随着市场份额下降，以太坊（ETH）面临中心化风险

继 CNF 最近分享的质押上限审查之后，Vitalik Buterin 对以太坊的中心化风险发出了警告，以太坊 (ETH) 的价格

As highlighted by CNF in a recent report, Ethereum's (ETH) price has not only struggled against Bitcoin (BTC) but has also lost ground to other altcoins over the last three years, despite the recent staking cap review.

正如 CNF 在最近的一份报告中强调的那样，尽管最近进行了质押上限审查，但在过去三年中，以太坊 (ETH) 的价格不仅与比特币 (BTC) 相比一直在挣扎，而且还输给了其他山寨币。

Moreover, peak whale demand for ETH has dropped by nearly 70% since the 2021 bull cycle, which has significantly reduced the network's liquidity and made it less appealing to large investors.

此外，自 2021 年牛市周期以来，鲸鱼对 ETH 的需求峰值已下降近 70%，这显着降低了网络的流动性，降低了对大投资者的吸引力。

In a recent official blog post, Vitalik Buterin stated, "This separation of powers helps keep validators decentralized, but it has one important cost: the actors that are doing the ‘specialized’ tasks can easily become very centralized."

Vitalik Buterin 在最近的一篇官方博客文章中表示，“这种权力分离有助于保持验证者的去中心化，但它有一个重要的成本：执行‘专门’任务的参与者很容易变得非常中心化。”

Additionally, the Ethereum Foundation has sold off approximately 336,000 ETH (around $906.3 million) over the last four years, which has further contributed to the bearish sentiment surrounding the asset.

此外，以太坊基金会在过去四年中出售了约 336,000 ETH（约合 9.063 亿美元），这进一步加剧了围绕该资产的看跌情绪。

Here are the 3 Factors Driving ETH's 2024 Decline:

以下是导致 ETH 2024 年下跌的 3 个因素：

1) A 70% decline in Ethereum whale transactions over the last four years

1）过去四年，以太坊鲸鱼交易量下降了 70%

2) The sale of over $1 billion in ETH during market rallies

2) 在市场反弹期间抛售超过 10 亿美元的 ETH

3) Adoption rates of 85% behind Bitcoin ETFs

3) 比特币 ETF 的采用率高达 85%

It is also worth noting a recent CNF update on Ethereum developers, where it was confirmed that the Altair upgrade would occur in late October.

还值得注意的是 CNF 最近对以太坊开发人员的更新，其中确认 Altair 升级将于 10 月底进行。

However, by October 2024, Ethereum's market cap had fallen $1 trillion behind Bitcoin, a significant gap compared to the $625 billion difference during the 2021 bull cycle.

然而，到 2024 年 10 月，以太坊市值已落后比特币 1 万亿美元，与 2021 年牛市周期 6250 亿美元的差距相比，差距巨大。

As Ethereum transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS), there were concerns about centralization, as only large stakers could meet the 32 ETH minimum stake requirement.

随着以太坊从工作量证明 (PoW) 过渡到权益证明 (PoS)，人们对中心化产生了担忧，因为只有大型权益持有者才能满足 32 ETH 的最低权益要求。

This led to the dominance of major validators, with two block builders, Beaverbuild and Titan Builder, validating 88.7% of blocks in October 2024. Buterin has introduced a new roadmap to mitigate these risks, which will be addressed as investors await further developments in 2025.

这导致了主要验证者的主导地位，两个区块构建者 Beaverbuild 和 Titan Builder 在 2024 年 10 月验证了 88.7% 的区块。Buterin 引入了一个新的路线图来减轻这些风险，随着投资者等待 2025 年的进一步发展，该风险将得到解决。

At the time of writing, according to CoinMarketCap, Ethereum (ETH) is trading at $2,635.43, having decreased by 3.97% in the past day and increased by 0.50% in the past week.

截至撰写本文时，根据 CoinMarketCap 的数据，以太坊 (ETH) 的交易价格为 2,635.43 美元，过去一天下跌 3.97%，过去一周上涨 0.50%。