以太坊处于十字路口。它会成为区块链的Linux还是淡出默默无闻？

本文的一个版本出现在我们4月1日的分散新闻通讯中。在此处注册。

A version of this article appeared in our The Decentralised newsletter on April 1. Sign up here.

本文的一个版本出现在我们4月1日的分散新闻通讯中。在此处注册。

Good morning, and welcome to Monday Morning Web3, your digest of the week's hot topics in the industry.

早上好，欢迎来到周一早上Web3，这是您对本周业内热门话题的摘要。

Ethereum is at a crossroads.

以太坊处于十字路口。

Over the past decade, the top smart contract network has established itself as the de facto home of the $113 billion decentralised finance ecosystem.

在过去的十年中，顶级智能合同网络已确立了自己的事实上的1,130亿美元分散金融生态系统的故居。

It has batted away competition from well-funded rivals, and navigated a host of complex technical challenges along the way.

它已经摆脱了资金丰富的竞争对手的竞争，并在此过程中遇到了许多复杂的技术挑战。

But now, many of Ethereum’s most faithful adherents are beginning to feel that the energy and dynamism which once defined the network is slowly draining away. The uniting goal of bringing Ethereum to the masses is becoming a distant memory as the network’s troubles mount.

但是现在，许多以太坊最忠实的拥护者开始感到曾经定义网络的能量和活力正在慢慢消失。随着网络的麻烦安装，将以太坊带入大众的团结目标正在成为遥远的记忆。

It’s the culmination of months of bad news.

这是几个月坏消息的结晶。

The vision of outsourcing transactions to separate so-called layer 2 blockchains has backfired, detractors say, knocking the network’s token economics and syphoning value to other projects.

批评者说，将交易外包交易外包交易的愿景与其他项目相机，将网络的代币经济学和尼shoning价值击倒了其他项目。

Others argue that the network is overvalued at its $221 billion valuation and is largely uninvestable.

其他人则认为该网络的价值高估了2210亿美元的估值，并且在很大程度上无法投资。

Some even assert that the transition to Proof of Stake, arguably Ethereum’s proudest achievement which cut its energy use by some 99.5%, was ultimately a mistake.

甚至有人断言，可以说以太坊最骄傲的成就的过渡将其能源使用削减了约99.5％，最终是一个错误。

Activity on Ethereum is stagnating, and there’s no clear catalyst that could bring back growth.

以太坊的活动停滞不前，没有明显的催化剂可以恢复生长。

The lack of enthusiasm has manifested in the price of Ether, the network’s native token that users must pay with to send transactions. It has dropped 50% over the past year, and is trading at its lowest level in 16 months.

缺乏热情已经表现出了以太的价格，即用户必须付费以发送交易的网络的本地令牌。在过去的一年中，它下降了50％，在16个月内的最低水平交易。

In a recent post on X, previously known as Twitter, David Liebowitz, a long time DeFi builder and current executive at stablecoin developer CAP, drew on an old metaphor from Ethereum co-founder Vitalik Buterin to describe the bleak situation.

在X的最新帖子中，以前是Defi Builder兼现任Stablecoin开发人员CAP的现任高管David Liebowitz在以太坊共同创始人Vitalik Buterin的一个老隐喻中描述了黯淡的情况。

If Ethereum can’t turn itself around, he said, it could go the way of the operating system Linux – a small but significant piece of infrastructure, but not nearly at its potential and the lofty goal of reaching mass adoption.

他说，如果以太坊无法转过身，它可能会像操作系统Linux那样，这是一个很小但重要的基础设施，但几乎没有其潜力和达到大规模收养的崇高目标。

Despite the general malaise among Ethereum’s diehard fans, there are some pretty influential figures who are espousing its potential.

尽管以太坊的顽固爱好者中有普遍的不适，但仍有一些非常有影响力的人物拥护其潜力。

One of them is Robert Mitchnick, head of crypto at fund giant BlackRock (BLK).

其中之一是Robert Mitchnick，他是Fund Giant BlackRock（BLK）的加密货币负责人。

He recently said that concerns surrounding Ethereum were “overdone,” and that there’s still a lot for Ethereum bulls to be optimistic about – such as the addition of staking yield to Ethereum exchange-traded funds.

他最近说，围绕以太坊的担忧是“过度的”，并且以太坊公牛仍然对以太坊交易所交易贸易资金增加生存产量仍然很乐观。

What’s more, BlackRock’s tokenised treasuries fund, BUIDL, has grown 361% on Ethereum this month alone to over $1.7 billion, while the fund’s growth on other blockchains remained minimal.

更重要的是，贝莱德（Blackrock）的标记国库基金Buidl本月仅在以太坊上增长了361％，达到了17亿美元以上，而该基金对其他区块链的增长仍然很小。

If Ethereum is good enough for Wall Street’s biggest player, maybe DeFi degens shouldn’t count it out just yet.

如果以太坊对华尔街最大的球员来说足够好，那么也许菲迪·德格斯（Defi Degens）尚不应将其计算出来。

Top DeFi stories of the week

本周的顶级故事

This week in DeFi governance

本周的辩护治理

VOTE: Lido Finance (CRYPTO: LDO) DAO mulls re-endorsement of wstETH on Starknet.

投票：Lido Finance（加密货币：LDO）Dao Mulls在Starknet上重新注册。

VOTE: Arbitrum (CRYPTO: ARB) DAO picks members for new oversight and transparency committee.

投票：仲裁（加密：ARB）DAO为新的监督和透明委员会选拔成员。

VOTE: Uniswap (CRYPTO: UNI) DAO votes to give unrepresented delegates more tokens.

投票：uniswap（加密：UNI）DAO投票给无人代表的代表更多的代币。

Post of the week

本周帖子

Crypto Twitter reacts to Ethereum co-founder Vitalik Buterin interacting with a robot dog.

加密Twitter对以太坊联合创始人Vitalik Buterin反应与机器人狗相互作用。

Vitalik tried to bond with the robot using “meow” and it still walked awayWe are so cooked pic.twitter.com/3P0g2V25iN

Vitalik试图使用“ Meow”与机器人建立联系，但它仍然走开了，我们是如此煮熟的pic.twitter.com/3p0g2v25in

Got a tip about DeFi? Reach out at tim@delphidigital.io.

有关于defi的提示吗？通过tim@delphidigital.io与您联系。