以太坊的領導危機：去中心化悖論

以太坊當前的危機反映了加密貨幣領域的一個根本挑戰：如何平衡意識形態的純潔性與市場現實。

Ethereum’s leadership crisis: a deep dive

以太坊的領導危機：深入探討

After a turbulent 2024, Ethereum is facing a fresh wave of challenges. Here's a closer look at the backstory, the unfolding events, and the critical insights that emerge from this ongoing saga.

在經歷了動盪的 2024 年之後，以太坊正面臨新一波的挑戰。以下是對背景故事、正在展開的事件以及從這個正在進行的傳奇故事中得出的重要見解的更仔細的了解。

Backstory: A Foundation Under Fire

背景故事：飽受蹂躪的基金會

For months, scathing critiques from within the Ethereum community have been brewing on social media, with memes poking fun at ETH's stagnant price while other cryptocurrencies enjoy a bull-run. Others slam the foundation for its centralized governance and handling of the project roadmap.

幾個月來，來自以太坊社群內部的嚴厲批評一直在社群媒體上醞釀，一些表情包嘲笑以太坊價格停滯不前，而其他加密貨幣卻享受牛市。其他人則抨擊基金會的集中治理和專案路線圖的處理。

This recent outburst follows a string of setbacks for the foundation:

最近的爆發是在基金會遭遇一系列挫折之後發生的：

May 2024: Conflict-of-interest scandal over EigenLayer advisory roles

2024 年 5 月：EigenLayer 顧問角色的利益衝突醜聞

Summer 2024: 99% collapse in base layer revenue post-Dencun upgrade

2024 年夏季：Dencun 升級後基礎層營收暴跌 99%

Q4 2024: Loss of DeFi market share to Solana

2024 年第四季：DeFi 市佔率被 Solana 奪走

January 2025: Missed Trump memecoin opportunity to Solana

2025 年 1 月：錯過了 Solana 的川普 memecoin 機會

The Impact: Ethereum's Plight in Numbers

影響：以太坊的數位困境

A glance at the current numbers paints a stark picture:

縱觀當前的數字，我們可以看到一幅鮮明的圖景：

38% drop in on-chain activity

鏈上活動下降 38%

Balancer and Morpho down 65%

Balancer 和 Morpho 下跌 65%

Uniswap volumes declined 40%

Uniswap 交易量下降 40%

Layer-2 solutions struggling with $25.8 billion combined DEX volume

Layer 2 解決方案面臨 258 億美元的 DEX 總交易量

Average transaction fees stubbornly high at $5.50

平均交易費用頑固地高達 5.50 美元

Fallen out of top 5 in weekly fees

週費用跌出前 5 名

$49 million in weekly fees vs Solana's $85.11 million

每週費用為 4900 萬美元，而 Solana 的每週費用為 8511 萬美元

ETH stuck below $3,500 since January 7

自 1 月 7 日以來，ETH 一直堅守在 3,500 美元以下

The gap between Solana and Ethereum widened further after Trump's memecoin launch drove Solana platforms like Raydium, Orca, and Meteora to record 200%+ volume gains.

在川普推出 memecoin 後，Solana 和以太坊之間的差距進一步擴大，推動 Raydium、Orca 和 Meteora 等 Solana 平台創下了 200% 以上的交易量成長。

The Ethereum community is buzzing with complaints about the network's lack of effort in building a public image and courting political collaborations, while the leadership team is said to be more focused on technical objectives.

以太坊社群充斥著對該網路在建立公眾形象和爭取政治合作方面缺乏努力的抱怨，而據說領導團隊更關注技術目標。

The Bulls' Rebellion: 3 Key Concerns

公牛隊的叛逆：3 個關鍵問題

Ethereum stakeholders are also up in arms about the foundation's handling of its $900 million treasury, highlighting three key concerns:

以太坊利害關係人也對該基金會對其 9 億美元資金的處理感到不滿，強調了三個關鍵問題：

Resource Management: Bloated budget and headcount, insufficient developer support, underutilized treasury assets, and lack of market responsiveness

資源管理：預算和人員臃腫、開發人員支援不足、財務資產未充分利用、缺乏市場回應能力

Political Positioning: While XRP's CEO dines at Mar-a-Lago and Solana hosts Trump's memecoin, Ethereum is notably absent from these prized opportunities despite hosting Trump-backed World Liberty Financial

政治定位：雖然 XRP 的執行長在 Mar-a-Lago 用餐，並且 Solana 主辦了川普的 memecoin，但以太坊卻明顯缺席了這些寶貴的機會，儘管主辦了川普支持的世界自由金融

Developer Relations: Core developers express growing frustration and a generational divide emerges in Ethereum's leadership approach

開發者關係：核心開發者表達了越來越多的挫折感，以太坊的領導方式中出現了代溝

The Old Guard vs. New Visionaries

老衛兵與新夢想家

The old guard of Ethereum's leadership, focused on technical excellence, is resistant to political engagement and prefers gradual, considered changes.

