以太坊暴漲的利潤與市場波動：揭開區塊鏈的成功之謎

以太坊(ETH) 的價格大幅上漲100%，在2024 年第一季創造了3.69 億美元的利潤。將其從流通中移除，提升剩餘代幣的價值。

Ethereum's Meteoric Rise: Unraveling the Enigma of Blockchain Profitability and Market Volatility

以太坊的崛起：解開區塊鏈獲利能力與市場波動之謎

In a remarkable display of financial prowess, Ethereum (ETH) has ascended the cryptocurrency ladder, doubling its market price in the first quarter of 2024. The surge in valuation has been accompanied by a windfall of profits for the Ethereum blockchain, amassing a staggering $369 million during the period. This unprecedented profitability has sent shockwaves through the industry, prompting a chorus of inquiries.

以太坊(ETH) 展現了非凡的財務實力，登上了加密貨幣的階梯，其市場價格在2024 年第一季度翻了一番。了驚人的369 美元期間。這種前所未有的獲利能力為整個產業帶來了衝擊，引發了廣泛的詢問。

Revenue Model: Transaction Fees and Token Incineration

收入模式：交易費用和代幣焚燒

Ethereum's revenue model hinges on transaction fees paid by users interacting with applications hosted on its blockchain. These fees act as a steady stream of income, a portion of which is then subjected to a unique mechanism known as "ETH buyback." Through incineration, a fraction of the ETH is permanently removed from circulation, reducing its supply and bolstering the value of the remaining tokens. This ingenious approach effectively rewards existing ETH holders.

以太坊的收入模式取決於用戶與其區塊鏈上託管的應用程式互動所支付的交易費用。這些費用是穩定的收入流，其中一部分會受到稱為「ETH 回購」的獨特機制的影響。透過焚燒，一小部分 ETH 被永久退出流通，減少其供應並提升剩餘代幣的價值。這種巧妙的方法有效地獎勵了現有的 ETH 持有者。

Validator Incentives: New Token Issuance

驗證者激勵：新代幣發行

In addition to incinerating ETH, the Ethereum network also issues new tokens as rewards to validators for their role in verifying blocks and ensuring the network's integrity. These rewards are similar to stock-based perks, incentivizing validators to maintain the blockchain's health and efficiency. However, the issuance of new tokens dilutes the holdings of existing ETH holders.

除了焚燒 ETH 之外，以太坊網路還發行新的代幣作為對驗證者在驗證區塊和確保網路完整性方面所發揮作用的獎勵。這些獎勵類似於基於股票的福利，激勵驗證者維持區塊鏈的健康和效率。然而，新代幣的發行會稀釋現有 ETH 持有者的持股。

The Dencun Upgrade: A Game-Changer

Dencun 升級：遊戲規則改變者

The much-anticipated Dencun upgrade, introduced in the first quarter of 2024, revolutionized Ethereum by introducing a novel data storage system called blobs. This upgrade alleviated congestion on the network while significantly reducing transaction costs on Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase's Base.

備受期待的 Dencun 升級於 2024 年第一季推出，透過引入一種名為 blob 的新穎數據儲存系統，徹底改變了以太坊。此次升級緩解了網路擁塞，同時大幅降低了 Arbitrum (ABR)、Polygon (MATIC) 和 Coinbase's Base 等第 2 層網路的交易成本。

Revenue Transformation: Annualized Surge of 18%

營收轉型：年化激增 18%

The Dencun update and subsequent adoption of blobs and Layer 2 networks transformed Ethereum's revenue trajectory. According to Token Terminal's analysis, the blockchain experienced an annualized growth of 18%, reaching a remarkable $3.3 billion. Lower transaction costs enticed users and developers to the Ethereum platform.

Dencun 的更新以及隨後對 blob 和 Layer 2 網路的採用改變了以太坊的收入軌跡。根據 Token Terminal 的分析，區塊鏈的年化成長率為 18%，達到驚人的 33 億美元。較低的交易成本吸引了用戶和開發人員使用以太坊平台。

Market Turbulence: Revenue Dip and Investor Concerns

市場動盪：收入下降和投資者擔憂

Despite the initially robust revenue performance, the second quarter of 2024 brought a shift in market sentiment and diminished investor interest. Ethereum's revenue declined by a steep 52% in the past 30 days. This decline was reflected in a 15.2% drop in Ethereum's fully diluted market cap to $358.47 billion, and a corresponding decrease in its circulating market cap. Trading volume also plummeted by approximately 18.6%, falling to $586.14 billion.

儘管最初營收表現強勁，但 2024 年第二季市場情緒發生轉變，投資者興趣減弱。以太幣的收入在過去 30 天內急劇下降了 52%。這一下降反映在以太坊完全稀釋市值下降 15.2% 至 3,584.7 億美元，其流通市值也相應下降。交易量也暴跌約18.6%，降至5,861.4億美元。

ETH Price: A Wait-and-See Approach

ETH 價格：觀望態度

Presently, ETH trades at $3,042, exhibiting a modest 0.4% increase over the past 24 hours. It remains uncertain whether the fee reduction planned for the second quarter will replicate its positive impact from the first quarter. A potential upswing in trading volume could further bolster the ETH price.

目前，ETH 交易價格為 3,042 美元，在過去 24 小時內小幅上漲 0.4%。目前尚不確定第二季度計劃的費用削減是否會複製第一季的正面影響。交易量的潛在上升可能會進一步提振 ETH 價格。

Conclusion: A Journey of Volatility and Opportunity

結論：波動與機會之旅

Ethereum's rapid ascent has both captivated and perplexed market observers. Its revenue model, marked by transaction fees and ETH buyback, has proven to be highly lucrative. The Dencun upgrade has been a catalyst for growth, while market turbulence in the second quarter has tempered expectations. As Ethereum navigates the volatile landscape, its ability to sustain revenue and investor confidence will determine its trajectory in the months to come.

以太坊的快速崛起既讓市場觀察家著迷，也讓他們感到困惑。事實證明，其以交易費和 ETH 回購為標誌的收入模式利潤豐厚。 Dencun升級一直是成長的催化劑，而第二季的市場動盪則降低了預期。隨著以太坊在動盪的環境中航行，其維持收入和投資者信心的能力將決定其未來幾個月的發展軌跡。