华尔街银行JPMorgan（JPM）说，Ether（ETH）在最近几个月中表现不佳。

代币缺乏像更大的同伴比特币那样引人入胜的叙述（BTC，银行说，并补充说，比特币从视力和数字黄金的看法中受益。

The price of ether (ETH) has lagged behind other cryptocurrencies recently as the Ethereum blockchain faces “fierce” competition from other networks, Wall Street bank JPMorgan (JPM) said in a research note on Wednesday.

华尔街银行摩根大通（JPM）在周三的研究报告中说，最近以太坊区块链面对“激烈”的竞争，以太（ETH）的价格落后于其他加密货币。

The token lacks a strong narrative compared to its larger peer bitcoin (BTC), the bank said, adding that bitcoin benefits from its perception as a store of value and digital gold.

该银行说，与其更大的同行比特币（BTC）相比，代币缺乏强烈的叙述，并补充说，比特币从价值和数字黄金存储的看法中受益。

Despite upgrades like Dencun, activity has shifted away from the main Ethereum network and onto layer 2’s, which is hurting the blockchain’s growth, the report said. The network’s next upgrade, Pectra, is due early April.

报告说，尽管像Dencun这样的升级，但活动还是从主要的以太坊网络转移到了第2层，这损害了区块链的增长。该网络的下一个升级Pectra将于4月初到期。

“Competitive pressures have led some decentralized applications (dapps) to migrate from Ethereum to other application-specific chains for better performance,” analysts led by Nikolaos Panigirtzoglou wrote.

Nikolaos Panigirtzoglou领导的分析师写道：“竞争压力导致一些分散的应用程序（DAPP）从以太坊迁移到其他特定于应用程序的链，以提高性能。”

Examples include decentralized exchanges (DEXs) like Uniswap, dYdX and Hyperliquid, the bank said.

该银行表示，例如Uniswap，DyDX和Hyproliquid等去中心化交易所（DEX）。

Uniswap’s upcoming move to Unichain is important as it is one of Ethereum’s “largest gas consuming protocols,” and its migration could result in a significant loss to the network’s fee pool, the bank noted.

该银行指出，Unistwap即将进行的Unichain的举动很重要，因为它是以太坊的“最大天然气消耗协议”之一，其迁移可能会导致网络的费用池造成重大损失。

JPMorgan said this trend of dapps moving to other layer 2’s or alternative layer 1’s could hurt Ethereum by reducing activity on the main network, which could lead to lower transaction fees and validator revenue.

摩根大通说，DAPPS转移到其他第2层或替代第1层的趋势可能会通过减少主网络的活动来伤害以太坊，这可能导致交易费用降低和验证者收入。

Layer 2’s are separate blockchains built on top of layer 1’s, or the base layer, that reduce bottlenecks with scaling and data. In terms of supply, this could make ether inflationary as “fewer transactions imply reduced token burning,” the authors wrote.

第2层是在第1层或基层层顶部建造的单独的区块链，可减少使用缩放和数据的瓶颈。作者写道，在供应方面，这可能会使以太通货膨胀率“更少的交易意味着减少令牌燃烧”。

The bank noted that Ethereum’s growth lags behind competitors like Solana, which saw a surge in activity linked to memecoins.

该银行指出，以太坊的增长落后于索拉纳（Solana）等竞争对手，索拉纳（Solana）的活动激增与成员有关。

The Ethereum ecosystem still dominates the stablecoin, decentralized finance (DeFi) and tokenization spaces despite these challenges, the bank said.

该银行说，尽管这些挑战面临这些挑战，但以太坊生态系统仍然主导着稳定的，分散的金融（DEFI）和令牌化空间。

The network could see increased institutional demand from tokenization enterprises, but “competition from other networks is likely to remain intense for the foreseeable future,” the report added.

该报告补充说，该网络可能会看到代币化企业的机构需求增加，但“在可预见的将来，其他网络的竞争可能会保持激烈。”