以太坊領導階層的守舊派注重技術卓越，抵制政治參與，更喜歡漸進、深思熟慮的改變。

Meanwhile, a new generation of visionaries advocates for aggressive market positioning, support for institutional engagement, demanding treasury activation, and calling for leadership overhaul.

同時，新一代的有遠見者主張積極的市場定位，支持機構參與，要求啟動財政，並呼籲領導改革。

The foundation's attempt to rebuild its social media presence last week, making it more public-friendly, failed to quell the memes and criticism.

該基金會上週試圖重建其社群媒體形象，使其對公眾更加友好，但未能平息迷因和批評。

But it's not just Crypto Twitter demanding change at the helm.

但要求改變掌舵者的不僅是加密推特。

Buy Once, Earn Daily Bitcoin Forever

購買一次，永久每日賺取比特幣

Infinity Hash brings the best aspects of cloud and colocation mining into a transparent and reliable system that provides long-term cash flow.

Infinity Hash 將雲端和託管挖礦的最佳方面帶入透明可靠的系統中，提供長期現金流。

Block That Quote

阻止該報價

Anthony Donofrio, Ethereum founding member, in an opinion piece on Coindesk:

以太坊創始成員 Anthony Donofrio 在 Coindesk 的一篇評論文章中表示：

"The Ethereum Foundation is a paradox. Despite its commitment to decentralization, it operates as a centralized entity, with a director, a treasury, paid developers, and an inner circle. These structures, while necessary for coordination, create tensions with Ethereum's decentralised ethos."

「以太坊基金會是一個悖論。儘管它致力於去中心化，但它作為一個中心化實體運作，擁有董事、財務人員、付費開發人員和內部圈子。這些結構雖然是協調所必需的，但卻與以太坊的去中心化精神產生了緊張關係」。

Donofrio argues that the foundation no longer carries the vision it once had to minimize internal and external threats and blames it for leaving its community feeling disconnected.

多諾弗里奧認為，基金會不再懷有曾經最大限度地減少內部和外部威脅的願景，並指責它讓社區感到脫節。

Ethereum co-founder and ConsenSys CEO Joseph Lubin proposes replacing Miyaguchi with a dual leadership structure: Danny Ryan, who led the Merge, and Jerome de Tychey, president of Ethereum France.

以太坊聯合創始人兼 ConsenSys 執行長 Joseph Lubin 提議用雙重領導結構取代 Miyaguchi：領導合併的 Danny Ryan 和以太坊法國總裁 Jerome de Tychey。

His message is clear - "We are now in a very different kind of environment in our industry. And it requires a very different kind of Ethereum Foundation."

他的信息很明確——“我們行業現在處於一個非常不同的環境中。它需要一個非常不同的以太坊基金會。”

What started as noise and rumors around Ethereum replacing Executive Director Aya Miyaguchi, soon turned into full-blown social media harassment against the director, including death threats.

一開始是圍繞以太坊更換執行董事 Aya Miyaguchi 的噪音和謠言，很快就變成了針對董事的全面社交媒體騷擾，包括死亡威脅。

Buterin condemns it as “pure evil” and gives a statement - a confirmation on the churn at the top level.

Buterin 譴責其為“純粹的邪惡”，並發表聲明——確認了高層的流失。

“We are indeed currently in the process of large changes to EF leadership structure, which has been ongoing for close to a year. Some of this has already been executed on and made public, and some is still in progress,” Buterin said in a post on X.

「我們目前確實正在對 EF 領導結構進行重大調整，這項調整已經持續了近一年。其中一些已經執行並公開，還有一些仍在進行中，」Buterin 在 X 上的一篇文章中說道。

His post also speaks about what the foundation was trying to achieve with the changes to leadership structure.

他的貼文也談到了基金會試圖透過領導結構的變化來實現什麼目標。

That was not all. He also clarified the things Ethereum wouldn’t be doing.

這還不是全部。他也澄清了以太坊不會做的事情。

Defiant leader? Still fell short of appeasing the audience.

挑釁的領導者？仍未能安撫觀眾。