以太坊（ETH）作为一项投资的死亡：地震震颤通过加密球体回荡

以太坊（ETH）作为长期加密货币投资的基石的曾经无用的叙事已被震撼了其核心。

The usually impenetrable narrative of Ethereum (ETH) as a core, long-term cryptocurrency investment has come under surprising attack, shaking the foundations of the crypto sphere.

以太坊（ETH）作为核心，长期加密货币投资通常无法穿透的叙述受到了令人惊讶的攻击，从而震撼了加密球体的基础。

This tremor was set off by Quinn Thompson, CIO of Lekker Capital, who went as far as to claim that Ethereum is “totally dead” as an investment vehicle. Though this statement might seem extreme, it was fueled by bleak on-chain data showing slowing growth and diminishing revenue.

雷克资本（Lekker Capital）的CIO奎因·汤普森（Quinn Thompson）引发了这一震颤，后者甚至声称以太坊是“完全死亡”的投资工具。尽管这一说法似乎很极端，但链上数据显示出增长放缓和收入减少的束缚。

While this claim might seem pessimistic, it has sparked a fierce debate among industry figures. The discussion touched upon the concerning tale told by on-chain metrics, the role of Layer 2 (L2) solutions, and ultimately, whether ETH is still a viable long-term asset.

尽管这一说法似乎很悲观，但在行业人物之间引发了激烈的辩论。讨论涉及了有关链指标，第2层（L2）解决方案的作用，以及最终ETH是否仍然是可行的长期资产的有关故事。

Is this a moment of reckoning, signaling to abandon Ethereum entirely, or is it a temporary lull before a resurgence? Let's break down the data and arguments that ignited this critical conversation.

这是算是一刻，完全放弃以太坊的信号，还是在复兴之前的暂时休息？让我们分解点燃这一关键对话的数据和论点。

Quinn Thompson's assertion that Ethereum is "totally dead" as an investment is a hypothesis based on tangible on-chain data. Recent statistics from The Block paint a disconcerting trend.

奎因·汤普森（Quinn Thompson）断言以太坊“完全死亡”，因为投资是基于有形的链上数据的假设。该区块的最新统计数据绘制了令人不安的趋势。

The 7-day moving average (7DMA) of daily transactions has plateaued, failing to replicate the explosive growth seen in 2021. The number of daily and monthly active addresses, crucial indicators of user engagement, has also stalled.

每日交易的7天移动平均值（7DMA）已经平稳，未能复制2021年看到的爆炸性增长。每天和每月的主动地址的数量，用户参与的关键指标也已停滞不前。

Perhaps most alarmingly, the creation of new addresses, a metric that underscores the network's ability to attract new users, is lagging. These data points paint a picture of a network struggling to maintain its momentum.

也许最令人震惊的是，创建新地址，这是一个强调该网络吸引新用户的能力的指标。这些数据点描绘了一个网络努力维持其动力的图片。

The slowdown in user growth, coupled with the stagnation in transaction activity, raises fundamental questions about Ethereum's ability to justify its massive $225 billion valuation.

用户增长的放缓，再加上交易活动的停滞，提出了有关以太坊有理由证明其庞大的2250亿美元估值合理能力的基本问题。

Thompson's argument is that the network's intrinsic value, measured by its utility and adoption, is not translating into commensurate value accrual for ETH holders.

汤普森的论点是，通过其效用和采用量来衡量的网络的内在价值并未转化为ETH持有人的相应价值。

At the heart of the debate lies the complex relationship between Ethereum's main chain and its burgeoning ecosystem of Layer 2 (L2) solutions. These L2s, designed to enhance scalability and reduce transaction costs, are undeniably driving innovation and adoption within the Ethereum ecosystem.

辩论的核心是以太坊的主链与其迅速发展的第2（L2）解决方案的生态系统之间的复杂关系。这些L2旨在提高可扩展性和降低交易成本，无疑是在以太坊生态系统内推动创新和采用的。

However, their impact on ETH's value accrual is a subject of contention.

但是，它们对ETH价值应计的影响是争论的主题。

According to Ben Armstrong, L2s are effectively "draining value" from the Ethereum main chain. By offloading transaction activity and reducing reliance on the base layer, L2s are stifling ETH's ability to capture the network's burgeoning value.

