自合併以來，以太坊（ETH）正在瀏覽其最動蕩的水域 - 領導力動盪，技術失敗和市場崩潰同時融合。

是的，我們知道。週末開球並不是一個非常高興的星期六。比特幣一直在為您的所有噩夢（如果您要入睡）的戲劇性幻燈片。

Yes, we know. Not a very happy Saturday to kick-off the weekend. Bitcoin has been giving y’all nightmares (if at all you are getting any sleep) with its dramatic slides.

是的，我們知道。週末開球並不是一個非常高興的星期六。比特幣一直在為您的所有噩夢（如果您要入睡）的戲劇性幻燈片。

We thought of taking a break today and talk about its younger sibling - Ethereum.

我們想到今天休息一下，談論其年輕的兄弟姐妹 - 以太坊。

The second largest cryptocurrency, and a dramatic parallel journey. Today’s deep-dive will feel like watching three different disaster movies playing simultaneously on the same screen.

第二大加密貨幣和戲劇性的平行旅程。當今的深度潛水就像看三部不同的災難電影在同一屏幕上同時播放。

First, there is Ethereum Foundation's (EF) leader stepping aside amid community backlash; then the developers frantically troubleshooting a failed upgrade; and finally $340 million in leveraged positions teetering on the edge of liquidation – all while ETH's price has nosedived ′50% in three months.

首先，有以太坊基金會（EF）的領導人在社區反彈的情況下拋在一邊。然後，開發人員瘋狂地故障排除失敗的升級；最終，在清算邊緣搖擺不定的3.4億美元的槓杆位置，而ETH的價格都在三個月內降低了'50％。

In today's Wormhole, we examine whether this represents a fundamental shift in Ethereum's trajectory or simply another challenge for the resilient network to overcome.

在當今的蟲洞中，我們檢查這是否代表了以太坊軌蹟的基本轉變，還是僅僅是彈性網絡要克服的另一個挑戰。

Crypto trading can be complicated. Maximising rewards while you trade? Even trickier.

加密交易可能很複雜。交易時最大化獎勵？甚至更棘手。

Bitget Africa makes it easy with powerful tools, deep liquidity, and exclusive rewards— so you can trade with confidence.

Bitget Africa通過強大的工具，深厚的流動性和獨家獎勵使其變得容易，因此您可以自信地進行交易。

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超低費用的500多個加密貨幣

Copy trade top investors and earn like the pros

複製貿易頂級投資者並像專業人士一樣賺錢

Enjoy deep liquidity & advanced trading tools

享受深厚的流動性和高級交易工具

Secure, user-friendly, and designed for all traders

安全，用戶友好，並為所有交易者設計

Whether you're a beginner or a seasoned trader, Bitget Africa gives you the edge you need.

無論您是初學者還是經驗豐富的交易者，Bitget Africa都會為您帶來所需的優勢。

The best part? Get started in minutes—no complex setups, just seamless trading.

最好的部分？在幾分鐘之內開始 - 沒有復雜的設置，只是無縫的交易。

Start trading now & unlock your potential.

立即開始交易並解鎖您的潛力。

Ethereum is navigating its most turbulent waters since The Merge — a leadership upheaval, technical failures, and market meltdown converging simultaneously.

自合併以來，以太坊正在駕駛其最動蕩的水域 - 領導力動盪，技術失敗和市場崩潰同時融合。

After a nearly 50% decline in three months, visibly rendering several crypto traders’ dreams in vivid detail, Ethereum has lost almost half of its market cap. Earlier this week, the second-largest cryptocurrency briefly fell below $2,100, a level not seen since December 2023.

在三個月內下降了近50％之後，明顯地使幾個加密貨幣交易者的夢想生動地使以太坊損失了幾乎一半的市值。本週早些時候，第二大加密貨幣短暫低於2,100美元，這是自2023年12月以來未見的水平。

Unlike other cryptocurrencies, however, ETH’s struggles have been driven by internal fractures that have become impossible to ignore. Aya Miyaguchi, the Executive Director of Ethereum Foundation (EF), is transitioning to the newly created role of President amid criticism from the community over her leadership style and handling of the Foundation.

但是，與其他加密貨幣不同，ETH的鬥爭是由無法忽視的內部裂縫所驅動的。以太坊基金會（EF）執行董事Aya Miyaguchi正在過渡到社區對她的領導風格和對基金會的處理的批評，在總統的新作用中過渡。

Meanwhile, developers are scrambling to rectify the Pectra upgrade failure on the Holesky testnet, and several whales have been observed offloading their ETH holdings after a nearly four-month accumulation that saw them increase their collective tokens from 1,000 to 5,828.

