交易費的以太坊（ETH）收入下降了95％

按市值通過市值，世界上第二大區塊鏈正在努力從交易費用中急劇下降。

Ethereum (ETH), the second-largest blockchain in the world, has seen a dramatic drop in its transaction fee revenue—a 95% decline. This shift highlights the changing landscape within the blockchain ecosystem and raises concerns about the platform's long-term sustainability.

以太坊（ETH）是世界第二大區塊鏈，其交易費收入急劇下降，下降了95％。這種轉變凸顯了區塊鏈生態系統中不斷變化的景觀，並引起了對平台長期可持續性的擔憂。

Once a powerhouse during the explosive growth of decentralized finance (DeFi) and non-fungible tokens (NFTs), Ethereum is now grappling with the consequences of changing trends in these areas. As 2025 progresses, it appears that Ethereum's previous revenue model is faltering, impacting both its price and overall network activity.

以太坊曾經在分散融資（DEFI）和不可殺菌令牌（NFTS）的爆炸性增長中成為強大的增長，以太坊現在正在努力應對這些領域變化趨勢的後果。隨著2025年的進展，以太坊以前的收入模型似乎正在步履蹣跚，從而影響其價格和整體網絡活動。

A 95% Transaction Fee Revenue Drop

95％的交易費收入下降

During the final quarter of 2021, Ethereum's transaction fee revenue saw a record surge. The blockchain generated an astounding $4.3 billion in transaction fees, showcasing an astronomical 1,777% increase year-over-year. This surge was largely driven by the explosive growth of DeFi applications, DEX (decentralized exchange) volumes, and the booming NFT market.

在2021年的最後一個季度，以太坊的交易費收入創下了創紀錄的速度。該區塊鏈產生了驚人的43億美元交易費用，顯示了天文學的同比增長1,777％。這種激增在很大程度上是由Defi應用，DEX（分散交換）量和蓬勃發展的NFT市場的爆炸性增長所驅動的。

However, fast forward to Q1 2025, and Ethereum's revenue projections have sharply fallen. According to CCCoin, the blockchain is expected to bring in only around $217 million in transaction fees. This marks a significant drop from its 2021 highs, signaling a broad reduction in network activity.

但是，快進第1季度2025年，以太坊的收入預測急劇下降。根據Cccoin的說法，該區塊鏈預計僅收取約2.17億美元的交易費用。這標誌著其2021年的高點顯著下降，這表明網絡活動的大量降低。

Layer 2 Solutions Contribute to Declining Revenue

第2層解決方案有助於減少收入

One of the primary reasons for Ethereum's transaction fee revenue drop lies in the rapid adoption of Layer 2 (L2) scaling solutions. These solutions, designed to alleviate the burden on Ethereum's mainnet by processing transactions off-chain and settling them back onto the Ethereum blockchain, have gained immense popularity.

以太坊交易費收入下降的主要原因之一在於迅速採用第2層（L2）規模解決方案。這些解決方案旨在通過在鏈上處理交易並將其安置在以太坊區塊鏈上，以減輕以太坊的主網負擔，並獲得了巨大的知名度。

While they are instrumental in reducing transaction costs and improving scalability, L2 platforms also generate far fewer fees for the Ethereum mainnet itself.

儘管它們在降低交易成本和提高可擴展性方面發揮了作用，但L2平台為以太坊主網本身的費用也少得多。

"Layer 2-related fees, which were high in 2023 and early 2024, have since declined due to cost savings introduced by EIP-4844, which also saw a reduction in gas used for L2 transactions and reduced transaction volumes on-chain, ” noted a CoinShares report. This shift indicates that while Ethereum continues to grow in terms of user adoption, the economic model based on transaction fees is no longer as lucrative.

一份Coinshares報告指出：“由於EIP-4844引入的成本節省，該費用在2023年和2024年初很高，該費用下降了，這也使L2交易的氣體降低了，並減少了鏈上的交易量。”這種轉變表明，儘管以太坊在用戶採用方面繼續增長，但基於交易費用的經濟模型不再像利潤豐厚。

Decline in NFT Activity Further Impacts Transaction Volume

NFT活動的下降進一步影響交易量

Another factor contributing to Ethereum's transaction fee revenue decline is the drastic reduction in NFT (non-fungible token) activity. Q4 2021 witnessed the height of the NFT boom, with platforms like OpenSea reporting billions of dollars in monthly trading volume.

