为什么ETH在这个市场周期中表现不佳？

几乎所有以太坊L2项目都发布了自己的代币，这导致许多以太坊支持者将其资金投入到这些L2代币中，而不是ETH本身。

The recent performance of ETH in this market cycle has been lackluster, leading many to question whether it will still be able to set new all-time highs this year. This skepticism is understandable given the current low market sentiment, which has even seen ETC outperforming ETH.

ETH在这个市场周期中的最新表现平淡无奇，导致许多人质疑它是否仍然能够在今年设定新的历史最高点。鉴于当前的低市场情绪，这种怀疑是可以理解的，即使已经看到的是表现优于ETH。

Of course, I remain a staunch supporter of the Ethereum ecosystem, but in my opinion, ETH's poor performance reflects that the Ethereum ecosystem needs some profound changes.

当然，我仍然是以太坊生态系统的坚定支持者，但是我认为，ETH的绩效差反映了以太坊生态系统需要一些深刻的变化。

Next, I will try to answer a key question:

接下来，我将尝试回答一个关键问题：

Why has ETH performed poorly in this cycle?

为什么ETH在这个周期中表现不佳？

Although the reasons are difficult to pin down, I believe the following points are the main factors.

尽管原因很难确定，但我相信以下几点是主要因素。

Too many ETH Beta Tokens

太多的eth beta代币

Almost all Ethereum L2 projects have issued their own tokens, which has led many Ethereum supporters to put their funds into these L2 tokens rather than ETH itself. This significantly reduced the amount of capital flowing into ETH.

几乎所有以太坊L2项目都发布了自己的代币，这导致许多以太坊支持者将其资金投入到这些L2代币中，而不是ETH本身。这大大减少了流入ETH的资本数量。

For example, if you are bullish on Solana (without L2 projects), you only need to buy SOL; but if you are bullish on ETH, you may be faced with dozens of ETH-related token choices, such as tokens of L2 projects.

例如，如果您对Solana看涨（没有L2项目），则只需购买SOL即可；但是，如果您对ETH看涨，那么您可能会面临数十个与ETH相关的令牌选择，例如L2项目的令牌。

Liquidity dispersion

流动性分散

There are currently more than 100 L2 projects in the Ethereum ecosystem. For skilled DeFi users, crossing from one L2 chain to another is not difficult, but for ordinary investors, the process can be very complicated and headache-inducing.

以太坊生态系统中目前有100多个L2项目。对于熟练的Defi用户，从一个L2链到另一个链条并不困难，但是对于普通投资者来说，该过程可能非常复杂且引起头痛。

Although Ethereum L2 has fast transaction speed and low cost, if the user experience across L2 cannot be improved, this scalability will make it difficult to promote the large-scale adoption of Ethereum.

尽管以太坊L2具有快速的交易速度和低成本，但如果无法改善L2的用户体验，则这种可扩展性将使促进以太坊大规模采用变得困难。

Other L1 technology catch-up

其他L1技术追赶

In the last market cycle, Ethereum was undoubtedly the leading L1 blockchain in various indicators.

在最后一个市场周期中，在各种指标中，以太坊无疑是领先的L1区块链。

While Ethereum still has the strongest DeFi ecosystem, other L1s such as Solana have surpassed Ethereum multiple times in metrics such as revenue and decentralized exchange (DEX) trading volume. This is partly due to their technological progress. Although Ethereum has made some important progress in recent years, some L1 competitors have developed their technology faster and are now able to provide a better user experience (UX).

尽管以太坊仍然具有最强的偏见生态系统，但其他L1（例如Solana）在收入和分散交易（DEX）交易量等指标中多次超过以太坊。这部分是由于他们的技术进步。尽管以太坊近年来取得了重要的进展，但一些L1竞争对手已经更快地开发了技术，现在能够提供更好的用户体验（UX）。

How to make ETH return to its peak?

如何使ETH重返高峰？

Here are some directions worth trying:

这是一些值得尝试的指示：

Ethereum's L2 projects are encouraged to incorporate ETH into the ecosystem , and by reducing the supply of tokens through a mechanism that burns part of the transaction fees, the scarcity and value of ETH will be increased.