同時，開發人員正在爭先恐後地糾正Holesky Testnet上的Pectra升級失敗，並且在近四個月的積累中，已經觀察到幾隻鯨魚將其ETH持有量從1,000增加到5,828。

Finally, the price downturn has brought several leveraged positions into liquidation territory, threatening a chaotic scenario.

最終，價格下跌將幾個槓桿置於清算區域的位置帶來了混亂的情況。

With so much happening at once, it feels like three different crypto calamities are playing out simultaneously on the same screen. But is this the beginning of the end for the smart contract pioneer, or just another Tuesday in yet another uneventful year for Ethereum?

一次發生瞭如此多的事情，感覺就像在同一屏幕上同時同時發揮了三種不同的加密災難。但是，這是智能合同先驅的終點，還是在以太坊又是另一個星期二的另一個星期二？

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在我們的年度計劃中獲得17％的折扣，並訪問我們的每周高級功能（Hashedin，蠕蟲，兔子洞和Mempool），以及僅訂戶的帖子。

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升級到付款

The Ethereum community was met with a surprising announcement this Tuesday as Executive Director Aya Miyaguchi announced she would be “stepping up” to the newly created role of President.

以太坊社區在本週二遇到了令人驚訝的宣布，因為執行董事Aya Miyaguchi宣布她將“加強”擔任總統新職位的角色。

“These past few weeks have illuminated something profound about Ethereum. This new opportunity will allow me to continue supporting EF’s institutional relationships, and to expand the degree to which we can share the vision and culture of the Foundation more broadly,” Miyaguchi said in a statement.

“過去的幾週已經闡明了以太坊的深刻作用。這個新的機會將使我能夠繼續支持EF的機構關係，並擴大我們可以更廣泛地分享基金會的願景和文化的程度。” Miyaguchi在一份聲明中說。

She added that the transition had been in planning stages for over a year and was part of a natural progression within the Foundation.

她補充說，過渡已經在規劃階段已經一年多了，並且是基金會內自然發展的一部分。

However, reading between the lines suggests otherwise.

但是，兩條線之間的讀數建議。

Calls for Miyaguchi’s removal grew increasingly vocal in January after she appeared to reject a culture of competition and winning in a WIRED interview, especially as Ethereum was losing ground to rival blockchains. Critics argued her leadership lacked the competitive edge needed in today’s crypto landscape.

在宮城似乎拒絕競爭文化並在有線採訪中獲勝之後，尤其是當以太坊（Ethereum）失去競爭對手的區塊鏈時，要求宮城的撤職呼籲在一月份越來越大聲疾呼。批評家認為，她的領導人缺乏當今加密貨幣景觀所需的競爭優勢。

The backlash grew heated, with some community members engaging in harassment towards Miyaguchi and her family, leading to co-founder Vitalik Buterin having to intervene.

這種反彈變得越來越激烈，一些社區成員對宮城及其家人進行了騷擾，導致聯合創始人Vitalik Buterin不得不介入。

Buterin announced that Miyaguchi had also been subjected to death threats, and he was forced to step in and assert that any leadership changes remained his decision alone.

布特林宣布，宮城也受到了死亡威脅，他被迫介入並斷言任何領導層的變化仍然是他的決定。

He added that he was working on revamping the Foundation’s structure to be more responsive to feedback and ensure a smoother transition.

他補充說，他正在努力改造基金會的結構，以對反饋的反應更快，並確保過渡更加順暢。

But by that point, many community members had already rallied behind former EF researcher Danny Ryan, who led the successful transition to proof-of-state, as the ideal replacement.

但是到那時，許多社區成員已經落後於前EF研究員丹尼·瑞安（Danny Ryan），後者將成功過渡到州證明是理想的替代者。

This leadership turmoil comes at a vulnerable moment for Ethereum, with its price performance lagging behind competitors and development milestones facing delays.

這種領導動盪是以太坊的脆弱時刻，其價格績效落後於競爭對手和發展里程碑，面臨延誤。

The Foundation’s structure itself has drawn criticism for its lack of transparency. Buterin promised a revamped leadership structure soon, but details remain scarce, creating a governance vacuum precisely when decisive

基金會的結構本身因缺乏透明度而引起了批評。 Buterin承諾很快就會進行改造的領導結構，但細節仍然很少