著名的利益相關者認為，鑑於其軌跡，以太坊生態系統的表現低於預期。

ETH在加密市場中的價格行動並沒有幫助其不斷變化的情緒。在過去的一年中，硬幣經歷了強烈的波動。

Notable stakeholders have argued that the Ethereum ecosystem is performing below expectations, given its trajectory.

著名的利益相關者認為，鑑於其軌跡，以太坊生態系統的表現低於預期。

Most experts believe other newer ecosystems are challenging Ethereum’s dominance.

大多數專家認為，其他較新的生態系統正在挑戰以太坊的統治地位。

ETH Price Struggles Amid Development Challenges

在發展挑戰中，ETH價格鬥爭

The price action of ETH in the crypto market has not helped its shifting sentiment. The coin has experienced intense volatility in the past year.

ETH在加密市場中的價格行動並沒有幫助其不斷變化的情緒。在過去的一年中，硬幣經歷了強烈的波動。

Despite rising above $4,000 in March and June 2024, ETH price has failed to retest its all-time high (ATH) of $4,891.70 set in mid-November 2021.

儘管在2024年3月和6月上漲了4,000美元以上，但ETH Price未能在2021年11月中旬重新測試其歷史最高（ATH）的4,891.70美元。

Within the last 365 days, Ethereum price has suffered a massive value decline of 53.03%. In comparison, Bitcoin has registered a 13.58% growth within the same time frame.

在過去的365天內，以太坊價格的價值下降了53.03％。相比之下，比特幣在同一時間範圍內的增長率為13.58％。

Ethereum’s bearish trend has been attributed to strategic missteps. According to Cardano YOD₳ (@JaromirTesar) on X, the Ethereum development team’s decision to rely on Layer-2 solutions over sharding is one notable blunder.

以太坊的看跌趨勢歸因於戰略錯誤。根據X上的Cardano Yod₳（@jaromirtesar）的說法，以太坊開發團隊決定依靠第二層解決方案而不是碎片的決定是一個顯著的失誤。

Ethereum’s priority on L2 scaling over sharding has led to many L2s extracting value from the network while limiting direct activity on the base Layer-1.

以太坊在L2縮放上的優先級在碎片上的優先級導致許多L2從網絡中提取值，同時限制了基礎層1上的直接活動。

Analysts say Ethereum L2 solutions dealt with scalability issues, but they also introduced fragmentation and centralization risks.

分析人士說，以太坊L2解決方案處理可伸縮性問題，但他們也引入了分裂和集中化風險。

Additionally, many of the L2s are not interoperable, which has resulted in poor user experience.

此外，許多L2不能互操作，這導致用戶體驗差。

Centralized sequencers and admin keys also undermine Ethereum’s decentralization and security.

集中序列和管理鍵也破壞以太坊的權力下放和安全性。

Cardano YOD₳ believes the internal conflicts within the Ethereum Foundation also played a critical part in reducing the blockchain’s dominance.

Cardano Yod₳認為以太坊基金會內的內部衝突在降低區塊鏈的主導地位方面也起著關鍵作用。

He believes that the leadership shakeups and concerns over the abandoned development plans of sharding signaled a loss of direction to the community.

他認為，領導層的改組和對碎片開發計劃的關注表明向社區失去了方向。

The analyst suggested that staking complexity, governance struggles, and centralization concerns negatively affected Ethereum’s dominance despite its strong user base.

分析師建議，儘管具有強大的用戶基礎，但分析的複雜性，治理鬥爭和集中化對以太坊的主導地位產生了負面影響。

Solana’s Growing Threat to Ethereum

Solana對以太坊的威脅日益嚴格

Interestingly, other blockchains, such as Solana (SOL), have gained traction in crypto. The leverage of Solana is its user-friendly experience among users.

有趣的是，其他區塊鏈，例如Solana（Sol），在加密貨幣中也獲得了關注。 Solana的槓桿作用是其用戶中用戶友好的體驗。

Solana also offers better alternative data availability solutions than Ethereum.

Solana還提供了比以太坊更好的替代數據可用性解決方案。

Solana’s transaction speed and low cost have also made it very attractive to users who are shifting from Ethereum. The blockchain delivers on these without sacrificing security.

Solana的交易速度和低成本也使其對從以太坊轉移的用戶非常有吸引力。區塊鏈在不犧牲安全性的情況下提供這些服務。

Meanwhile, developers are also moving to Solana, which offers a seamless, low-cost environment for building and deploying decentralized applications (dApps).

同時，開發人員還搬到了Solana，該索拉納（Solana）提供了一個無縫，低成本的環境，用於構建和部署分散應用程序（DAPPS）。

While Ethereum dApps struggle with congestion issues and high gas fees, Solana has continued to offer better alternatives.

儘管以太坊Dapps在擁塞問題和高汽油費用上掙扎，但Solana仍在提供更好的替代方案。

Market observers note that Solana’s potential has attracted institutional interest.

市場觀察家指出，索拉納的潛力吸引了機構的興趣。

The blockchain has received attention from Pantera Capital and Multicoin Capital.

該區塊鏈已受到Pantera Capital和Multicoin Capital的關注。

Card payment giant Visa also integrated Solana for USDC settlement in 2023.

卡支付巨頭簽證還於2023年集成了USDC和解的Solana。

In the meantime, asset managers actively pursue filing Solana ETF products with the Securities and Exchange Commission (SEC).

同時，資產管理人員積極向美國證券交易委員會（SEC）提交Solana ETF產品。

If the regulatory body green-lights the application, it could boost Solana’s ability to take on Ethereum.

如果監管機構綠燈亮著該應用，則可以提高Solana接受以太坊的能力。

Can Ethereum Overcome Its Leverage Problem?

以太坊可以克服其槓桿問題嗎？

Ben Zhou, CEO of Bybit, believes that Ethereum could begin to address some concerns around its leverage to regain its dominance.

拜比特（Bybit）首席執行官本·週（Ben Zhou）認為，以太坊可能會開始解決有關其重新統治力的槓桿作用的一些問題。

For instance, citing Hyperliquid, a decentralized exchange, Zhou noted that a whale recently forced their Ethereum leverage position to liquidate.

例如，Zhou引用了一個分散的交易所誇大的交換，他指出，鯨魚最近迫使其以太坊槓杆位置清算。

He maintains that whales can exploit and abuse Ethereum’s leverage position, thereby offloading their risks on platforms instead of bearing the losses.

他堅持認為鯨魚可以利用和濫用以太坊的槓杆位置，從而將其風險卸載在平台上，而不是承受損失。

Zhou advocates higher risk control measures to prevent traders from exploiting the weaknesses in liquidation engines.

週提倡更高的風險控制措施，以防止交易者利用清算發動機中的弱點。

Analysts opine that as newer ecosystems take on Ethereum, its ability to adapt and innovate will determine its future trajectory.

分析師認為，隨著新生態系統對以太坊的採用，其適應和創新的能力將決定其未來的軌跡。