一旦湧向並篡奪了比特幣，以太坊現在面臨至少一位分析師稱為“中年危機”的東西。

現在，可能是比特幣篡奪者的風險將基礎割讓給一個不太可能的競爭者。

Once gushed over and tipped to usurp Bitcoin because of its programmability, Ethereum now faces what at least one analyst has dubbed a “midlife crisis.” Amid a lack of a definitive investment thesis, its native token, ETH, has grossly underperformed the competition.

一旦由於其可編程性而湧入並篡奪了比特幣，以太坊現在將面臨至少一位分析師稱為“中年危機”的東西。由於缺乏確切的投資論文，其本土代幣ETH極大地表現了競爭。

Now, the would-be Bitcoin usurper risks ceding ground to an unlikely contender.

現在，可能是比特幣篡奪者的風險將基礎割讓給一個不太可能的競爭者。

Tether (CRYPTO: USDT) is getting closer to flipping Ethereum in market capitalization as the stablecoin continues to grow while several key Ethereum metrics have been trending down.

Tether（Crypto：USDT）在市值中越來越接近以太坊的翻轉以太坊，隨著穩定的幾個關鍵的以太坊指標一直在下降。

One Redditor pointed out that several key Ethereum metrics have been declining while USDT adoption continues to grow.

一位雷迪特（Redditor）指出，在USDT採用不斷增長的同時，幾個關鍵的以太坊指標一直在下降。

“ETH dominance is near multi-year lows. DeFi TVL is stagnating, NFT volumes are down, and gas fees are no longer a meaningful moat. Tether, ironically, has become the most used asset across chains. If ETH can’t reclaim narrative dominance soon, a USDT flippening could signal a deeper shift in crypto capital flows-away from smart contract risk and toward dollar-denominated stability,” the Redditor wrote.

“ETH dominance is near multi-year lows. DeFi TVL is stagnating, NFT volumes are down, and gas fees are no longer a meaningful moat. Tether, ironically, has become the most used asset across chains. If ETH can't reclaim narrative dominance soon, a USDT flippening could signal a deeper shift in crypto capital flows-away from smart contract risk and toward dollar-denominated stability,” the Redditor wrote.

Another Redditor, in a more highly engaged post, highlighted the narrowing gap between Ethereum and Tether, describing it as “The Flippening nobody wanted to see.”

另一個Redditor在一篇更加高度參與的帖子中強調了以太坊和繫帶之間的狹窄差距，稱其為“沒有人想看到的幻想。”

But Tether may not be the only asset in the running to flip Ethereum.

但是繫繩可能不是跑步以太坊的唯一資產。

Standard Chartered (OTC:SCBPY) Head of Digital Assets Research Geoffrey Kendrick backed XRP (CRYPTO: XRP) to eventually surpass Ethereum in a report on Tuesday.

標準憲章（OTC：SCBPY）數字資產研究負責人Geoffrey Kendrick支持XRP（加密：XRP），最終在周二的一份報告中超過以太坊。

“By the end of 2028 we see XRP’s market cap overtaking Ethereum’s. That will make XRP the second largest (non-stablecoin) Digital Asset at that time,” Kendrick wrote.

肯德里克寫道：“到2028年底，我們看到XRP的市值超過以太坊的。

The view comes from the firm expecting XRP to benefit from an anticipated rise in the adoption of cryptocurrencies for cross-border payments and a potential tokenization push from Ripple. On the other hand, the firm has tipped Ethereum to continue to underperform the market amid perceived value extraction by Layer 2 chains.

該觀點來自該公司，期望XRP受益於預期的加密貨幣跨境支付和潛在的令牌化推動力。另一方面，該公司已向以太坊傾斜，以繼續在2層鏈中提取價值提取的市值繼續表現不佳。

At the time, Kendrick argued that a reversal in Ethereum’s outlook would require a shift in policy from the Ethereum Foundation.

當時，肯德里克（Kendrick）辯稱，以太坊的前景中的逆轉將需要從以太坊基金會轉移政策。

“Only a proactive change of commercial direction from the Ethereum Foundation – such as taxing layer 2s – could achieve that now, in our view. We see this as unlikely,” he wrote.

他寫道：“在我們看來，只有以太坊基金會的商業方向的積極改變，例如第2層稅收。我們認為這不太可能。”