TradingKey-作為世界上最大的智能合同平台，以太坊吸引了大量開發商，並且在所有公共區塊鏈中始終在總價值鎖定（TVL）中排名第一。

這種統治地位曾經使許多人相信以太坊的市值最終將最終進入比特幣。但是，近年來，這種觀點已經消失，並且關於該主題的討論在很大程度上消失了。

As the world’s largest smart contract platform, Ethereum has attracted a vast number of developers and consistently ranks first in total value locked (TVL) among all public blockchains. This dominance once led many to believe that Ethereum’s market cap would eventually Bitcoins in.

作為世界上最大的智能合同平台，以太坊吸引了大量開發商，並且在所有公共區塊鏈中始終在總價值鎖定（TVL）中排名第一。這種統治地位曾經使許多人相信以太坊的市值最終會比特幣。

However, in recent years, this perspective has faded, and discussions on the topic have largely disappeared. Why has this shift occurred? What has happened to Ethereum? What does its future hold? Is ETH still a worthwhile investment?

但是，近年來，這種觀點已經消失，關於該主題的討論在很大程度上消失了。為什麼發生這種轉變？以太坊怎麼了？它的未來有什麼影響？ ETH仍然是值得投資的嗎？

What Is Ethereum (ETH)?

什麼是以太坊（ETH）？

Launched in 2015 by Vitalik Buterin and his team, Ethereum is an open-source blockchain platform designed to support smart contracts and decentralized applications (DApps), aiming for automation and transparency without third-party intervention.

Ethereum於2015年由Vitalik Buterin及其團隊推出，是一個開源區塊鏈平台，旨在支持智能合同和分散應用程序（DAPPS），旨在在沒有第三方乾預的情況下進行自動化和透明度。

Similar to the relationship between BTC and Bitcoin, Ether (ETH), Ethereum’s native token, acts as the “fuel” for the entire ecosystem, used mainly for transaction fees and computational services on the network. In essence, if Ethereum is likened to a country, then ETH would be its legal currency, facilitating various transactional activities.

類似於以太坊的本地令牌Ether（ETH）BTC和比特幣之間的關係，它是整個生態系統的“燃料”，主要用於網絡上的交易費用和計算服務。從本質上講，如果以太坊比作一個國家，那麼ETH將是其法定貨幣，從而促進各種交易活動。

Ethereum

以太坊

Bitcoin

比特幣

Blockchain

區塊鏈

Ethereum

以太坊

Bitcoin

比特幣

Token

令牌

ETH

eth

BTC

Token Supply

令牌供應

121 million

1.21億

21 million

2100萬

Launch Year

發射年

2015

2009

Founder

創始人

Vitalik Buterin

Satoshi Nakamoto

薩托·納卡本（Satoshi Nakamoto）

Differences Between Ethereum and Bitcoin, Source: TradingKey.

以太坊和比特幣之間的差異，來源：TradingKey。

What Are Ethereum’s Core Technologies?

以太坊的核心技術是什麼？

If Bitcoin is credited with pioneering blockchain technology, then Ethereum can be said to have brought it out of the ivory tower and drove its adoption across different industries. At the heart of Ethereum are several core technologies that support its operations, enable smart contract execution, and DApp development.

如果比特幣以開創性的區塊鏈技術的形式稱讚，那麼可以說以太坊將其帶出了象牙塔，並推動了在不同行業的採用。以太坊的核心是幾種支持其運營，實現智能合同執行和DAPP開發的核心技術。

Technology Component

技術組成部分

Description

描述

Features/Functionality

功能/功能

Blockchain Technology

區塊鏈技術

Ethereum’s foundational architecture for storing all transaction information

以太坊的基礎架構，用於存儲所有交易信息

Transparency, decentralization, and security

透明度，權力下放和安全性

Smart Contracts

智能合約

Self-executing code that automatically executes transactions based on conditions

自我執行的代碼自動根據條件執行交易

Automation without intermediaries, enhancing efficiency

沒有中介的自動化，提高效率

Ethereum Virtual Machine (EVM)

以太坊虛擬機（EVM）

Environment for executing smart contracts

執行智能合約的環境

Ensures consistent code execution across all nodes

確保在所有節點上執行一致的代碼執行

Consensus Mechanism

共識機制

Proof of Stake (PoS)

股份證明（POS）

Improves block generation efficiency and reduces energy consumption

提高塊發電效率並降低能耗

DApps

Dapps

Applications running on Ethereum

在以太坊上運行的應用

Provides services such as finance, gaming, and social platforms

提供金融，遊戲和社交平台等服務

Layer 2 Solutions

第2層解決方案

Second-layer architecture to enhance Ethereum’s scalability

第二層架構以增強以太坊的可擴展性

Increases processing speed, reduces transaction fees, and improves user experience

提高處理速度，降低交易費用並改善用戶體驗

What Are Ethereum’s Use Cases?

