以太坊 Layer-2 生態系統飆升 70%，但它能與 Solana 的成功相提並論嗎？

以太坊網路長期以來因交易費用過高而受到批評，交易費用常常超過 4 美元。然而，第二層區塊鏈的指數增長為需要更高可擴展性的去中心化應用程式（DApp）創建了可持續的解決方案。

Ethereum ( ETH ) layer-2 volumes surged 70% in 30 days — can it match Solana ( SOL ) success?

以太坊 (ETH) 第 2 層交易量在 30 天內飆升 70% — 它能與 Solana (SOL) 的成功相媲美嗎？

The Ethereum network has long faced criticism for its high transaction fees, often exceeding $4. However, the exponential growth of layer-2 blockchains has created a sustainable solution for decentralized applications (DApps) that require higher scalability.

以太坊網路長期以來因其高昂的交易費用（通常超過 4 美元）而受到批評。然而，第二層區塊鏈的指數增長為需要更高可擴展性的去中心化應用程式（DApp）創建了可持續的解決方案。

This ecosystem saw a 70% increase in volumes over the past 30 days, but can it match Solana’s success?

該生態系統的交易量在過去 30 天內增長了 70%，但它能與 Solana 的成功相媲美嗎？

While Solana may have surpassed Ethereum's base layer activity, it still falls short when considering Ethereum's layer-2 blockchains. Solana captured 35.4% of the decentralized exchange (DEX) volumes in November, up from 27.2% in October, according to DefiLlama data. In comparison, Ethereum and its layer-2 ecosystem accounted for 45.2% of the market share in November, down from 50.1% in October.

儘管 Solana 可能已經超越了以太坊的基礎層活動，但在考慮以太坊的第 2 層區塊鏈時，它仍然存在不足之處。根據 DefiLlama 的數據，Solana 在 11 月佔據了去中心化交易所 (DEX) 交易量的 35.4%，高於 10 月的 27.2%。相比之下，以太坊及其 Layer-2 生態系統在 11 月佔據了 45.2% 的市場份額，低於 10 月的 50.1%。

In terms of deposits, Ethereum's base layer has a clear advantage with $69.7 billion in total value locked (TVL), compared to Solana's $9.2 billion. More notably, some of Ethereum's layer-2 solutions, such as Base and Arbitrum, are already each at $3 billion in TVL. In total, the Ethereum layer-2 ecosystem has reached a TVL of $11.4 billion, according to DefiLlama data.

在存款方面，以太坊基礎層具有明顯優勢，鎖定總價值（TVL）為 697 億美元，而 Solana 為 92 億美元。更值得注意的是，以太坊的第 2 層解決方案（例如 Base 和 Arbitrum）的 TVL 已經達到 30 億美元。根據 DefiLlama 的數據，以太坊第 2 層生態系統的總鎖定價值已達 114 億美元。

There is no doubt that Solana has emerged as a major player, securing the second position in terms of deposits. However, Ethereum’s dominance remains unchallenged. Additionally, the impressive growth of Base, an Ethereum layer-2 solution founded and controlled by the Coinbase exchange, offers promising prospects, particularly in the memecoin sector.

毫無疑問，Solana 已成為主要參與者，在存款方面穩居第二。然而，以太坊的主導地位仍然不受挑戰。此外，由 Coinbase 交易所創建和控制的以太坊第 2 層解決方案 Base 的令人印象深刻的成長提供了廣闊的前景，特別是在 memecoin 領域。

Memecoins have been a key catalyst for Solana’s adoption and growth, with several tokens surpassing $ 1 billion in market capitalization. Pump.fun has significantly altered the creation of liquidity pools for new token launches, leading to a substantial increase in trading activity on platforms like Raydium and Orca, which collectively amassed $24.6 billion in volumes over the past seven days.

Memecoin 一直是 Solana 的採用和成長的關鍵催化劑，多個代幣的市值超過 10 億美元。 Pump.fun 顯著改變了新代幣發行的流動性池的創建方式，導致 Raydium 和 Orca 等平台上的交易活動大幅增加，過去 7 天的交易量總計達 246 億美元。

Solana surpasses Ethereum in fees

Solana 的費用超過以太坊

Some analysts argue that volumes and total value locked (TVL) are merely means to an end. They emphasize that capturing fees is crucial for a network's survival, as stakers must be rewarded for their validation services, thereby creating incentives for long-term holding. The primary value driver for cryptocurrencies on smart contract blockchains is the payment for processing services, which supports their decentralization.

一些分析師認為，鎖定數量和總價值（TVL）只是達到目的的手段。他們強調，收取費用對於網路的生存至關重要，因為質押者必須因其驗證服務而獲得獎勵，從而為長期持有創造激勵。智慧合約區塊鏈上的加密貨幣的主要價值驅動因素是處理服務的支付，這支持了它們的去中心化。

Solana recently surpassed Ethereum to become the highest-grossing blockchain in terms of fees, prompting investors to question whether ETH $3,592.09   is overvalued at a $436 billion market capitalization, while SOL $241.13 stands at $116 billion—a 73% discount. However, this simplistic analysis overlooks Solana’s higher inflation rate, currently at 5.3%.

Solana 最近超越以太坊，成為按費用計算收入最高的區塊鏈，這促使投資者質疑ETH 3,592.09 美元的市值是否被高估（4360 億美元的市值），而SOL 241.13 美元的市值為1160 億美元（折價73%）。然而，這種簡化的分析忽略了 Solana 較高的通貨膨脹率，目前為 5.3%。

Looking ahead to 2025, Ethereum is considering further fee structure adjustments, including dynamic fee changes based on network usage and potential optimizations in how layer-2 solutions like rollups interact with the base layer. These measures aim to improve the efficiency of decentralized applications (DApps), reduce transaction costs, and ultimately drive higher network fees.

展望 2025 年，以太坊正在考慮進一步調整費用結構，包括根據網路使用情況進行動態費用變化，以及 Rollup 等第 2 層解決方案與基礎層互動方式的潛在優化。這些措施旨在提高去中心化應用程式（DApp）的效率，降低交易成本，並最終推動更高的網路成本。

Related: Solana price recovers from sharp sell-off, is $300 SOL possible?

相關：Solana 價格從急劇拋售中恢復，SOL 可能達到 300 美元嗎？

Currently, Ethereum’s layer-2 solutions struggle to compete with Solana, which offers a more seamless experience for new entrants and token launches. However, Base is gradually gaining traction, benefiting from the Coinbase exchange’s continued influence on newcomers to the space.

目前，以太坊的第 2 層解決方案正在努力與 Solana 競爭，後者為新進業者和代幣發行提供了更無縫的體驗。然而，受益於 Coinbase 交易所對該領域新來者的持續影響，Base 正在逐漸獲得關注。

For now, it appears Solana’s growth will not be hindered, paving the way for higher total value locked (TVL) and volumes, which in turn should positively impact SOL’s price momentum.

目前看來，Solana 的成長不會受到阻礙，從而為更高的鎖定總價值 (TVL) 和交易量鋪平道路，這反過來會對 SOL 的價格勢頭產生積極影響。