以太坊已经死了。

对于许多风险投资家而言，以太坊已不再是相关的投资资产。第二层解决方案，管理不善，收入损失…

"Ethereum is dead." A harsh statement, yet one that several venture capitalists appear to be making. As Layer-2 solutions blossom and the main chain struggles with inflation, a core asset is being lost sight of.

“以太坊已经死了。”一个苛刻的声明，但几位风险投资家似乎正在发表。随着第2层解决方案的开花和主链与通货膨胀的斗争，核心资产正在消失。

In a recent post, Quinn Thompson, founder of Lekker Capital, bluntly stated, "I think Ethereum is dead as an investment." He criticizes the lack of crypto user growth, chain activity decline, and revenue drops, ultimately leading to ETH losing its status as a safe haven asset.

Lekker Capital的创始人Quinn Thompson在最近的一篇文章中直言不讳地说：“我认为以太坊是一项投资。”他批评缺乏加密用户的增长，连锁活动下降和收入下降，最终导致ETH失去了其作为避风港资产的地位。

This assertion stems from a broader observation: while Arbitrum, Optimism, and other Layer-2 solutions are booming, transferring a large part of the transactional activity, the main chain is capturing minimal value. As Nic Carter from Castle Island Ventures points out, "L2 siphons value from Layer-1, which has committed suicide."

这种断言源于更广泛的观察：仲裁，乐观和其他第2层解决方案正在蓬勃发展，转移了交易活动的很大一部分，而主链则捕获了最小值。正如Castle Island Ventures的Nic Carter指出的那样，“ L2 Siphons从1层自杀的1号价值”。

This leaves the original Ethereum in a bleak state, especially considering EIP-1559, which was meant to make Ethereum deflationary, is no longer delivering, and the recent Dencun update has even brought back net issuance. Is the narrative of "ultrasound money" over?

这使原始的以太坊处于一种黯淡的状态，尤其是考虑到旨在使以太坊放流的EIP-1559不再提供的EIP-1559，而最近的Dencun更新甚至带回了净签发。 “超声资金”的叙述已经结束了吗？

It seems so, further complicating the thesis of an ETH designed to preserve value over time.

似乎是如此，使旨在保留随着时间的价值的ETH的论文变得更加复杂。

But in response to this disaffection, the Ethereum Foundation is moving. As Vitalik Buterin proposes a roadmap focused on securing and finalizing L2, the aim is to increase the network's interoperability, attract crypto developers again, and regain weight in the overall infrastructure.

但是，为了应对这种不满，以太坊基金会正在移动。正如Vitalik Buterin提议的路线图专注于确保和最终确定L2一样，其目的是提高网络的互操作性，再次吸引加密开发人员，并在整体基础设施中恢复体重。

However, will it be enough to reignite the interest of crypto investors? As long as the main chain does not better capture value and the economic model remains unclear, ETH risks remaining in the shadow of its own ecosystem.

但是，重新点燃加密货币投资者的兴趣是否足够？只要主链不能更好地捕获价值并且经济模型仍不清楚，ETH的风险仍然存在于其自身生态系统的阴影中。

A driving force of Web3 innovation with $850 billion in stablecoin volume, Ethereum's positioning as an investment asset is now questionable. Between value dilution and poorly managed inflation, it needs to revisit its fundamentals.

以太坊作为投资资产的定位，以8000亿美元的稳定量为8500亿美元的Web3创新推动力，现在值得怀疑。在价值稀释和管理不良的通货膨胀之间，它需要重新审视其基本面。

Without rapid evolution, it risks becoming a mere infrastructure tool, an ironic fate for a cryptocurrency that was initially meant to revolutionize the financial system.

没有快速发展，它有可能成为一种仅仅是基础设施工具，这是一种具有讽刺意味的命运，它最初旨在彻底改变金融体系。