在危机中，以太坊区块链是吗？

几个月来，人们对以太坊区块链的“稳定性”一直存在许多疑问。

For some months now, there have been many doubts about the “stability” of the Ethereum blockchain.

几个月来，人们对以太坊区块链的“稳定性”一直存在许多疑问。

It is not about doubts related to the technical functioning of this blockchain, which shows no signs of having problems from this point of view, but related to the actual use by the users.

这与与此区块链的技术功能有关的疑问无关，这没有显示出从这个角度出现问题的迹象，而是与用户实际使用有关的迹象。

Ethereum in fact was not created as a financial asset, like Bitcoin, but as a network of computers that executes smart contracts in a decentralized, trustless, and uncensorable manner. Its goal has always been to provide a service to users, rather than to provide a financial asset.

实际上，以太坊不是像比特币这样创建的，而是作为金融资产，而是以分散，无信任和无可估算的方式执行智能合约的计算机网络。它的目标一直是为用户提供服务，而不是提供金融资产。

In the Ethereum white paper in 2014 Vitalik Buterin wrote:

在2014年的以太坊白皮书中，维塔利克·布特林（Vitalik Buterin）写道：

“What Ethereum intends to provide is a blockchain with a fully integrated Turing-complete programming language that can be used to create ‘contracts’ which can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing the logic in a few lines of code”.

“以太坊打算提供的是一个具有完全集成的图灵完整编程语言的区块链，可用于创建'合同'，可用于编码任意状态过渡功能，允许用户创建上述任何系统，以及许多其他我们尚未想象的其他系统，仅通过在几行编码中编写逻辑来编写。”

Ethereum Blockchain in crisis?

以太坊区块链在危机中？

Despite this, over time the real great success of Ethereum has been to enable the launch of many tokens on the crypto markets, starting from the ICO boom of 2018 and passing through the memecoin boom of 2021.

尽管如此，随着时间的流逝，以太坊的最大成功一直是从2018年的ICO繁荣开始，并通过2021年的Memecoin繁荣，使许多令牌在加密货币市场上推出。

For example, SHIB of Shiba Inu was launched as a token on Ethereum.

例如，Shiba Inu的Shib是作为以太坊的代币发射的。

Starting from 2023, however, Ethereum began to face competition from Solana from this point of view, so much so that now it is mainly on Solana that new tokens are launched.

然而，从2023年开始，从这个角度来看，以太坊开始面对索拉纳的竞争，以至于现在主要是在Solana上推出了新的代币。

The fact is that on Solana it is so much simpler, cheaper, and faster to launch a token that it has made this activity accessible to practically everyone. Ethereum, on the other hand, has fallen a bit behind in this regard.

事实是，在Solana上，启动一个令牌非常简单，更便宜和更快，以至于它几乎使每个人都可以访问这项活动。另一方面，以太坊在这方面落后了一点。

The symbol of this handover was the launch of Donald Trump’s official token, on January 18 of this year, launched specifically on the Solana blockchain and not on that of Ethereum.

这种交接的象征是今年1月18日，唐纳德·特朗普（Donald Trump）的官方代币推出，专门针对Solana区块链而不是以太坊的启动。

Despite this, the number of average daily transactions recorded on the Ethereum blockchain does not appear to be in decline.

尽管如此，以太坊区块链记录的平均每日交易数量似乎并未下降。

During 2021, this number had settled well above the one million mark, and in 2023 it had settled around this level.

在2021年期间，这个数字已远远超过100万大关，并在2023年定居在这个水平上。

While Solana was stealing the role of leader of memecoins from Ethereum, between 2024 and 2025, the number of average daily transactions recorded on the latter blockchain rose first above 1.1 million, and then also above 1.2 million.

当索拉纳（Solana）从以太坊（Ethereum）偷走了情绪的领导人的角色，而2024年至2025年之间，后者区块链记录的平均每日交易数量升至110万以上，然后超过120万。

Not even with the downturn of 2025 has it returned to a million, so from a technical standpoint, the Ethereum blockchain does not seem to be in a bear market at all.

甚至没有2025年的经济低迷恢复到一百万，因此从技术角度来看，以太坊区块链似乎根本不在熊市中。

The problem of DeFi

defi的问题

The real problem is of a purely financial nature.

真正的问题是纯粹的财务性质。

For example, the TVL of DeFi on Ethereum at the end of 2024 reached a peak of 77 billion dollars, which is significantly lower than the all-time high of 109 billion in November 2021.

例如，2024年底在以太坊上的Defi TVL达到了770亿美元的峰值，这显着低于2021年11月的历史最高点。

Furthermore, during 2025 it fell below 50 billion, which is a level in line with that of twelve months ago.

此外，在2025年，它下降到500亿以下，这与十二个月前的水平相符。

Although these numbers do not suggest at all that there is a real crisis underway, they do denote a bit of suffering.

尽管这些数字根本没有暗示正在发生真正的危机，但它们确实表示有些痛苦。

The dominance of Ethereum in the TVL DeFi is still very high (52%), but Solana is growing (7%).

以太坊在TVL DEFI中的优势仍然很高（52％），但Solana增长（7％）。

The fact is that at the end of 2024 Solana recorded its all-time high for TVL DeFi, reaching nearly 12 billion dollars for the first time in history. The peak in 2021, however, had stopped at 10 billion.

事实是，在2024年底，索拉纳（Solana）为TVL Defi录制了历史上的历史最高点，历史上第一次达到了近120亿美元。然而，2021年的峰值停止了100亿。

However, even for Solana, 2025 saw a strong decline, down to the current 6.6 billion dollars, which is nevertheless a figure significantly higher than that of twelve months ago.

然而，即使对于索拉纳来说，2025年也有强劲的下降，达到了目前的66亿美元，但这仍然是一个比十二个月前的数字要高得多。

In other words, it is evident that Solana has nibbled away a bit of Ethereum’s TVL share.

换句话说，很明显，索拉纳已经ni了一些以太坊的TVL分享。

The DEX

dex

Where the competition from Solana is greater is in the DEX, or the decentralized exchange.

来自Solana的竞争更大的是DEX或分散交易所。

The fact is that with significantly lower fees, Solana takes away from Ethereum all the users who trade small amounts on DEX, and this has also led to the overtaking.

事实是，索拉纳（Solana）从所有在DEX上进行少量交易的用户的以太坊（Ethereum）带走了，这也导致了超车。

Taking as a reference only the total daily trading volumes on DEX, those on Ethereum had a peak of 7.6 billion dollars in 2024, with an average at the end of the year of about 3 billion.

仅作为DEX上的每日交易总量的参考，在2024年，以太坊的人的峰值为76亿美元，平均在年底的平均值约为30亿美元。

Instead, those on Solana experienced an incredible spike to over 35 billion dollars the day after the launch of Trump’s memecoin, and an average at the end of 2024 close to 5 billion.

取而代之的是，索拉纳（Solana）上的那些人在特朗普（Trump）的成员推出后的第二天经历了令人难以置信的尖峰，达到了超过350亿美元，在2024年底的平均值接近50亿美元。

Analysing the monthly volumes, on DEX on Ethereum in December 20

分析每月的卷，在12月20日在以太坊上的DEX上