鼓励以太坊的L2项目将ETH纳入生态系统，并通过燃烧部分交易费用的机制减少代币的供应，将会增加ETH的稀缺性和价值。

Strengthening the core position of ETH in the Ethereum economy ( Vitalik once suggested that more support should be given to decentralized applications (dApps) that use ETH as the main collateral asset)

加强ETH在以太坊经济中的核心地位（Vitalik曾经建议使用ETH作为主要抵押品资产的分散应用程序（DAPP）提供更多支持）

Allocating more resources to solve the L2 fragmentation problem and unify liquidity should be the top priority for Ethereum's development.

分配更多资源来解决L2分裂问题并统一流动性应该是以太坊发展的首要任务。

Accelerate Ethereum’s technical upgrades ( although Ethereum reduces its token supply by more than $100 million per year through the destruction mechanism, its technical upgrade rate lags significantly behind other L1 blockchains.)

加速以太坊的技术升级（尽管以太坊通过破坏机制将其令牌供应减少了超过1亿美元，但其技术升级率落后于其他L1区块链。）

Establish a sustainable revenue model for the Ethereum Foundation. By obtaining stable income from transaction fees or staking income, the Ethereum Foundation can reduce its reliance on selling ETH, thereby avoiding negative impacts on market prices.

为以太坊基金会建立可持续收入模型。通过从交易费用或存放收入中获得稳定的收入，以太坊基金会可以减少其对出售ETH的依赖，从而避免对市场价格产生负面影响。

Promote the expansion of Ethereum L1. Although Ethereum's long-term goal is to achieve expansion through L2, there is still great potential for L1 performance improvement. By optimizing the expansion capabilities of L1, the overall user experience and competitiveness of Ethereum can be further improved.

促进以太坊L1的扩展。尽管以太坊的长期目标是通过L2实现扩展，但L1性能提高仍然存在很大的潜力。通过优化L1的扩展功能，可以进一步提高以太坊的总体用户体验和竞争力。

These measures could be a major step in pushing Ethereum to new heights.

这些措施可能是将以太坊推向新高度的主要步骤。

However, the Ethereum Foundation and its community appear to have fallen into a degree of complacency over the past few years, an attitude that could undermine the project’s competitiveness in the long run.

但是，在过去的几年中，以太坊基金会及其社区似乎已经陷入了一定程度的自满情绪，从长远来看，这种态度可能会破坏该项目的竞争力。

Ethereum remains the leading L1 blockchain, but other L1 projects with motivated and innovative teams may gain the upper hand in the competition if a more aggressive strategy is not adopted.

以太坊仍然是领先的L1区块链，但如果不采用更具侵略性的战略，其他具有积极进取和创新的团队的L1项目可能会在竞争中获得优势。

Now is the time for the Ethereum community to rekindle its “winner mentality” and secure its leadership in the blockchain space.

现在是以太坊社区重新点燃其“赢家心态”并确保其在区块链领域的领导地位的时候了。

The good news is that we can already see some positive changes, especially from the efforts of Ethereum ecosystem projects, which are trying to improve market confidence in ETH:

好消息是，我们已经可以看到一些积极的变化，尤其是从以太坊生态系统项目的努力开始，这些项目试图提高市场对ETH的信心：

MegaETH : A high-performance Ethereum L2 is being developed with the goal of supporting over 100,000 transactions per second (TPS) to compete with highly scalable L1 blockchains.

Megaeth：正在开发高性能以太坊L2，目的是支持每秒100,000多个交易（TPS），以与高度可扩展的L1区块链竞争。

Eclipse : Committed to building the first Ethereum L2 powered by the Solana Virtual Machine, aiming to combine Solana's high-speed performance with Ethereum's high security.

Eclipse：致力于建立由Solana虚拟机提供动力的第一个以太坊L2，旨在将Solana的高速性能与以太坊的高安全性相结合。

Pectra Upgrade : Pectra, a major upgrade of Ethereum that is about to be launched, will significantly improve the user experience (UX) by introducing native account abstraction functions, making blockchain interactions simpler and more efficient.

Pectra升级：Pectra是即将推出的以太坊的重大升级，将通过引入本机帐户抽象功能，从而显着改善用户体验（UX），从而使区块链互动更加简单，更有效。

Eric Trump ’s promotion : Eric Trump recently publicly supported ETH, which makes people wonder whether it is possible for the United States to establish a national Ethereum reserve?

埃里克·特朗普（Eric Trump）的晋升：埃里克·特朗普（Eric Trump）最近公开支持ETH，这使人们想知道美国是否有可能建立国家以太坊储备？

The above three technical advances will undoubtedly further promote the adoption rate of Ethereum L

以上三项技术进步无疑将进一步促进以太坊的采用率