一個野心的故事，但浪費了承諾：以太坊的岩石路

以太坊的道路並不是為了膽小的人。儘管迎來了大量革命性升級，但其估值仍在沿著比特幣的陰影下li行

The tale of ambition met with squandered promise unfolds in the busy backdrop of cryptocurrency markets, where Ethereum, often touted as the ‘world computer’, lags disappointingly behind Bitcoin.

這個野心的故事與加密貨幣市場繁忙的背景下浪費了諾言，在那裡，以太坊經常被吹捧為“世界計算機”，落後於比特幣。

Its path has not been for the faint-hearted, ushering in a host of revolutionary upgrades such as Layer 2 solutions and an impending transition to the Shanghai upgrade. However, the narrative of Ethereum’s limping valuation—now 77% lower against Bitcoin since December 2021—is one that has Santiment, a key analytics entity, highlighting in a recent analysis.

它的道路並不是為了膽小的，迎來了許多革命性升級，例如第2層解決方案和即將過渡到上海昇級的過渡。但是，以太坊的行為估值的敘述（自2021年12月以來對比特幣降低了77％），這是一個具有關鍵分析實體的令人陶醉的敘述，在最近的分析中強調了。

The analysis takes us back to December 2021, a time when Ethereum was purportedly poised for a stellar performance. But the present tale is starkly different. The narrative shifts to November 2021, where Ethereum attained an all-time high of $4,760.

該分析將我們帶回了2021年12月，這是以太坊據稱准備出色表現的時期。但是目前的故事截然不同。敘述轉移到2021年11月，以太坊的歷史最高點為4,760美元。

However, the narrative takes a pessimistic turn as it notes that not only has ETH failed to reclaim that peak throughout 2023, but it’s also seen a setback as Bitcoin showcases a new bull run to new all-time highs. This time, it’s Bitcoin, not Ethereum, that's garnering the primary attention with its renewed market dominance and appeal as digital gold.

但是，敘事發生了一個悲觀的轉折，因為它指出，ETH不僅沒有收回整個2023年的峰值，而且還看到挫折是比特幣展示了新的公牛奔跑到新的歷史最高高點。這次，是比特幣，而不是以太坊，它以其新的市場優勢和數字黃金的吸引力而引起了主要的關注。

Highlighting the nature of Ethereum’s struggles, Santiment attributes them to a variety of deep-rooted issues. Ironically, Ethereum’s Layer 2 solutions, designed to bolster scalability, now inadvertently siphon away activity from the mainnet, Diffusing investor focus.

強調以太坊鬥爭的本質，將它們歸因於各種根深蒂固的問題。具有諷刺意味的是，以太坊的第2層解決方案旨在增強可擴展性，現在無意間從主網上掠過活動，擴散了投資者的重點。

This destabilizes core valuations and pivots attention to Layer 2 tokens like Optimism (OP) and Polygon (MATIC), which accrue the benefit of stifling inactivity on the primary ETH chain.

這破壞了核心估值，並關注對第2層的關注，例如樂觀（OP）和Polygon（Matic），這會帶來扼殺對主要ETH鏈的不活動的好處。

Investors are also juggling the complexities of Ethereum’s Byzantine upgrade roadmap, where transitions like The Merge and Shanghai are met with more dread than anticipation. This fear is further amplified by high gas fees that propel users towards swifter and cheaper alternatives.

投資者還在兼顧以太坊的拜占庭升級路線圖的複雜性，在那裡，Merge和Hanghai之類的過渡比預期更令人恐懼。高汽油費用將用戶推向Swifter和更便宜的替代方案，進一步擴大了這種恐懼。

On the broader regulatory front, there are outstanding anxieties over the pending status of Ethereum. Unlike Bitcoin, which enjoys a clearer legal status, Ethereum’s future could be heavily skewed by any sweeping changes in crypto regulations.

在更廣泛的監管方面，人們對以太坊的未決地位有出色的焦慮。與比特幣具有更清晰的法律地位不同，以太坊的未來可能會因加密法規的任何徹底變化而震驚。

This brews a complex cocktail of sentiment and market forces as millennials, who were early adopters of Ethereum, now face bleak price predictions and harsh critiques on the Stellar (XLM) token.

這是千禧一代是以太坊的早期採用者，現在釀造了一個複雜的情感和市場力量雞尾酒，現在面臨著慘淡的價格預測和嚴厲的批評（XLM）令牌。

Further disrupting the narrative are new contenders like Solana (SOL) and Cardano (ADA), who are now engaging investors with promises of agility and cost efficiency in an interconnected digital ecosystem.

諸如Solana（Sol）和Cardano（ADA）之類的新競爭者進一步破壞了敘述，他們現在正在吸引投資者在相互聯繫的數字生態系統中具有敏捷性和成本效率的承諾。

Perhaps the most telling statistic is the selling pressure observed post-major upgrades. Instead of invigorating growth, these events have precipitated a tide of stake withdrawals, casting shadows on Ethereum’s path to resurgence.

也許最有說服力的統計數據是觀察到的銷售壓力後會議後升級。這些事件並沒有使生長充滿活力，而是引起了股份提取的潮流，在以太坊的複興之路上拋了陰影。

In a series of waves of post-upgrade activity, Ethereum finds its bullish aspirations stymied, its former bravado reduced to an embattled resolve as it faces an uphill battle to recover.

在一系列升級後活動中，以太坊發現了其看漲的願望，其前勇敢的願望淪為陷入困境的決心，因為它面臨著一場艱苦的戰鬥以恢復。

Such revelations present the cold, hard truth that faces Ethereum: Innovation alone isn’t an antidote to market lethargy or investor ambiguity. As it navigates these treacherous waters, the community and strategists are left to ponder—does Ethereum possess the requisite allure to not only survive but thrive in Bitcoin’s shadow?

這樣的啟示呈現出面對以太坊的寒冷，堅硬的真理：僅創新並不是推銷嗜睡或投資者歧義的解毒劑。當它在這些危險的水域中航行時，社區和戰略家被留下來思考 - 以太坊擁有不僅可以生存而且在比特幣的陰影中壯成長的必要魅力嗎？

In this relentless digital space, Ethereum’s journey presents a crucial lesson: Innovations must harmonize with clarity, accessibility, and robust narratives to triumph over the titans of the crypto world.

在這個無情的數字空間中，以太坊的旅程提出了一個至關重要的教訓：創新必須以清晰，可及性和強大的敘述與加密世界的泰坦隊取得勝利。