尽管ETH价格下跌，以太坊网络市值超过了丰田和白金

在持续交易所交易基金（ETF）流出时，Ether（ETH）在撰写本文时以大约2,088美元的价格交易，下降了57％以上

Ether (ETH) is trading at around half its all-time high price, but the Ethereum network is still valued higher than some of the world’s most prominent companies.

Ether（ETH）的交易价格约为其历史最高的一半，但以太坊网络的价值仍然高于一些世界上最杰出的公司。

Ether (ETH) traded at roughly $2,088 at the time of writing amid continued exchange-traded fund (ETF) outflows, down over 57% from its all-time high of nearly $4,900 set in mid-November 2021, according to CoinMarketCap data.

根据CoinMarketCap数据，Ether（ETH）在撰写本文时的交易约为2,088美元，在持续交易所交易基金（ETF）流出的情况下，比其历史上的近4,900美元在2021年11月中旬的历史高处下降了57％以上。

Despite this decline, Ethereum maintains a market capitalization of nearly $252 billion, surpassing global corporations such as Toyota with a market cap of $250 billion and the total market value of the precious metal platinum, which is $245 billion.

尽管有这种下降，以太坊仍保持近2520亿美元的市值，超过了全球公司，例如丰田公司，市值为2500亿美元，贵金属白金的总市场价值为2450亿美元。

Other notable companies currently worth less than the Ethereum network include IBM, McDonald’s, General Electric, Shell and Disney. If Ethereum were a company, it would be the fiftieth largest in the world, just behind Nestlé, which has a market capitalization of nearly $256 billion.

目前，其他值得注意的公司比以太坊网络还少，包括IBM，麦当劳，通用电气，壳牌和迪斯尼。如果以太坊是一家公司，那将是世界上第五十个最大的公司，距离雀巢之后，雀巢的市值近2560亿美元。

Alex Obchakevich, founder of Obchakevich Research, told Cointelegraph that speculative interest significantly contributes to Ethereum’s valuation, as well as its “freedom from the financial framework of traditional finance.” He added:

Obchakevich Research的创始人Alex Obchakevich告诉Cointelegraph，投机性兴趣显着促进了以太坊的估值，以及“摆脱传统金融财务框架的自由”。他补充说：

“It’s no secret that in the crypto sphere, a significant portion of the activity stems from speculation, especially in the case of a decentralized and open network like Ethereum, which is not subject to the same regulations and oversight as traditional financial institutions or companies.”

“在加密货币领域中，这项活动的很大一部分源于猜测，尤其是在以太坊（以太坊）（例如以太坊）的情况下，这不受与传统金融机构或公司相同的法规和监督。”

However, Flavio Bianchi, a Polkadot ambassador and the chief marketing officer of the decentralized fundraising platform Polimec, told Cointelegraph that the comparison is less insightful than it might appear at first. He highlighted that “Ethereum isn’t a business” — it’s infrastructure.

但是，波尔卡多大使兼权力下放筹款平台Polimec的首席营销官Flavio Bianchi告诉Cointelegraph，比较比起初可能不像它那样洞悉。他强调说“以太坊不是业务”，而是基础设施。

“It’s like comparing apples and oranges. Companies are valued based on their earnings, revenue and tangible assets, while a blockchain network is valued based on the total value of its native token, which is determined by market demand and supply, which in turn depends on the network activity and usage.”

“这就像比较苹果和橘子。公司的收入，收入和有形资产的价值一样，而区块链网络的估值是根据其本地令牌的总价值（由市场需求和供应决定的，这又取决于网络活动和用途。”

Obchakevich also suggested Ethereum became more attractive after it transitioned to proof-of-stake (PoS), reinforcing “its value as a deflationary asset with growth potential in the digital economy.”

Obchakevich还建议以太坊在过渡到二手证明后变得更具吸引力（POS），从而增强了“其作为数字经济中具有增长潜力的通缩资产的价值”。

Is Ethereum a deflationary asset?

以太坊是通缩资产吗？

Recent data from Ultra Sound Money shows that Ethereum is now displaying inflation again, with an annual inflation rate of about 0.73% over the past 30 days.

Ultra Sound Money的最新数据表明，以太坊现在再次显示通货膨胀，在过去30天内的年通货膨胀率约为0.73％。

The rate of inflation or deflation is largely dependent on the ETH fees burned by the network and the amount of newly issued Ether. The burning of fees on the network began with the implementation of EIP-1559 in 2021, which, paired with decreased issuance after the PoS transition, resulted in Ethereum being deflationary during sustained network activity.

通货膨胀率或通货膨胀率在很大程度上取决于网络烧毁的ETH费用以及新发行的以太币的数量。网络上的费用燃烧始于2021年EIP-1559的实施，该公司在POS过渡后的发行下降，导致以太坊在持续的网络活动期间缩放。

According to IntoTheBlock data, on March 23, daily fees on Ethereum fell to a little over $337,000, the lowest value reported since June 2020. YCharts also shows that on March 23, there was only 118.67 ETH worth of fees, the lowest value reported this year.

根据Intotheblock数据，3月23日，以太坊的每日费用降至337,000美元以上，这是自2020年6月以来报告的最低价值。YCHARTS还表明，3月23日，只有118.67的ETH价值118.67 ETH，这是今年报告的最低价值。

Over the past 24 hours, ETH’s value rose nearly 3.5%, increasing its market capitalization by about $9.3 billion, now totaling approximately $252.1 billion. For comparison, this figure exceeds Greece’s gross domestic product (GDP), currently around $243.5 billion.

在过去的24小时内，ETH的价值增长了近3.5％，其市值增加了约93亿美元，目前总计约2521亿美元。为了进行比较，该数字超过了希腊的国内生产总值（GDP），目前约为2435亿美元。

Obchakevich highlighted that other than being worth more than Greece’s GDP, Ethereum’s market cap is also higher than the GDP of countries such as Slovenia and Croatia combined. And this is more than a curious factoid:

Obchakevich强调，除了比希腊的GDP价值高，以太坊的市值还高于斯洛文尼亚和克罗地亚等国家的GDP。这不仅仅是一个奇怪的事实：

“It speaks volumes about the potential and value that is being recognized in the decentralized space, in contrast to the traditional financial institutions and companies that are floundering despite having far greater resources at their disposal.”

“与传统的金融机构和公司相比，尽管拥有更多资源可以使用，但在分散空间中所承认的潜力和价值表达了很多。”

Pradeep Singh, CEO of enterprise privacy and security infrastructure firm Gateway FM, told Cointelegraph that these numbers reflect “a fundamental shift in how we value digital infrastructure”:

企业隐私和安全基础设施公司Gateway FM的首席执行官Pradeep Singh告诉Cointelegraph，这些数字反映了“我们对数字基础架构的重视方式的基本转变”：

“As we move towards a more decentralized web3 future, we're seeing that the lines between company valuation and network valuation are blurring. Ultimately, both are determined by market demand and the perceived value of the product or service being offered.”

“随着我们朝着更加分散的Web3的未来发展，我们看到公司估值和网络估值之间的界限都模糊了。最终，这两者都取决于市场需求和所提供的产品或服务的可感知价值。”

The Ethereum protocol continues to evolve as developers introduce innovations such as native rollups, further expanding the blockchain’s capabilities and potential use cases.

随着开发人员引入创新，例如本地汇总，进一步扩大区块链的功能和潜在用例，以太坊协议继续发展。