗易懂的令牌燃燒機制，直接受網絡使用影響。

According to Johnsson, I don’t disagree with your directional call, but I think this analogy falls flat. ETH “production” is inversely correlated with usage, which is certainly not the case with oil.

根據約翰遜的說法，我不同意您的定向電話，但我認為這個類比是平坦的。 ETH的“生產”與使用成反比，這與石油肯定不是這種情況。

“So as oil price increases, there is a demand response and a supply response. With ETH, it’s limited to the demand response. If ETH consumption looks like barrel consumption, then the price of ETH is far more likely to accrue value.”

“因此，隨著石油價格的上漲，需求響應和供應響應。通過ETH，它僅限於需求響應。如果ETH消費看起來像桶消耗，那麼ETH的價格更有可能產生價值。”

But Thompson continued to disagree, saying that they’ve never seen a sustained period of time where “ETH production is inversely correlated with usage.” Obviously, the “production” mechanics differ from oil, but similarly high ETH price is prohibitive to demand, hence L2s and cheaper alternative L1s.

但是湯普森繼續不同意，說他們從未見過持續的一段時間“與使用成反比”。顯然，“生產”機制與石油有所不同，但同樣高的ETH價格對需求敏感，因此L2S和更便宜的替代L1。

Acknowledging a possible misunderstanding, Johnsson clarified that he was not predicting future Ethereum usage scenarios, highlighting instead the theoretically inverse relationship between token burn and transaction volume under the current Ethereum network design.

約翰遜承認可能的誤解，澄清說，他沒有預測未來的以太坊用法場景，而是在當前的以太坊網絡設計下強調了代幣燃燒與交易量之間的理論上關係。

“I think we’re talking past each other a bit. I don’t think it’s arguable that if ETH usage increases that it

“我認為我們正在互相交談。