以太坊（ETH）每日燃烧率显示出下降的迹象，盈利指标趋势降至零

Ethereum的每日ETH燃烧率是2021 EIP-1559更新以管理费用和供应的关键功能，它显示了基于Miles Deutscher强调的最新图表分析的迹象。

In the rapidly evolving landscape of cryptocurrency, Ethereum’s daily ETH burn rate, a pivotal aspect introduced by the 2021 EIP-1559 update to effectively manage fees and control supply, has shown signs of decline, converging toward zero. This observation is part of broader chart analysis by Miles Deutscher, a renowned on-chain analyst.

在加密货币的快速发展的景观中，以太坊的日常燃烧率是2021 EIP-1559更新引入的关键方面，以有效地管理费用和控制供应，显示出下降的迹象，趋向零。该观察结果是迈尔斯·德意志（Miles Deutscher）的更广泛图表分析的一部分。

(Chart: Miles Deutscher / Data: Glassnode)Despite a recent surge in cryptocurrency prices, notably Bitcoin and Ethereum, Deutscher highlights that Ethereum’s profitability has reached its lowest point in a considerable period. This downturn is evident in the converging trends of ETH burns and issuance, ultimately leading toward zero burns.

（图表：Miles Deutscher / Data：GlassNode）尽管最近的加密货币价格（尤其是比特币和以太坊），但Deutscher强调，以太坊的盈利能力已在相当长的一段时间内达到了最低点。在ETH Burns和发行的趋势趋势中，这种衰退很明显，最终导致了零烧伤。

This occurrence has implications for network usage and the varying opinions on the significance of ETH burns. Deutscher notes that lower network activity or reduced transaction volumes can lead to minimal transaction fees. In turn, this can affect validators' earnings and reduce the attractiveness of staking in generating yield.

这种情况对网络使用和对ETH Burns意义的不同意见具有影响。 Deutscher指出，较低的网络活动或减少交易量可能导致交易费用最少。反过来，这会影响验证者的收入，并降低产生产量的吸引力。

However, some members of the crypto community view this as a temporary lull in activity, anticipating a rebound that will escalate burns again. Alternatively, another perspective focuses on the fact that profitability has slid into negative territory, which might influence market sentiment.

但是，加密社区的一些成员认为这是活动的暂时休息，预计会再次升级烧伤的反弹。另外，另一种观点的重点是盈利能力已经滑入负面领土，这可能会影响市场情绪。

Why Is ETH Burn Declining?

ETH燃烧为什么会下降？

There could be several reasons why this is happening, but first, it’s prudent to understand what’s actually going on.

发生这种情况的原因可能有几个，但是首先，了解实际发生的事情是谨慎的。

Ethereum’s revenue is primarily driven by network activity, which generates transaction fees. Falling fees indicate lower demand for block space, implying that fewer users are willing to pay high gas fees. Lower fee revenue can impact validators and Ethereum stakers, making ETH less attractive as a yield-generating asset. It’s no secret that in times of low yields, user participation in a specific token might reduce.

以太坊的收入主要是由网络活动驱动的，该网络活动产生了交易费用。费用下降表明对块空间的需求较低，这意味着用户愿意支付高昂的费用。较低的费用收入会影响验证者和以太坊的史塔克人，从而使ETH作为产生产生的资产的吸引力降低。在低收益时期，用户参与特定令牌可能会减少，这已经不是什么秘密了。

It’s challenging to precisely pinpoint the reasons for Ethereum’s decline, but lower on-chain activity is a factor. This signifies a slowdown in Ethereum’s DeFi ecosystem, with diminished trading volumes and fewer transactions on the mainnet. Considering that Ethereum’s burn mechanism is linked to gas fees, lower gas fees translate to reduced burns. Moreover, fewer high-fee transactions result in less ETH being burned.

精确地指出以太坊下降的原因是一个挑战，但是降低的链上活动是一个因素。这表明以太坊的Defi生态系统的放缓，交易量减少，主网交易较少。考虑到以太坊的燃烧机制与汽油费有关，较低的汽油费用转化为减少燃烧。此外，更少的高费交易导致燃烧较少的ETH。

While this analysis offers insights, it’s essential to approach it with caution, as there’s room for interpretation. However, it’s worth noting that at present, there's no urgent cause for concern.

尽管这种分析提供了见解，但要谨慎对待它，因为有解释的余地​​。但是，值得注意的是，目前没有关注的紧急原因。

What Are the Potential Implications?

潜在的影响是什么？

It might be still early to predict the outcome of the news, but there are at least a few options that should be noted.

预测新闻的结果可能还早，但至少有一些选择应注意。

In instances where burns outpace issuance, ETH becomes deflationary. A trend toward zero burns increases the possibility of the total ETH supply expanding again, which could affect its long-term value narrative.

在烧伤发行的情况下，ETH成为通信。零燃烧的趋势增加了ETH供应总供应再次扩展的可能性，这可能会影响其长期价值叙事。

Ethereum validators earn from transaction fees and MEV (Maximal Extractable Value). If fees remain low, staking rewards decrease, which would likely discourage participation in Ethereum staking.

以太坊验证器从交易费用和MEV（最大可提取值）中赚取。如果费用较低，则订婚奖励会下降，这可能会阻止以太坊的参与。

As we move forward, we will observe whether on-chain activity rebounds, driven by new innovations, higher DeFi volumes, or other factors. If so, then we can expect Ethereum’s burn rate and profitability to quickly recover from this downturn.

随着我们的前进，我们将观察到由新的创新，较高的规模或其他因素驱动的链链活动篮板。如果是这样，那么我们可以预期以太坊的燃烧率和盈利能力可以从这种低迷中迅速恢复。