以太坊的用例是什麼？

The possibilities for smart contract applications are vast, and Ethereum’s strong developer community has made it the leading platform for blockchain technology, encompassing use cases in finance, art, gaming, and more.

智能合同應用程序的可能性很大，以太坊的強大開發人員社區使其成為區塊鏈技術的領先平台，涵蓋了金融，藝術，遊戲等中的用例。

Application Area

應用區

Specific Scenarios

特定方案

Representative Projects

代表項目

Decentralized Finance (DeFi)

分散財務（DEFI）

Lending platforms

貸款平台

Aave、Compound

Aave，化合物

Decentralized exchanges

分散交流

Uniswap、SushiSwap

uniswap，sukwap

Stablecoins

穩定的

DAI

戴

Derivatives

衍生物

Synthetix

Non-Fungible Tokens (NFTs)

無殺菌令牌（NFTS）

Collectibles

收藏品

CryptoPunks、Bored Ape Yacht Club

Cryptopunks，無聊的猿遊艇俱樂部

Gaming

賭博

Axie Infinity、Decentraland、The Sandbox

Axie Infinity，分散，沙箱

Supply Chain Management

供應鏈管理

Product tracking

產品跟踪

Vechain

Food safety

食品安全

IBM Food Trust

IBM食品信託

Social

社會的

Decentralized social networks

分散的社交網絡

Minds

頭腦

Decentralized identity

分散的身份

uPort

抵抗

Content distribution

內容分佈

Livepeer

Charity & Public Welfare

慈善與公共福利

donations

捐贈

Giveth

給予

Disaster relief

救濟

AidCoin

愛滋病

How Has Ethereum Performed in the Market?

以太坊在市場上的表現如何？

Unlike Bitcoin, which is known as a store of value, Ethereum's primary focus is on smart contracts and decentralized applications, which has attracted a large number of developers and made it the no.1 public chain in terms of TVL.

與比特幣（被稱為價值存儲）不同，以太坊的主要重點是智能合約和分散應用程序，該應用吸引了大量開發人員，並將其作為TVL的第一公共連鎖店。

According to data, there are currently 1,306 DApps on Ethereum, while the Bitcoin network only has 58. In terms of TVL, Ethereum's TVL is $44 billion, accounting for over 50%, far surpassing Bitcoin's 6% (approximately $5 billion).

根據數據，目前在以太坊上有1,306個DAPP，而比特幣網絡只有58個。就TVL而言，以太坊的TVL為440億美元，佔50％以上，超過比特幣的6％（約50億美元）。

TVL Share Across All Public Blockchains (as of March 11, 2025), Source: DefiLlama.

TVL在所有公共區塊鏈上共享（截至2025年3月11日），資料來源：Defillama。

From an application perspective, it's clear that Ethereum ranks first among all public blockchains, far surpassing Bitcoin. However, in terms of market cap, Ethereum is still smaller than Bitcoin. As of now, Ethereum's market cap is $230 billion, compared to Bitcoin's $1.6 trillion. Moreover, since 2021, Ethereum's market share has been steadily decreasing, dropping from a peak of 20% to 8%, while Bitcoin's has increased from 40% to 60%.

從應用程序的角度來看，很明顯，以太坊在所有公共區塊鏈中排名第一，超過比特幣。但是，就市值而言，以太坊仍然比比特幣小。截至目前，以太坊的市值為2,300億美元，而比特幣的1.6萬億美元。此外，自2021年以來，以太坊的市場份額一直在穩步下降，從20％的峰值下降到8％，而比特幣的市場份額已從40％增加到60％。

ETH and BTC Market Cap Share, Source: CoinMarketCap.

ETH和BTC市值份額，來源：CoinMarketCap。

In 2017 and 2020, the ICO and DeFi booms significantly boosted Ethereum's market cap, leading its community

在2017年和2020年，ICO和DEFI蓬勃發展大大提高了以太坊的市值，領導了社區