在过去一年

以太坊（Crypto：ETH）是市场资本化的第二大加密货币，与过去一年相比，与其较老的兄弟姐妹比特币（Crypto：BTC）相比，绘制了截然相反的轨迹。

In the dynamic realm of cryptocurrency, the past year has witnessed a diverging narrative for Ethereum (CRYPTO: ETH), charting a diametrically opposite trajectory when compared to its older sibling, Bitcoin (CRYPTO: BTC).

在加密货币的动态领域中，过去一年见证了以太坊（Crypto：ETH）的叙述，与年龄较大的兄弟姐妹比特币（Crypto：BTC）相比，绘制了截然相反的轨迹。

While Bitcoin has largely remained within the boundaries of last year's trading range, with a potential breakout on the horizon, Ethereum has taken a divergent path.

尽管比特币基本上保持在去年交易范围的边界之内，并且潜在的突破即将到来，但以太坊采取了不同的道路。

Having initiated 2023 at $1,200, the second-largest cryptocurrency has nearly doubled in value, currently trading at around $2,400.

第二大加密货币的价值几乎翻了一番，目前的交易价格几乎翻了一番，售价为2,400美元，售价为1200美元。

This surge can be attributed to EIP-1559, which introduced a token burn mechanism for the network. Under this mechanism, the base fee, i.e., the minimum fee per transaction, is removed to add deflationary pressure on ETH and boost its value.

这种激增可以归因于EIP-1559，该EIP-1559引入了网络的令牌燃烧机制。在这种机制下，删除基本费用，即每笔交易的最低费用，以增加ETH的通缩压力并提高其价值。

However, the introduction of L2s, which slashed fees by orders of magnitude, diverted on-chain activity away from the base Ethereum chain, leading to inflation.

然而，L2S的引入通过数量级削减了费用，将链上的活性转移到基本以太坊链上，从而导致通货膨胀。

“It’s ironic that EIP-1559 was supposed to be focused on making Ethereum’s fee structure more efficient, but in the process, it’s actually led to a complete divergence in the economic models of Bitcoin and Ethereum,” said Jeffrey Hu, Head of Investment Research at digital asset manager HashKey Capital.

“具有讽刺意味的是，EIP-1559应该专注于使以太坊的费用结构更加高效，但在此过程中，这实际上导致了比特币和以太坊经济模型的完全不同，”数字资产管理经理Hashkey Capital的投资研究负责人Jeffrey Hu说。

“EIP-1559 was focused on making Ethereum’s fee structure more efficient, and in the process, it’s actually led to a complete divergence in the economic models of Bitcoin and Ethereum,” Hu said.

Hu说：“ EIP-1559专注于使以太坊的费用结构更加有效，在此过程中，这实际上导致了比特币和以太坊的经济模型的完全不同。”

“With EIP-1559, they took the minimum transaction fee, which is the base fee, and they removed it to add deflationary pressure on ETH and boost its value. But then, with the introduction of L2s—which has slashed transaction fees by orders of magnitude—it’s driven all of the on-chain activity away from the base Ethereum chain and led to inflation.”

“借助EIP-1559，他们收取了最低交易费用，这是基本费用，并将其删除以增加对ETH的通缩压力并提高其价值。但是，随后，随着L2S的引入 - 通过巨大的顺序削减了交易费用，这是巨大的范围 - 它驱动了所有的活动，从基础以太室链链链链和LED降低了累积式累积。”。

The divergence in the economic models of the two largest cryptocurrencies has become a subject of discussion among industry figures.

两种最大加密货币的经济模型的差异已成为行业人物之间讨论的主题。

At the beginning of the year, an analysis by Ultrasound Money highlighted the varying trajectories of Bitcoin and Ethereum.

在今年年初，超声资金的分析强调了比特币和以太坊的不同轨迹。

Despite a setback in mid-2023, Bitcoin’s path remained relatively consistent throughout the year, characterized by slow but steady inflation. Conversely, Ethereum experienced rapid deflation earlier in the year, followed by a period of deflation.

尽管在2023年中期发生了挫折，但比特币的路径在全年中保持相对一致，其特征是缓慢但稳定的通货膨胀。相反，以太坊在今年早些时候经历了快速的通缩，其次是通缩时期。

Trever Koverko, Web3 investor and co-founder of Sapien, also noted the contrasting fates of Bitcoin and Ethereum in 2023.

Sapien的Web3投资者兼联合创始人Trever Koverko也指出了2023年比特币和以太坊的对比。

“Bitcoin is slowly becoming more valuable over time, while Ethereum is becoming rapidly less valuable over time. Both are strange to observe from the perspective of an investor used to traditional markets.”

“随着时间的流逝，比特币正在逐渐变得越来越有价值，而以太坊随着时间的流逝而变得越来越少。

Both observations highlight the diverging economic paths of Bitcoin and Ethereum in 2023. As cryptocurrencies continue to evolve, it will be interesting to see how these macroeconomic trends play out in the long term.

这两种观察结果都凸显了比特币和以太坊在2023年的不同经济道路。随着加密货币的不断发展，很有趣的是，看到这些宏观经济趋势如何长期发挥作用。