随着比特币（BTC）优势的增长，以太坊（ETH）面临重大挑战

以太坊（ETH）曾经是智能合约中无可争议的领导者，第1层（L1）区块链空间正面临重大挑战。

Ethereum (ETH), once the undisputed leader in the smart contract and Layer 1 (L1) blockchain space, is facing significant challenges as several competitors emerge and Bitcoin regains dominance. Since September 2022, Ethereum has lost over 73% of its value relative to Bitcoin, a trend that underscores shifting investor sentiment and the rise of alternative blockchains such as Solana, Binance Chain, and Avalanche.

以太坊（ETH）曾经是智能合约中无可争议的领导者和第1层（L1）区块链空间，随着几个竞争对手的出现和比特币恢复优势，面临重大挑战。自2022年9月以来，以太坊相对于比特币损失了超过73％的价值，这种趋势强调了投资者的情绪转移以及替代区块链（例如Solana，Binance Chain和Avalanche）的兴起。

At the time of writing, Ethereum is trading around $1,880, reflecting a 9% decline over the past week and a staggering 62% drop from its all-time high of $4,890 in November 2021. While Ethereum continues to dominate the decentralized finance (DeFi) ecosystem, its market share is gradually eroding, raising questions about its ability to maintain dominance.

在撰写本文时，以太坊的交易约为1,880美元，反映了过去一周下降的9％，而2021年11月的历史最高高点的高度下降了62％。而以太坊继续统治着分散的融资（DEFI）生态系统，其市场份额逐渐侵蚀了其能力，可以逐渐侵蚀其统治能力。

Several key indicators highlight Ethereum’s struggles:

几个关键指标突出了以太坊的斗争：

1. ETH/BTC Ratio: One of the most alarming trends for Ethereum is the decline in its ETH/BTC ratio. In September 2022, the ratio stood at 0.085, but it has since dropped significantly. While Bitcoin has seen a relatively mild year-to-date decline of 10%, Ethereum has suffered a much sharper 46% drop over the same period. This trend suggests that investors are increasingly favoring Bitcoin over Ethereum.

1。ETH/BTC比率：以太坊最令人震惊的趋势之一是其ETH/BTC比率下降。 2022年9月，该比率为0.085，但此后的比率大大下降。虽然比特币的年初至今相对温和的下降10％，但以太坊在同一时期下降了46％。这种趋势表明，投资者越来越喜欢比特币而不是以太坊。

2. Total Value Locked (TVL) in Ethereum’s Ecosystem: Ethereum remains the largest DeFi ecosystem, but its dominance is shrinking. As of April 1, 2024, Ethereum’s TVL is approximately $50.5 billion, which is 52.5% of the total DeFi market. This is a considerable decrease from its 61.64% market share in February 2024, as DeFi applications are gradually migrating to competing blockchains.

2。以太坊生态系统中锁定的总价值锁定（TVL）：以太坊仍然是最大的偏见生态系统，但其优势正在缩小。截至2024年4月1日，以太坊的TVL约为505亿美元，是DEFI市场总额的52.5％。这与2024年2月的61.64％的市场份额相比有了可观的下降，因为DEFI应用程序逐渐迁移到竞争区块链。

3. Shrinking Smart Contract Market Share: Ethereum was the go-to platform for decentralized applications (dApps) and smart contracts. However, its market share is decreasing as alternative Layer 1 networks provide faster, cheaper, and more efficient solutions for developers.

3。缩小智能合同市场份额：以太坊是分散应用程序（DAPP）和智能合约的首选平台。但是，随着替代第1层网络为开发人员提供更快，更便宜，更有效的解决方案，其市场份额正在下降。

Several Layer 1 blockchains are emerging as strong challengers, offering unique advantages that attract developers and users.

一些第1层区块链正在成为强大的挑战者，提供了吸引开发人员和用户的独特优势。

* Solana (SOL) is known for its incredibly fast transaction speeds and low fees, making it an attractive choice for NFT projects and DeFi applications. With its increasing adoption, Solana is rapidly eating into Ethereum’s market share.

* Solana（Sol）以其令人难以置信的快速交易速度和低费用而闻名，这使其成为NFT项目和DEFI应用程序的吸引人选择。随着采用的越来越多，Solana正在迅速吞噬以太坊的市场份额。

* Binance Chain (BNB), backed by Binance, offers a more centralized but highly efficient alternative to Ethereum, boasting lower fees and a robust ecosystem of dApps.