促成以太坊交易費收入下降的另一個因素是NFT（無牙）活動的急劇下降。第四季度2021見證了NFT繁榮的高度，像Opensea這樣的平台報告了數十億美元的每月交易量。

But the NFT market has since cooled considerably. As interest in NFTs wanes, Ethereum, which hosts the majority of NFT transactions, has seen a corresponding decline in its revenue stream.

但是此後，NFT市場已經大大冷卻了。隨著對NFTS減弱的興趣，擁有大多數NFT交易的以太坊已經看到其收入流相應下降。

The initial hype and excitement around NFTs, fueled by speculative trading and celebrity endorsements, have largely fizzled out. Moreover, many NFT projects have failed to sustain long-term value, leading to disillusionment among collectors and traders.

在投機性貿易和名人代言的推動下，NFT的最初炒作和興奮在很大程度上消失了。此外，許多NFT項目未能維持長期價值，從而導致收藏家和商人幻滅。

As the dust settles on the NFT frenzy, it appears that the market is transitioning towards more sustainable models, focusing on utility and community engagement rather than hype-driven speculation. This shift might be slow, but it is leading to a decrease in trading volume and, consequently, less transaction fee revenue for Ethereum.

隨著塵埃落定在NFT狂熱時，似乎市場正在向更可持續的模型過渡，重點是公用事業和社區參與，而不是炒作驅動的猜測。這種轉變可能很慢，但導致交易量減少，因此以太坊的交易費收入減少。

Ethereum's Price Struggles in 2025

以太坊的價格在2025年掙扎

The struggles of Ethereum are not limited to transaction fee revenue alone. The price of ETH has also been hit hard. After peaking at an all-time high (ATH) of $4,878 in November 2021, Ethereum's price has since fallen by more than 58%. This steep decline puts into perspective the magnitude of the downturn.

以太坊的鬥爭不僅限於交易費收入。 ETH的價格也受到了重大打擊。在2021年11月的歷史高峰（ATH）達到頂峰（ATH）之後，以太坊的價格下跌了58％以上。這種陡峭的下降使人們的經濟衰退的幅度融為一體。

To put this in historical context, according to Benzinga, Q1 2025 marked Ethereum's worst quarterly performance since 2018, with ETH plunging by 40%. In contrast, Bitcoin (BTC) managed to rebound during the election euphoria, suggesting that Ethereum's struggles might be steeper than those faced by the world's top cryptocurrency.

根據本辛加（Benzinga）的說法，在歷史背景下，第1季度2025年是以太坊自2018年以來最糟糕的季度表現，ETH跌幅下降了40％。相比之下，比特幣（BTC）在大選期間設法反彈，這表明以太坊的掙扎可能比世界上最高加密貨幣所面臨的鬥爭更陡峭。

This sharp drop highlights the ongoing challenges facing the cryptocurrency market and Ethereum's inability to keep up with the recovery seen by other assets. Several factors might be contributing to Ethereum's price struggles.

這種尖銳的下降凸顯了加密貨幣市場所面臨的持續挑戰，以及以太坊無法跟上其他資產所看到的恢復。可能有幾個因素導致以太坊的價格掙扎。

Firstly, the broader cryptocurrency market has seen significant setbacks in 2025, with most digital assets experiencing losses following the bullish run of late 2021. This downturn can be attributed to macroeconomic issues, regulatory concerns, and the winding down of the bull market that began in 2019.

首先，更廣泛的加密貨幣市場在2025年遇到了重大挫折，大多數數字資產在2021年末的看漲行為之後遭受損失。這種衰退可以歸因於宏觀經濟問題，監管問題以及2019年開始的牛市的陷入困境。

Secondly, Ethereum's transaction volume and network activity have decreased compared to the highs reached during the DeFi summer of 2021 and the NFT boom of 2021–2022. As mentioned earlier, the rapid adoption of Layer 2 scaling solutions

其次，與2021年Defi夏季達到的高點相比，以太坊的交易量和網絡活動減少，而NFT繁榮為2021 - 2022年。如前所述，第2層擴展解決方案的快速採用