根据本·阿姆斯特朗（Ben Armstrong）的说法，L2S实际上是从以太坊主链中“排出的价值”。通过卸载交易活动并减少对基础层的依赖，L2扼杀了ETH捕获网络迅速增值的能力。

With the proliferation of L2 tokens and staking protocols, Ben contends that ETH is no longer the primary beneficiary of the Ethereum ecosystem's expansion, casting doubt on its long-term investment potential.

随着L2代币和固定协议的扩散，Ben认为ETH不再是以太坊生态系统扩展的主要受益者，对其长期投资潜力产生了怀疑。

Omid Malekan offers a counterargument, asserting that L2s are indispensable for blockchain scalability and their existence does not threaten Ethereum's long-term value.

Omid Malekan提供了反驳，并断言L2对于区块链可伸缩性是必不可少的，并且它们的存在并不威胁到以太坊的长期价值。

Malekan's perspective is that L2s are a necessary evolution for Ethereum to adapt to the changing demands of the cryptocurrency landscape.

Malekan的观点是，L2S是以太坊适应加密货币景观需求不断变化的必要进化。

Quinn Thompson's critique goes further, encompassing the very core of Ethereum's economic model. He argues that while the Ethereum ecosystem is flourishing, ETH is not effectively capturing the value generated by this activity.

奎因·汤普森（Quinn Thompson）的批评进一步发展，涵盖了以太坊经济模式的核心。他认为，尽管以太坊生态系统正在蓬勃发展，但ETH并未有效地捕获该活动产生的价值。

Using an analogy from the oil industry, Quinn suggests that while the Ethereum network provides essential utility, ETH holders are not reaping a commensurate premium.

奎因（Quinn）使用石油行业的类比，表明，尽管以太坊网络提供了必不可少的效用，但ETH持有人并未获得相应的溢价。

Scott Johnsson claims that ETH's value will appreciate in tandem with increasing network activity. He further emphasizes the potential of ETH's deflationary mechanism, suggesting that a reduction in circulating supply will drive up its price.

斯科特·约翰逊（Scott Johnsson）声称，ETH的价值将随着网络活动的增加而欣赏。他进一步强调了ETH的通缩机制的潜力，这表明循环供应的减少将提高其价格。

This divergence of opinions highlights the fundamental question of whether Ethereum's deflationary mechanism, coupled with its current transaction rates, can be sustained over the long term. The debate centers on the delicate balance between network utility and value accrual for ETH holders.

这种意见的差异突出了以太坊的通缩机制以及当前交易率是否可以长期维持的基本问题。辩论集中在网络效用与ETH持有人的价值之间的微妙平衡有关。

As the discussion continues, it will be interesting to see how the narrative unfolds and whether investors begin to view Ethereum through a lens of skepticism.

随着讨论的继续，看到叙事如何展开以及投资者是否开始通过怀疑态度来看以太坊将很有趣。

While the on-chain data and the L2 debate present a valid critique, it's important to acknowledge Ethereum's enduring strengths and its pivotal role in the cryptocurrency landscape.

尽管链上数据和L2辩论提出了有效的批评，但要承认以太坊在加密货币景观中的持久优势及其关键作用很重要。

Ethereum remains the dominant platform for decentralized finance (DeFi), boasting a vibrant ecosystem of dApps and smart contracts. Its first-mover advantage and robust developer community provide a formidable foundation for future growth.

以太坊仍然是分散融资（DEFI）的主要平台，拥有充满活力的DAPP和智能合约的生态系统。它的第一步优势和强大的开发人员社区为未来增长提供了巨大的基础。

However, Ethereum faces mounting challenges. The emergence of competing Layer 1 blockchains, offering superior scalability and lower transaction costs, poses a significant threat to its market share.

但是，以太坊面临着越来越多的挑战。竞争第1层区块链的出现，提供了卓越的可扩展性和较低的交易成本，对其市场份额构成了重大威胁。

The evolving regulatory landscape, with its potential for both opportunities and obstacles, adds another layer of complexity to Ethereum's future.

不断发展的监管格局具有机遇和障碍的潜力，为以太坊的未来增加了另一层复杂性。

For investors, the current discussion presents a complex and challenging landscape. The on-chain data presents a mixed picture, with signs of stagnation juxtaposed with enduring strengths.

对于投资者而言，当前的讨论呈现出复杂而具有挑战性的格局。链上的数据显示了混合图片，并带有与持久强度并列的停滞迹象。

The L2 debate highlights the inherent tension between scalability and value accrual, forcing investors to

L2辩论强调了可伸缩性和价值应计之间的固有张力，迫使投资者进入