* Binance链（BNB），由Binance支持，为以太坊提供了更为集中但高效的替代品，具有较低的费用和强大的DAPP生态系统。

* Avalanche (AVAX) is gaining popularity for its innovative approach to blockchain interoperability, with subnets enabling customized blockchains to interact seamlessly. This factor attracts a diverse range of DeFi and gaming projects to the Avalanche ecosystem.

* Avalanche（Avax）以其区块链互操作性的创新方法而广受欢迎，子网可以使定制的区块链无缝相互作用。这个因素吸引了雪崩生态系统的各种DEFI和游戏项目。

In an attempt to address privacy concerns while maintaining regulatory compliance, Ethereum has introduced a new feature known as Privacy Pools.

为了在维持监管合规性的同时解决隐私问题，以太坊引入了一项名为“隐私池”的新功能。

Privacy Pools allow users to maintain anonymity while proving that their transactions are not linked to illicit funds, a crucial factor in the face of growing regulatory scrutiny on cryptocurrency transactions. Despite the advantages, the market’s response to Privacy Pools has been lukewarm.

隐私池允许用户保持匿名性，同时证明其交易与非法资金无关，这是面对加密货币交易的监管审查的关键因素。尽管有优势，但市场对隐私池的反应仍然很不冷不热。

Despite the introduction of Privacy Pools and other optimisations, Ethereum’s price has not shown significant improvement, raising concerns about the overall impact of these changes on investor sentiment.

尽管引入了隐私池和其他优化，但以太坊的价格尚未显示出显着改善，这引起了人们对这些变化对投资者情绪的总体影响的担忧。

Can Ethereum Reclaim Its Market Dominance?

以太坊可以恢复其市场优势吗？

Despite its recent struggles, Ethereum remains a powerhouse in the blockchain space. Several factors could contribute to a potential resurgence for Ethereum:

尽管最近的挣扎，以太坊仍然是区块链领域的强大力量。几个因素可能导致以太坊的潜在复兴：

* Ethereum 2.0 and the Move to Proof-of-Stake: Ethereum’s transition to Proof-of-Stake (PoS) through Ethereum 2.0 was a major milestone in the network’s evolution, improving scalability and energy efficiency. However, challenges remain in terms of transaction speeds and costs. If Ethereum can further optimize its network, it could regain investor confidence.

*以太坊2.0和转向验证证明：以太坊通过以太坊2.0的过渡（POS）是该网络演变的主要里程碑，从而提高了可扩展性和能源效率。但是，在交易速度和成本方面仍然存在挑战。如果以太坊可以进一步优化其网络，它可以恢复投资者的信心。

* Layer 2 Scaling Solutions: Ethereum is actively developing Layer 2 solutions, such as Optimistic Rollups and Zero-Knowledge Rollups (ZK-Rollups), to enhance transaction efficiency. If these solutions gain widespread adoption, Ethereum could become more competitive with newer Layer 1 blockchains.

*第2层缩放解决方案：以太坊正在积极发展第2层解决方案，例如乐观的汇总和零知识汇总（ZK-Rollups），以提高交易效率。如果这些解决方案获得广泛的采用，则以太坊可能会随着较新的第1层区块链而变得更具竞争力。

* Institutional Adoption and DeFi Expansion: Despite its challenges, Ethereum remains the preferred blockchain for institutional investors and DeFi protocols. Major financial institutions continue to build on Ethereum, reinforcing its position as a foundational blockchain in the ecosystem.

*机构的采用和DEFI扩展：尽管面临挑战，但以太坊仍然是机构投资者和DEFI协议的首选区块链。主要的金融机构继续建立在以太坊上，从而增强了其作为生态系统中基础区块链的地位。

The future of Ethereum will largely depend on how well it adapts to an increasingly competitive landscape. Several key factors will need to be monitored closely:

以太坊的未来将在很大程度上取决于它适应日益竞争的格局。需要密切监视几个关键因素：

- As Bitcoin asserts its market superiority and competitors like Solana and Avalanche gain traction, Ethereum’s declining dominance in the Layer 1 blockchain space is a concerning trend.

- 正如比特币所主张的市场优势和诸如Solana和Avalanche增益牵引力之类的竞争对手时，以太坊在第1层区块链空间中的优势下降是一个令人关注的趋势。

- However, it's important to note that Ethereum is far from obsolete. The introduction of Privacy Pools, Ethereum 2.0, and Layer 2 scaling solutions are promising developments that could help Ethereum regain its lost ground.

- 但是，重要的是要注意，以太坊远非过时。引入隐私池，以太坊2.0和第2层扩展解决方案是有希望的发展，可以帮助以太坊恢复其失去的立场。