以太坊（ETH）繼續對比特幣（BTC）表現不佳

以太坊（ETH）尚未停止對比特幣（BTC）的滑行趨勢。該令牌現在每BTC下降到0.027，測試水平自2020年以來一直沒有看到。

Ethereum (ETH) price completed a full value roundtrip against Bitcoin (BTC), after peaking at 0.085 BTC in December 2021. ETH's price has seen little relief from sliding against BTC since the market crash of 2022, continuing to fall lower despite the token's growing utility.

以太坊（ETH）價格在2021年12月達到0.085 BTC之後完成了對比特幣（BTC）的全價往返。公用事業。

After peaking in September 2024, Ethereum validators began flowing out of the network. At one point, validators reached more than 1,080,000, but about 25,000 gave up on producing and validating blocks.

在2024年9月達到頂峰之後，以太坊驗證者開始流出網絡。有一次，驗證者達到了1,080,000多個，但約有25,000個放棄了生產和驗證塊。

Deposits into the Beacon Chain contract also showed a trend of slowing down. Validators still receive payouts from ETH, and some staked their tokens at prices as low as $1,400. However, the recent market turbulence caused fewer ETH holders to be willing to stake for the long term.

存款中的信標鏈合同還顯示出放慢速度的趨勢。驗證者仍然從ETH獲得支出，有些人以低至1,400美元的價格將其代幣放入了代幣。但是，最近的市場動盪導致更少的ETH持有人願意長期持有利益。

While ETH is still used to secure the network through staking, later additions of liquid staking and re-staking tapped into the value of idle ETH. However, none of the use cases from the past five years, such as the NFT boom, Web3 expansion, blockchain games, or DeFi, managed to establish ETH's price influence against BTC.

儘管ETH仍被用來通過堆積來確保網絡，但後來添加液體含量並重新存放了空閒ETH的價值。但是，過去五年中的用例都沒有，例如NFT繁榮，Web3擴展，區塊鏈遊戲或DEFI都設法建立了ETH對BTC的價格影響。

Despite the chain still being key to most current crypto activities, the major developments had a limited effect on ETH price, which is now sliding to levels last seen in 2020. At some point, those activities were the hottest developments in the crypto space.

儘管連鎖店仍然是當前大多數加密活動的關鍵，但主要發展對ETH價格的影響有限，ETH價格現在已經滑到2020年的最後水平。在某些時候，這些活動是加密貨幣領域中最熱門的發展。

ETH had a dynamic trading day on February 3, falling as low as $2,080 with the biggest number of liquidations and selling since August 2024. Within hours, smart money began buying again, taking the token up to $2,900. ETH then stabilized around $2,709.72, though still raising questions on its potential to regain the $4,000 level and move to a higher price range.

ETH在2月3日舉行了動態交易日，自2024年8月以來的清算數量和銷售數量最大，低至2,080美元。在幾個小時內，Smart Money再次開始購買，將代幣帶入了2,900美元。 ETH隨後穩定在2,709.72美元左右，儘管仍然提出了有關其重新獲得4,000美元並提高價格範圍的潛力的問題。

One of the reasons for the outflow of staking is the uncertainty around the status of ETH as ultra-sound money. ETH was deflationary for only a few months before returning to an inflation rate of 0.30% to 0.60%. The supply of ETH rises by over 300K to 900K tokens per year, depending on the level of transactions, which reflects the burn rate.

放入流出的原因之一是圍繞ETH作為超級資金的狀況的不確定性。 ETH僅幾個月才能使通貨膨脹率恢復到0.30％至0.60％的通貨膨脹率。 ETH的供應每年增加了30萬至90萬個令牌，具體取決於交易水平，這反映了燃燒率。

Ethereum is still relatively expensive to use, especially for the new cohort of traders who are used to fast on-chain activity and quickly shifting between tokens. Due to its liquidity and the available ERC-20 stablecoins, Ethereum remains the leading legacy network for decentralized finance (DeFi). Even so, that traffic is quickly shifting to cheaper networks.

以太坊仍然相對昂貴，尤其是對於習慣於快速快速鏈活動並在代幣之間迅速轉移的新的交易者隊列。由於其流動性和可用的ERC-20 Stablecoins，以太坊仍然是領先的分散財務傳統網絡（DEFI）。即便如此，該流量即將迅速轉移到更便宜的網絡。

Solana, Base, and partially TRON continue to draw in new stablecoin minting activity while also offering growing DEX liquidity, tokens, NFTs, and other accessible on-chain activities. In the last few months, traffic shifted to Solana’s Raydium, which accounted for nearly 30% of all DEX activity.

Solana，Base和部分Tron繼續汲取新的Stablecoin鑄造活動，同時還提供了不斷增長的DEX流動性，代幣，NFT和其他可訪問的鍊鍊活動。在過去的幾個月中，交通轉移到了Solana的Raydium，佔所有DEX活動的近30％。

L2s retained value and did not boost ETH

L2S保留價值，沒有提高ETH

After Ethereum's Dencun Upgrade opened the doors to extremely cheap activity on L2 chains, even the busiest networks like Base now pay less than $5,000 to secure their blocks on Ethereum. Top users like Taiko still pay under $40,000, as activity decreased following the initial hype period. L2 chains rely on organic traffic, and only a few have retained the best applications and decentralized exchanges (DEX).

在以太坊的Dencun升級後，在L2連鎖店上升級了極為便宜的活動之後，即使是Base等最繁忙的網絡，現在也需要花費不到5,000美元來確保其在以太坊上的障礙。像Taiko這樣的頂級用戶仍然支付低於40,000美元，因為在最初的炒作期間活動減少了。 L2連鎖店依靠有機交通，只有少數人保留了最佳的應用和分散交流（DEX）。

L2 chains did manage to scale Ethereum, taking some of the DEX traffic. Notably, Ethereum retained DEX activity for whale-sized deals, especially when switching between wrapped assets and stablecoins.

L2連鎖店確實設法擴展了以太坊，吸收了一些DEX流量。值得注意的是，以太坊保留了鯨魚大小交易的DEX活動，尤其是在包裹資產和穩定幣之間切換時。

The blob fees burn only around 80 ETH per week, while the chain produces over 11,700 for the same time frame. The real-time usage of blobs and other types of fees shows the L1 is not built to extract value from the L2 chains. The validators that took the risk of staking ETH still rely on the block reward and the balance of inflation to achieve their returns. Additionally, L2 chains can alter their posting schedule to L1, deliberately decreasing the rent paid to validators.

Blob費用每週僅燃燒約80 ETH，而鏈條在同一時間範圍內產生11,700多個。斑點和其他類型的費用的實時使用情況表明，L1不是從L2鏈中提取值的。冒著佔有ETH的風險的驗證者仍然依靠塊獎勵和通貨膨脹的平衡來實現其回報。此外，L2連鎖店可以將其發佈時間表更改為L1，故意降低支付給驗證者的租金。