ETH仍然很特别吗？

我们从不害羞地将ETH视为加密货币的第二大资产和传统投资者的Defi Intuition Gateway。

output: We are never shy about holding ETH to account as crypto’s second largest asset and the DeFi intuition gateway for traditional investors. But mainstream adoption requires a growth story, and so far this year ETH is (to put it kindly) failing to lead.

输出：我们永远不会害羞地将ETH作为加密货币的第二大资产和传统投资者的偏见直觉网关。但是主流采用需要一个增长的故事，到目前为止，ETH（友好地说）未能领导。

ETH sits in 16th place in the CoinDesk 20 YTD performance leaderboard, down 53%. Going back a year, the numbers look similar: 15th place and down 50%. Its market cap has dwindled so much relative to XRP that both are expected to be capped in the upcoming CoinDesk 20 reconstitution, a first.

ETH在Coindesk 20 YTD Performance排行榜中排名第16位，下降了53％。回溯一年，数字看起来相似：排名第15位和50％。它的市值相对于XRP的幅度越来越大，以至于两者都将在即将到来的Coindesk 20重建基地中封顶，这是第一个。

ETH’s woes are news to few in the industry, but for us as index and product builders for “5%-ers,” it begs the question: is ETH still special? A distinguished provenance can only take you so far. ETH continues to dominate its on-chain categories (even before adding in L2s) and is arguably the second best brand name in crypto. There are even thoughtful ideas about ETH’s end-state as an essential supporting component of our blockchain future; we hear expressions like, “Ethereum will be the clearinghouse of DeFi.”

ETH的困扰是该行业中很少有人的新闻，但对我们来说，作为“ 5％的人”的指数和产品建设者，它引出了一个问题：ETH仍然很特别吗？杰出的出处只能带您走那么远。 ETH继续主导其链类别（甚至在添加L2）中，并且可以说是加密货币中第二好的品牌名称。甚至有关于ETH的最终国家作为我们区块链未来的重要支持组成部分的想法。我们听到的表达方式：“以太坊将是Defi的交换所。”

However, mainstream adoption requires a growth story.

但是，主流采用需要增长故事。

We have observed over the last few weeks that bitcoin has shown impressive resilience to fragile global markets. This past week was no exception, and as we pointed out last week, expectations for higher inflation – now echoed by Fed Chair Powell – could help support movement into bitcoin.

在过去的几周中，我们观察到比特币对脆弱的全球市场表现出了令人印象深刻的韧性。过去一周也不例外，正如我们上周指出的那样，对现在由美联储主席鲍威尔（Powell）回应的更高通货膨胀的期望可以帮助支持投入比特币。

But the crypto market’s dependency on bitcoin to lead prices higher is one we hope the digital asset class outgrows. ETH can reassert a leadership position, as it briefly did in the weeks following the U.S. election. If not, CoinDesk 20 investors have exposure to much of ETH’s competition.

但是，加密市场对比特币的依赖性提高了价格，我们希望数字资产类别的成长。 ETH可以像在美国大选后的几周内短暂地重申领导地位。如果没有，Coindesk 20投资者将获得ETH的大部分竞争。