儘管發起了截然相反的軌跡，但以太坊ETH/USD一年中有39％的合同

以太坊ETH/USD是市值第二大加密貨幣，與較舊的同胞相比，已經繪製了一個截然相反的軌跡

As the second-largest cryptocurrency by market capitalization, Ethereum (CRYPTO: ETH) has charted a diametrically opposite trajectory when compared to its older sibling, Bitcoin (CRYPTO: BTC), over the past year.

作為市值的第二大加密貨幣，與過去一年相比，以太坊（Crypto：ETH）在其較老的兄弟姐妹比特幣（Crypto：BTC）中繪製了截然相反的軌跡。

Consider this. Bitcoin has risen 32% in a year to reach an all-time high of $109,000. Its share in the overall cryptocurrency market has expanded from 52% to 60%.

考慮一下。比特幣每年上漲了32％，達到了109,000美元的歷史最高點。它在整個加密貨幣市場中的份額已從52％增加到60％。

Ethereum, on the other hand, contracted 39% during the same time, reducing its market share from 16% to 8%.

另一方面，以太坊同時收縮了39％，將其市場份額從16％降低到8％。

The widening gap has sparked discussions about Ethereum’s role in the cryptocurrency hierarchy and its future course Benzinga spoke to a few analysts to understand the factors contributing to the ecosystem’s ongoing downturn.

擴大的差距引發了討論以太坊在加密貨幣層次結構中的作用及其未來的課程Benzinga與少數分析師進行了交談，以了解導致生態系統持續下滑的因素。

The Inflationary Problem

通貨膨脹問題

Jeffrey Hu, Head of Investment Research at digital asset manager HashKey Capital, believed the fault lies in Ethereum’s economic model.

數字資產經理Hashkey Capital的投資研究主管Jeffrey Hu認為，這一問題在於以太坊的經濟模型。

“The activation of EIP-1559 allows more Ether to be burned for deflation when Ether activity is high on Ethereum; however, in order to further support on-chain applications, Ethereum must scale,” Hu stated.

Hu說：“ EIP-1559的激活允許在以太坊上以太活性較高時燃燒更多的以太醚；但是，為了進一步支持鏈上的應用，以太坊必須擴展。”

The Ethereum London Hard fork, dubbed EIP-1559, introduced a token burn mechanism for the network. Under this mechanism, the base fee, i.e., the minimum fee per transaction, is removed to add deflationary pressure on ETH and boost its value.

以太坊倫敦硬叉（EIP-1559）為網絡引入了一個令牌燃燒機制。在這種機制下，刪除基本費用，即每筆交易的最低費用，以增加ETH的通縮壓力並提高其價值。

So, what exactly is the problem?

那麼，問題到底是什麼？

Hu asserted that the rise of Layer-2 blockchains and the Dencun Upgrade, which slashed fees on L2s by magnitudes, diverted on-chain activity away from the base Ethereum chain, resulting in inflation.

胡斷言，第2層區塊鍊和Dencun升級的上升，通過大小削減了L2S的費用，從基本以太坊鏈中轉移了鏈活動，從而導致通貨膨脹。

According to Ultrasound Money, ETH’s deflation rate started slowing down in May 2024, and since early February, the coin’s supply has been net increasing.

根據超聲貨幣的數據，ETH的縮放率從2024年5月開始放緩，自2月初以來，硬幣的供應量一直在增加。

Trever Koverko, Web3 investor and co-founder of Sapien, echoed these observations.

Sapien的Web3投資者兼聯合創始人Trever Koverko回應了這些觀察。

“Ethereum is struggling to establish a narrative around how L2’s are accretive and not extractive to the main chain,” he added.

他補充說：“以太坊正在努力建立圍繞L2的積聚而不是對主鏈的挖掘的敘述。”

However, L2s were not the only competition that Ethereum encountered.

但是，L2並不是以太坊遇到的唯一競爭。

Competition From Solana’s Meme Frenzy

Solana的模因Frenzy的競爭

“Ethereum is also not doing well in terms of community culture. In contrast, Solana (CRYPTO: SOL) clearly places more emphasis on meme coin community culture, which has attracted more application development and on-chain transactions,” Hu said.

Hu說：“以太坊在社區文化方面也表現不佳。相比之下，Solana（Crypto：Sol）顯然更著重於模因硬幣社區文化，這吸引了更多的應用程序開發和鏈接交易。”

Over the past year, Solana has become a meme coin hotspot, aided by its user-friendly meme coin generator Pump.fun. In fact, President Donald Trump and First Lady Melania Trump also chose Solana to launch their Official Trump (CRYPTO: TRUMP) and Official Melania (CRYPTO: MELANIA) coins, respectively.

在過去的一年中，Solana已成為Meme Coin Hotspot，其用戶友好的Meme Coin Generator Pump.Fun的幫助。實際上，唐納德·特朗普（Donald Trump）總統和第一夫人梅拉尼亞·特朗普（Melania Trump）還選擇了索拉納（Solana）啟動其官方特朗普（Crypto：Trump）和官方Melania（Crypto：Melania）硬幣。

The ‘Middle Child’ Sentiment?

“中間的孩子”情緒？

It’s worth remembering that Ethereum remains the only cryptocurrency other than Bitcoin to have its spot exchange-traded fund on Wall Street, however, inflows have been relatively subdued.

值得記住的是，除了比特幣以外，以太坊仍然是在華爾街獲得現貨交換基金以外的唯一加密貨幣，但是，流入相對柔和。

Himanshu Maradiya, Founder & Chairman, CIFDAQ Global, stated this is due to a lack of a clear consensus on Ethereum’s narrative.

Cifdaq Global的創始人兼董事長Himanshu Maradiya表示，這是由於對以太坊的敘述缺乏明確的共識。

“Lacking a pure store-of-value proposition and often perceived as the “middle child” of the crypto ecosystem, Ethereum struggles to capture the same institutional confidence,” Maradiya argued.

Maradiya認為：“缺乏純粹的價值儲存命題，並且經常被視為加密生態系統的“中間兒童”，以太坊努力努力捕捉相同的機構信心。”

He also noted that the absence of staking rewards has made Ethereum ETFs less appealing, which may be remedied given that fresh applications have been filed to permit them.

他還指出，缺少訂婚的獎勵使以太坊ETF的吸引力降低了，鑑於已提交了新的申請允許他們，因此可以進行修復。

A spokesperson for the Ethereum Foundation—a non-profit dedicated to promoting and developing Ethereum-related technologies—declined to comment on ETH’s shrinking market share but said that their focus remained on ecosystem development and research.

以太坊基金會的發言人是一家致力於促進和開發與以太坊相關技術的非營利組織，旨在評論ETH的市場份額縮小，但他們表示，他們的重點仍然是生態系統發展和研究。

Price Action: At the time of writing, Ethereum was exchanging hands at $1,978.99, down 2.17% in the last 24 hours, according to Benzinga Pro.

價格動作：根據Benzinga Pro的數據，在撰寫本文時，以太坊以1,978.99美元的價格交換了2.978.99美元，下降了2.17％。

Year-to-date, the coin has slipped 41%.

年初至今，硬幣已下跌41％。