以太坊（ETH）继续对比特币（BTC）表现不佳

以太坊（ETH）尚未停止对比特币（BTC）的滑行趋势。该令牌现在每BTC下降到0.027，测试水平自2020年以来一直没有看到。

Ethereum (ETH) price completed a full value roundtrip against Bitcoin (BTC), after peaking at 0.085 BTC in December 2021. ETH's price has seen little relief from sliding against BTC since the market crash of 2022, continuing to fall lower despite the token's growing utility.

以太坊（ETH）价格在2021年12月达到0.085 BTC之后完成了对比特币（BTC）的全价往返。公用事业。

After peaking in September 2024, Ethereum validators began flowing out of the network. At one point, validators reached more than 1,080,000, but about 25,000 gave up on producing and validating blocks.

在2024年9月达到顶峰之后，以太坊验证者开始流出网络。有一次，验证者达到了1,080,000多个，但约有25,000个放弃了生产和验证块。

Deposits into the Beacon Chain contract also showed a trend of slowing down. Validators still receive payouts from ETH, and some staked their tokens at prices as low as $1,400. However, the recent market turbulence caused fewer ETH holders to be willing to stake for the long term.

存款中的信标链合同还显示出放慢速度的趋势。验证者仍然从ETH获得支出，有些人以低至1,400美元的价格将其代币放入了代币。但是，最近的市场动荡导致更少的ETH持有人愿意长期持有利益。

While ETH is still used to secure the network through staking, later additions of liquid staking and re-staking tapped into the value of idle ETH. However, none of the use cases from the past five years, such as the NFT boom, Web3 expansion, blockchain games, or DeFi, managed to establish ETH's price influence against BTC.

尽管ETH仍被用来通过堆积来确保网络，但后来添加液体含量并重新存放了空闲ETH的价值。但是，过去五年中的用例都没有，例如NFT繁荣，Web3扩展，区块链游戏或DEFI都设法建立了ETH对BTC的价格影响。

Despite the chain still being key to most current crypto activities, the major developments had a limited effect on ETH price, which is now sliding to levels last seen in 2020. At some point, those activities were the hottest developments in the crypto space.

尽管连锁店仍然是当前大多数加密活动的关键，但主要发展对ETH价格的影响有限，ETH价格现在已经滑到2020年的最后水平。在某些时候，这些活动是加密货币领域中最热门的发展。

ETH had a dynamic trading day on February 3, falling as low as $2,080 with the biggest number of liquidations and selling since August 2024. Within hours, smart money began buying again, taking the token up to $2,900. ETH then stabilized around $2,709.72, though still raising questions on its potential to regain the $4,000 level and move to a higher price range.

ETH在2月3日举行了动态交易日，自2024年8月以来的清算数量和销售数量最大，低至2,080美元。在几个小时内，Smart Money再次开始购买，将代币带入了2,900美元。 ETH随后稳定在2,709.72美元左右，尽管仍然提出了有关其重新获得4,000美元并提高价格范围的潜力的问题。

One of the reasons for the outflow of staking is the uncertainty around the status of ETH as ultra-sound money. ETH was deflationary for only a few months before returning to an inflation rate of 0.30% to 0.60%. The supply of ETH rises by over 300K to 900K tokens per year, depending on the level of transactions, which reflects the burn rate.

放入流出的原因之一是围绕ETH作为超级资金的状况的不确定性。 ETH仅几个月才能使通货膨胀率恢复到0.30％至0.60％的通货膨胀率。 ETH的供应每年增加了30万至90万个令牌，具体取决于交易水平，这反映了燃烧率。

Ethereum is still relatively expensive to use, especially for the new cohort of traders who are used to fast on-chain activity and quickly shifting between tokens. Due to its liquidity and the available ERC-20 stablecoins, Ethereum remains the leading legacy network for decentralized finance (DeFi). Even so, that traffic is quickly shifting to cheaper networks.

以太坊仍然相对昂贵，尤其是对于习惯于快速快速链活动并在代币之间迅速转移的新的交易者队列。由于其流动性和可用的ERC-20 Stablecoins，以太坊仍然是领先的分散财务传统网络（DEFI）。即便如此，该流量即将迅速转移到更便宜的网络。

Solana, Base, and partially TRON continue to draw in new stablecoin minting activity while also offering growing DEX liquidity, tokens, NFTs, and other accessible on-chain activities. In the last few months, traffic shifted to Solana’s Raydium, which accounted for nearly 30% of all DEX activity.

Solana，Base和部分Tron继续汲取新的Stablecoin铸造活动，同时还提供了不断增长的DEX流动性，代币，NFT和其他可访问的链链活动。在过去的几个月中，交通转移到了Solana的Raydium，占所有DEX活动的近30％。

L2s retained value and did not boost ETH

L2S保留价值，没有提高ETH

After Ethereum's Dencun Upgrade opened the doors to extremely cheap activity on L2 chains, even the busiest networks like Base now pay less than $5,000 to secure their blocks on Ethereum. Top users like Taiko still pay under $40,000, as activity decreased following the initial hype period. L2 chains rely on organic traffic, and only a few have retained the best applications and decentralized exchanges (DEX).

在以太坊的Dencun升级后，在L2连锁店上升级了极为便宜的活动之后，即使是Base等最繁忙的网络，现在也需要花费不到5,000美元来确保其在以太坊上的障碍。像Taiko这样的顶级用户仍然支付低于40,000美元，因为在最初的炒作期间活动减少了。 L2连锁店依靠有机交通，只有少数人保留了最佳的应用和分散交流（DEX）。

L2 chains did manage to scale Ethereum, taking some of the DEX traffic. Notably, Ethereum retained DEX activity for whale-sized deals, especially when switching between wrapped assets and stablecoins.

L2连锁店确实设法扩展了以太坊，吸收了一些DEX流量。值得注意的是，以太坊保留了鲸鱼大小交易的DEX活动，尤其是在包裹资产和稳定币之间切换时。

The blob fees burn only around 80 ETH per week, while the chain produces over 11,700 for the same time frame. The real-time usage of blobs and other types of fees shows the L1 is not built to extract value from the L2 chains. The validators that took the risk of staking ETH still rely on the block reward and the balance of inflation to achieve their returns. Additionally, L2 chains can alter their posting schedule to L1, deliberately decreasing the rent paid to validators.

Blob费用每周仅燃烧约80 ETH，而链条在同一时间范围内产生11,700多个。斑点和其他类型的费用的实时使用情况表明，L1不是从L2链中提取值的。冒着占有ETH的风险的验证者仍然依靠块奖励和通货膨胀的平衡来实现其回报。此外，L2连锁店可以将其发布时间表更改为L1，故意降低支付给验证者的租金。