以太坊（ETH）每日燃燒率顯示出下降的跡象，盈利指標趨勢降至零

Ethereum的每日ETH燃燒率是2021 EIP-1559更新以管理費用和供應的關鍵功能，它顯示了基於Miles Deutscher強調的最新圖表分析的跡象。

In the rapidly evolving landscape of cryptocurrency, Ethereum’s daily ETH burn rate, a pivotal aspect introduced by the 2021 EIP-1559 update to effectively manage fees and control supply, has shown signs of decline, converging toward zero. This observation is part of broader chart analysis by Miles Deutscher, a renowned on-chain analyst.

在加密貨幣的快速發展的景觀中，以太坊的日常燃燒率是2021 EIP-1559更新引入的關鍵方面，以有效地管理費用和控制供應，顯示出下降的跡象，趨向零。該觀察結果是邁爾斯·德意志（Miles Deutscher）的更廣泛圖表分析的一部分。

(Chart: Miles Deutscher / Data: Glassnode)Despite a recent surge in cryptocurrency prices, notably Bitcoin and Ethereum, Deutscher highlights that Ethereum’s profitability has reached its lowest point in a considerable period. This downturn is evident in the converging trends of ETH burns and issuance, ultimately leading toward zero burns.

（圖表：Miles Deutscher / Data：GlassNode）儘管最近的加密貨幣價格（尤其是比特幣和以太坊），但Deutscher強調，以太坊的盈利能力已在相當長的一段時間內達到了最低點。在ETH Burns和發行的趨勢趨勢中，這種衰退很明顯，最終導致了零燒傷。

This occurrence has implications for network usage and the varying opinions on the significance of ETH burns. Deutscher notes that lower network activity or reduced transaction volumes can lead to minimal transaction fees. In turn, this can affect validators' earnings and reduce the attractiveness of staking in generating yield.

這種情況對網絡使用和對ETH Burns意義的不同意見具有影響。 Deutscher指出，較低的網絡活動或減少交易量可能導致交易費用最少。反過來，這會影響驗證者的收入，並降低產生產量的吸引力。

However, some members of the crypto community view this as a temporary lull in activity, anticipating a rebound that will escalate burns again. Alternatively, another perspective focuses on the fact that profitability has slid into negative territory, which might influence market sentiment.

但是，加密社區的一些成員認為這是活動的暫時休息，預計會再次升級燒傷的反彈。另外，另一種觀點的重點是盈利能力已經滑入負面領土，這可能會影響市場情緒。

Why Is ETH Burn Declining?

ETH燃燒為什麼會下降？

There could be several reasons why this is happening, but first, it’s prudent to understand what’s actually going on.

發生這種情況的原因可能有幾個，但是首先，了解實際發生的事情是謹慎的。

Ethereum’s revenue is primarily driven by network activity, which generates transaction fees. Falling fees indicate lower demand for block space, implying that fewer users are willing to pay high gas fees. Lower fee revenue can impact validators and Ethereum stakers, making ETH less attractive as a yield-generating asset. It’s no secret that in times of low yields, user participation in a specific token might reduce.

以太坊的收入主要是由網絡活動驅動的，該網絡活動產生了交易費用。費用下降表明對塊空間的需求較低，這意味著用戶願意支付高昂的費用。較低的費用收入會影響驗證者和以太坊的史塔克人，從而使ETH作為產生產生的資產的吸引力降低。在低收益時期，用戶參與特定令牌可能會減少，這已經不是什麼秘密了。

It’s challenging to precisely pinpoint the reasons for Ethereum’s decline, but lower on-chain activity is a factor. This signifies a slowdown in Ethereum’s DeFi ecosystem, with diminished trading volumes and fewer transactions on the mainnet. Considering that Ethereum’s burn mechanism is linked to gas fees, lower gas fees translate to reduced burns. Moreover, fewer high-fee transactions result in less ETH being burned.

精確地指出以太坊下降的原因是一個挑戰，但是降低的鏈上活動是一個因素。這表明以太坊的Defi生態系統的放緩，交易量減少，主網交易較少。考慮到以太坊的燃燒機制與汽油費有關，較低的汽油費用轉化為減少燃燒。此外，更少的高費交易導致燃燒較少的ETH。

While this analysis offers insights, it’s essential to approach it with caution, as there’s room for interpretation. However, it’s worth noting that at present, there's no urgent cause for concern.

儘管這種分析提供了見解，但要謹慎對待它，因為有解釋的餘地​​。但是，值得注意的是，目前沒有關注的緊急原因。

What Are the Potential Implications?

潛在的影響是什麼？

It might be still early to predict the outcome of the news, but there are at least a few options that should be noted.

預測新聞的結果可能還早，但至少有一些選擇應注意。

In instances where burns outpace issuance, ETH becomes deflationary. A trend toward zero burns increases the possibility of the total ETH supply expanding again, which could affect its long-term value narrative.

在燒傷發行的情況下，ETH成為通信。零燃燒的趨勢增加了ETH供應總供應再次擴展的可能性，這可能會影響其長期價值敘事。

Ethereum validators earn from transaction fees and MEV (Maximal Extractable Value). If fees remain low, staking rewards decrease, which would likely discourage participation in Ethereum staking.

以太坊驗證器從交易費用和MEV（最大可提取值）中賺取。如果費用較低，則訂婚獎勵會下降，這可能會阻止以太坊的參與。

As we move forward, we will observe whether on-chain activity rebounds, driven by new innovations, higher DeFi volumes, or other factors. If so, then we can expect Ethereum’s burn rate and profitability to quickly recover from this downturn.

隨著我們的前進，我們將觀察到由新的創新，較高的規模或其他因素驅動的鍊鍊活動籃板。如果是這樣，那麼我們可以預期以太坊的燃燒率和盈利能力可以從這種低迷中迅速恢復。