以太坊（ETH）交易費收入從歷史最高時期下降了95％

這種下降主要歸因於第2層貢獻的下降，再加上不可殺死的令牌（NFT）市場中的活動顯著下降。

Ethereum (ETH), the world’s second-largest blockchain by market capitalization, has seen its quarterly transaction fee revenue drop dramatically.

以太坊（ETH）是全球第二大區塊鏈按市值來看，其季度交易費收入急劇下降。

According to Token Terminal, Ethereum’s transaction fee revenue for Q1 2025 is expected to reach around $217 million. This represents an approximately 95% decline from the all-time high of $4.3 billion recorded in Q4 2021.

根據Token Terminal的數據，第1季度第1季度以太坊的交易費收入預計將達到2.17億美元。這比第四季度2021年記錄的43億美元的歷史高點下降了約95％。

Back then, Ethereum’s revenue soared by 1,777% year-over-year, as highlighted by Bankless. It rose from $231.4 million in Q4 2020 to $4.3 billion by the last quarter of 2021.

那時，以太坊的收入飆升了1,777％的同比增長，這是無岸的強調。到2021年最後一個季度，它從2020年第4季度的2.314億美元增加到了43億美元。

Furthermore, Ethereum’s DeFi ecosystem witnessed significant growth in Total Value Locked (TVL), decentralized exchange (DEX) volumes, NFT sales, and Layer 2 TVL. However, the dynamics have shifted since then.

此外，以太坊的Defi生態系統目睹了總價值鎖定（TVL），分散交易（DEX）量，NFT銷售和第2層TVL的顯著增長。但是，此後動態發生了變化。

This is evident from Ethereum’s recent performance in 2025, where monthly revenues have sharply decreased. January saw $150.8 million, while February recorded only $47.5 million. Assuming the trend of declining transaction fees continues, March could also see similarly low figures.

從以太坊最近在2025年的表現中可以明顯看出，每月收入急劇下降。一月份看到1.508億美元，而二月僅記錄了4,750萬美元。假設交易費用下降的趨勢仍在繼續，則三月也可以看到類似的低數字。

Moreover, in the fourth quarter of 2024, Ethereum generated only $551.8 million in transaction fee revenue, emphasizing the continued downward trend.

此外，在2024年第四季度，以太坊僅產生了5.518億美元的交易費用收入，強調了持續的下降趨勢。

One of the major contributors to the decline is the shift to Layer 2 solutions. These have become increasingly popular for their ability to process transactions off-chain while settling on Ethereum’s mainnet.

下降的主要因素之一是轉向第2層解決方案。這些因其在以太坊的主網上處理交易的能力而變得越來越受歡迎。

In addition, the activation of EIP-4844 has significantly reduced the data cost of posting to Ethereum’s chain, further lowering L2 fee contributions. According to a CoinShares report, this upgrade has made transactions cheaper but has also diminished the revenue Ethereum’s mainnet collects from L2 activity.

此外，EIP-4844的激活顯著降低了將以太坊鏈發佈到以太坊鏈的數據成本，從而進一步降低了L2費用的貢獻。根據Coinshares的一份報告，此升級使交易更便宜，但也減少了以太坊的Mainnet從L2活動中收集的收入。

“Layer 2-related fees, which were high in 2023 and early 2024, have since declined due to cost savings introduced by EIP-4844,” the CoinShares report read.

“由於EIP-4844引入的成本節省，與2023年和2024年初的第2層相關費用較高，” Coinshares報告說。

The decline in NFT activity has also played a significant role. Q4 2021 marked the peak of the NFT craze, with platforms like OpenSea recording billions of dollars in monthly trading volume. Nonetheless, now the interest has waned, leading to a sharp drop in transaction volume and, consequently, fee revenue.

NFT活動的下降也發揮了重要作用。第四季度2021標誌著NFT熱潮的峰值，Opensea之類的平台記錄了數十億美元的每月交易量。但是，現在的利息已經下降，導致交易量的大幅下降，因此收入收入。

ETH Suffers its Worst Quarterly Decline Since 2018

ETH遭受了自2018年以來最嚴重的季度下降

This decline extends beyond transaction fee revenue. The price of Ethereum has followed a similar downward trend. After reaching an ATH in November 2021, ETH has dropped substantially, now trading 58.8% below that peak.

這種下降範圍超出了交易費收入。以太坊的價格遵循了類似的下降趨勢。在2021年11月到達ATH之後，ETH已大幅下降，現在低於該高峰的58.8％。

Even during the election euphoria, when many cryptocurrencies, including Bitcoin (BTC), saw new highs, Ethereum failed to keep pace.

即使在大選欣喜期間，包括比特幣（BTC）在內的許多加密貨幣都看到了新的高點，以太坊也無法保持步伐。

“ETH has experienced the sharpest decline in Q1, dropping by -40%, marking its biggest quarterly loss since 2018,” an analyst wrote on X.

一位分析師在X上寫道：“ ETH在第一季度的下降幅度最高，下降了-40％，這是其自2018年以來最大的季度損失。”

Over the past month alone, ETH has fallen by 25.1%. As of press time, the altcoin was trading at $1,997, representing a slight gain of 0.45% over the past day.

僅在過去一個月中，ETH就下降了25.1％。截至發稿時，Altcoin的交易價格為1,997美元，在過去的一天中略有0.45％。