以太坊怎麼了？以太坊還有希望嗎？

自從比特幣在2024年打破了以前的高價（69,000美元）以來，以太坊一直在遠離以前的高點（4,800美元）的越來越遠時，對市場中以太坊的懷疑越來越大。

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ABC Alpha Researcher - Twitter ID @Cyrus_G3

ABC Alpha研究人員 - Twitter ID @cyrus_g3

Ever since Bitcoin broke through its previous high (US$69,000) in 2024, while Ethereum has been moving further and further away from its previous high (US$4,800), doubts about Ethereum in the market have become increasingly louder.

自從比特幣在2024年打破了以前的高價（69,000美元）以來，以太坊一直在遠離以前的高點（4,800美元）的越來越遠時，對市場中以太坊的懷疑越來越大。

By 2025, Ethereum fell below $3,000 in February, below $2,000 in March, and even below $1,500 in April. The market sentiment towards Ethereum has gradually shifted from doubt to despair and abandonment. Many ancient addresses from the ICO era have also begun to gradually clear out Ethereum. The leading institutions that once supported Ethereum have also begun to waver.

到2025年，2月以太坊下跌低於3,000美元，3月份低於2,000美元，4月甚至低於1,500美元。對以太坊的市場情緒已逐漸從懷疑轉變為絕望和遺棄。 ICO時代的許多古老講話也開始逐漸清除以太坊。曾經支持以太坊的主要機構也開始動搖。

What happened to Ethereum? Is there still hope for Ethereum?

以太坊怎麼了？以太坊還有希望嗎？

This article will focus on these two issues and start from the following five aspects to review the rise and fall of Ethereum and look forward to its possible future.

本文將重點關注這兩個問題，並從以下五個方面開始，以回顧以太坊的興衰，並期待其可能的未來。

1. Ethereum’s glorious years (2017-2022)

1。以太坊的光榮時代（2017-2022）

July 2014, Ethereum launched ICO

2014年7月，以太坊推出了ICO

However, from 2014 to 2016, the price of Ethereum has been below $10. At this stage, Ethereum only had the name of Blockchain 2.0, and the smart contract technology was also cool, but Ethereum was of no use at that time.

但是，從2014年到2016年，以太坊的價格一直低於10美元。在此階段，以太坊只有區塊鏈2.0的名稱，智能合同技術也很酷，但是當時以太坊卻沒有用。

In 2017, the era of ICOs began, and Ethereum became very useful. People bought ETH to participate in ICOs. By January 13, 2018, Ethereum had risen from $10 at the beginning of 2017 to $1,430, reaching its first new high in history.

2017年，ICO時代開始了，以太坊變得非常有用。人們購買了ETH參加ICO。到2018年1月13日，以太坊已從2017年初的10美元上升到1,430美元，達到了其第一史新高。

According to incomplete statistics, more than 2,500 tokens used ETH to launch ICOs from 2017 to early 2018. At this stage, the greatest value of Ethereum is the issuance of coins. ETH is not only the GAS token with the largest consumption on the chain, but also the only bargaining chip to participate in the IOC wealth wave.

根據不完整的統計數據，超過2500個令牌使用ETH從2017年到2018年初推出ICO。在此階段，以太坊的最大價值是發行硬幣。 ETH不僅是鏈上消耗量最大的氣體令牌，而且是唯一參與國際奧委會財富浪潮的議價籌碼。

Although many new public chains such as NEO, QUTM, EOS, and TRON were born during this stage, the market share of other public chains combined is almost negligible in the ICO and smart contract market exclusively monopolised by Ethereum.

儘管許多新的公共連鎖店，例如NEO，QUTM，EOS和TRON在此階段出生，但在ICO和智能合同市場中，其他公共連鎖店的市場份額幾乎可以忽略不計。

At this stage, Ethereum has enjoyed huge dividends from innovators!

