以太坊（ETH）投資案例“已死”，因為第2層網絡從基礎層中漏了值

文章：以太坊（ETH）曾經被視為加密投資領域的強國，現在正面臨著行業專家的持懷疑態度。

Crypto industry experts are expressing growing skepticism over Ethereum (ETH) as an investment, attributing the declining appeal to layer-2 (L2) networks siphoning value from the base layer and a lack of pushback from the community against excessive token creation.

Crypto industry experts are expressing growing skepticism over Ethereum (ETH) as an investment, attributing the declining appeal to layer-2 (L2) networks siphoning value from the base layer and a lack of pushback from the community against excessive token creation.

As a result, many investors now question whether ETH still holds long-term investment potential.

結果，許多投資者現在質疑ETH是否仍然具有長期投資潛力。

Experts Call Ethereum’s Investment Case ‘Dead’

專家稱以太坊的投資案件為“死亡”

Castle Island Ventures partner Nic Carter took to X (formerly Twitter) on March 28 to highlight his concerns over Ethereum’s diminishing value proposition.

Castle Island Ventures合作夥伴Nic Carter於3月28日前往X（以前是Twitter），強調了他對以太坊的價值主張降低的擔憂。

According to Carter, L2 networks are draining liquidity and transaction fees from the base layer, while the unchecked creation of new tokens is further eroding its value.

根據卡特（Carter）的說法，L2網絡正在從基礎層中排出流動性和交易費用，而未經檢查的新令牌的創建進一步削弱了其價值。

“The #1 cause of this is greedy Eth L2s siphoning value from the L1 and the social consensus that excess token creation was A-OK,” Carter wrote.

卡特寫道：“這是第一起原因是L1的貪婪Eth L2S虹吸價值，而社會共識是過多的代幣創造是A-OK。”

In a striking statement, Carter declared that Ethereum had “died by its own hand,” claiming that the network was effectively buried under an avalanche of its own tokens.

卡特在一份驚人的聲明中宣布，以太坊“用自己的手來死亡”，聲稱該網絡被有效地埋在其自身令牌的雪崩之下。

His comments came in response to Lekker Capital founder Quinn Thompson, who called Ethereum “completely dead” as an investment.

他的評論是對Lekker Capital創始人奎因·湯普森（Quinn Thompson）的回應，他稱以太坊“完全死亡”為一項投資。

“It’s almost incredible how quickly people have soured on ETH. I suppose lack of pushback vs. L2s siphoning value and a tokenization spree will do that,” Carter added.

卡特補充說：“人們對ETH的速度幾乎令人難以置信。我想缺乏反擊與L2S的虹吸價值和令牌化狂潮會做到這一點。”

On-chain metrics also support a bearish outlook on Ether.

鏈上指標還支持對以太的看跌前景。

According to CoinMarketCap, Ether was trading at $1,894 at the time of publication, down 5.34% over the previous week.

根據CoinMarketCap的數據，Ether在出版時的交易價格為1,894美元，比上週下降了5.34％。

The ETH/BTC ratio, which measures Ether’s strength against Bitcoin, dropped to 0.0220 — its lowest level in nearly five years, according to TradingView data.

根據TradingView的數據，衡量Ether對比特幣的強度的ETH/BTC比率下降到0.0220，這是近五年來的最低水平。

The sharp decline highlights how Ethereum is underperforming relative to Bitcoin, raising questions about its competitiveness as a long-term investment.

急劇下降凸顯了以太坊相對於比特幣的表現如何不足，從而提出了有關其作為長期投資的競爭力的問題。

Layer-2 Networks Absorbing Value

2層網絡吸收價值

Ethereum’s current struggles are largely linked to the proliferation of layer-2 networks. L2 solutions such as Arbitrum, Optimism, and Base were initially designed to improve Ethereum’s scalability and reduce transaction fees.

以太坊的當前鬥爭在很大程度上與2層網絡的擴散有關。最初設計了諸如仲裁，樂觀和基礎之類的L2解決方案，以提高以太坊的可伸縮性並減少交易費用。

However, these networks are now absorbing a significant portion of the activity, leaving the base layer with dwindling fee revenues.

但是，這些網絡現在正在吸收活動的很大一部分，使基礎層的收入減少。

As Cointelegraph Magazine reported in September 2024, Ethereum’s fee revenue collapsed by 99% over the previous six months. This drop is largely attributed to L2 networks processing most transactions while contributing little to the base layer’s revenue.

正如Cointelegraph雜誌在2024年9月報導的那樣，以太坊的費用收入在過去的六個月中崩潰了99％。該下降很大程度上歸因於L2網絡處理大多數交易，而對基礎層的收入幾乎沒有貢獻。

Crypto venture capitalist Adam Cochran of Cinneamhain Ventures has suggested that Based Rollups could offer a solution. According to Cochran, Based Rollups could directly impact Ethereum’s monetization by reshaping incentive structures, potentially restoring value to the base chain.

Cinneamhain Ventures的Crypto Venture資本家Adam Cochran提出，基於匯總可以提供解決方案。根據科克蘭的說法，基於基於的匯總可以通過重塑激勵結構來直接影響以太坊的貨幣化，並可能恢復基本鏈的價值。

Revised Price Predictions Reflect Bearish Sentiment

修訂的價格預測反映了看跌的情緒

The bearish outlook on Ethereum is also reflected in price forecasts. Standard Chartered Bank recently revised its year-end 2025 ETH price target downward from $10,000 to $4,000, marking a 60% reduction.

對以太坊的看跌前景也反映在價格預測中。標準特許銀行最近修訂了其年底2025 ETH目標目標從10,000美元下降到4,000美元，標誌著60％的降低。

The downgrade reflects the bank’s pessimism over Ethereum’s ability to regain its former investment appeal.

降級反映了銀行對以太坊重新獲得其以前投資上訴的能力的悲觀。

This shift is a sharp contrast to the optimism seen in late 2024, when many crypto analysts predicted ETH could reach $10,000.

這種轉變與2024年底的樂觀態度形成鮮明對比，當時許多加密分析師預測ETH可能會達到10,000美元。

In December 2024, Ethereum briefly crossed $4,000 as Bitcoin soared past $100,000 for the first time. However, the broader market downturn has since dampened those expectations.

2024年12月，以太坊短暫地超過了4,000美元，因為比特幣首次飆升了100,000美元。但是，此後，更廣泛的市場低迷抑制了這些期望。

Bullish Voices Still Remain

看漲的聲音仍然存在

Despite the pessimism, some traders remain bullish on Ethereum. Pseudonymous crypto traders Doctor Profit and Merlijn The Trader continue to view ETH as a strong buying opportunity.

儘管感到悲觀，但一些商人仍然對以太坊的看漲。化名加密貨幣交易者醫生利潤和梅里吉（Merlijn）繼續將ETH視為強大的購買機會。

They argue that the current downturn is temporary and that Ethereum’s fundamentals, including its widespread adoption and ongoing development, remain strong.

他們認為，目前的低迷是暫時的，以太坊的基本面，包括其廣泛採用和持續的發展，仍然很強大。

These traders believe that ETH could still be one of the best-performing assets in the massively diverse cryptocurrency market, especially if future upgrades or solutions like Based Rollups successfully restore value to the base layer.

這些交易者認為，ETH仍然可以成為大量多樣化的加密貨幣市場中表現最好的資產之一，尤其是如果將來升級或基於匯總（基於匯總）成功地將價值恢復為基礎層時。