在此階段，以太坊享有創新者的巨大股息！

2018-2019 is the era of hundreds of chains

2018-2019是數百個連鎖店的時代

Due to the success of Ethereum, countless new public chains have emerged in the market. In addition to the ones mentioned above, we list a few more public chains that many people may not be familiar with, such as: GXC, NULS, ELF, Algorand, etc.

由於以太坊的成功，市場上出現了無數新的公共連鎖店。除了上面提到的內容外，我們還列出了許多人可能不熟悉的幾個公共連鎖店，例如：GXC，NULS，ELF，Algorand等。

Of course, during this stage, some public chains emerged that are still active today, such as: TON, ADA, Cosmos, Avalanche, and of course, the most famous of them is Solana. Yes, Solana was not outstanding among the new public chains at the time, but a few years later, it became the biggest challenger to Ethereum, which is quite touching.

當然，在此階段，今天出現了一些仍然活躍的公共連鎖店，例如：Ton，Ada，Cosmos，Avalanche，當然還有最著名的是Solana。是的，當時的索拉納（Solana）在新的公共連鎖店中並不出色，但是幾年後，它成為以太坊的最大挑戰者，這令人感動。

Although, at this stage, there are numerous new public chains that attempt to challenge Ethereum, Ethereum still absolutely monopolises the smart contract market. Smart contracts were first created by Ethereum, and the era of smart contracts was opened by Vitalk. Vitalik has great appeal and influence in the global Crypto field, second only to Satoshi Nakamoto. The Ethereum ecosystem also gathers the largest number of smart contract developers and countless native Crypto technology and thought innovators in the world. All of this will be fully demonstrated in the coming 2020.

儘管在此階段，有許多新的公共連鎖店試圖挑戰以太坊，但以太坊仍然絕對壟斷智能合同市場。智能合約首先是由以太坊創建的，智能合約的時代是由Vitalk開設的。 Vitalik在全球加密貨幣領域具有極大的吸引力和影響力，僅次於Nakamoto Satoshi。以太坊生態系統還收集了最多的智能合同開發人員和無數的本地加密技術以及世界上思想創新者。所有這些都將在即將到來的2020年充分證明。

Finally, it is 2020, the summer of DEFI that countless people yearn for and the absolute highlight moment of Ethereum, has finally arrived.

最終，是2020年，即迪迪（Defi）的夏天，無數人渴望和以太坊的絕對亮點時刻，終於到了。

After silent fermentation and continuous exploration from 2018 to 2019, DEFI Protocol, one of the earliest Crypto-native applications, finally broke out in the Ethereum ecosystem in the summer of 2020.

在2018年至2019年的無聲發酵和連續探索之後，Defi協議是最早的加密本地應用之一，最終於2020年夏季在以太坊生態系統中爆發。

Compound's amazing liquidity mining directly detonated the market. A large amount of ETH was used to mint COMP. The skyrocketing TVL and platform coins started a wave of liquidity mining.

Compound的驚人流動性開採直接引爆了市場。大量ETH用於造成薄荷。飛漲的TVL和平台硬幣開始了一波流動性挖掘。

Uniswap, invested by Vitalik himself, opened the era of on-chain DEX with the minimalist formula of X*Y=K

由Vitalik本人投資的Uniswap用X*Y = K的簡約公式開設了鏈DEX時代

Yearn.Finance launches DEFI yield aggregator, #YFI soars 10,000 times in 30 days and is far ahead

FINANCE啟動Defi收益匯總器，#YFI在30天內飆升10,000次，並且遙遙領先

DAI launched by MakerDAO is the first decentralized stablecoin on Ethereum.

由Makerdao推出的DAI是以太坊上的第一個分散的Stablecoin。

Curve’s stablecoin DEX allows many stablecoins and DEFI tokens to obtain smooth liquidity on Ethereum

Curve的Stablecoin DEX允許許多穩定的穩定劑和Defi令牌在以太坊上獲得流動性

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DEFI Summer has pushed everyone's expectations for Ethereum to a peak, because Ethereum can not only

Defi Summer已將每個人對以太坊的期望提高到了頂峰，因為以太坊不僅可以