以太坊（ETH）每日交易费用降至2024年9月以来的最低水平

该网络的本地加密货币Ether（ETH）在过去的一年中也让投资者失望，未能与比特币一起达到新高点

Daily transaction fees on the Ethereum network fell to their lowest level since September 2024 on Feb. 8, generating only $731,472 in revenue over the past 24 hours, Token Terminal data shows.

Token Terminal数据显示，以太坊网络的每日交易费用下降到2月8日9月自2024年9月以来的最低水平，在过去24小时内仅产生731,472美元的收入。

This marks the first time in five months that daily revenue dropped below $1 million. The last time a similar slump occurred was from Aug. 17 to Sept. 8, 2024, when the network failed to surpass the $1 million threshold in multiple days. Prior to that, the last time daily fees dropped below $1 million was in November 2020.

这标志着五个月来每日收入低于100万美元的第一次。最后一次发生类似的低迷是从8月17日至2024年9月8日，当时该网络未能在几天内超过100万美元的门槛。在此之前，上次每日费用低于100万美元，在2020年11月。

Ethereum daily transaction fees hit a new low on Feb. 8. Source: Token Terminal

以太坊每日交易费用在2月8日达到了新的低点。资料来源：令牌终端

The new low in daily transaction fees comes as a blow to the Ethereum network, which has been struggling to generate revenue following the approval of spot exchange-traded funds (ETFs) in major markets like the United States and Hong Kong.

新的日常交易费用是对以太坊网络的打击，以太坊网络在美国和香港等主要市场批准现货交易所交易资金（ETF）之后一直在努力产生收入。

While Bitcoin price has reached new highs in 2024 thanks to the ETF approval, Ether (ETH) has largely disappointed investors throughout the past year. One key factor weighing on Ether’s performance may be its rising supply.

尽管ETH（ETH）在过去一年中，比特币价格在2024年达到了新的高价，但Ether（ETH）在很大程度上使投资者失望。权衡以太性能的一个关键因素可能是其供应量的上升。

Since April 2024, ETH supply has been steadily increasing, reversing the deflationary period introduced by the Merge in September 2022. As a result, Ethereum’s total supply has now surpassed pre-Merge levels.

自2024年4月以来，ETH供应一直在稳步增加，扭转了2022年9月合并引入的通缩期。因此，以太坊的总供应现已超过预合并水平。

Ethereum supply reclaims pre-Merge levels. Source: Ultrassound.money

以太坊供应收回前合并水平。资料来源：Ultrassound.money

The Merge shifted Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, eliminating the network’s mining-based issuance which previously had a high supply inflation rate.

合并将以太坊从工作证明（POW）转移到了商品证明（POS）共识机制，从而消除了该网络基于采矿的发行，该发行以前具有较高的供应通货膨胀率。

However, the London hard fork in August 2021 introduced a mechanism that burns a portion of transaction fees. When network activity is high, burned ETH can surpass newly issued ETH, making the asset deflationary.

但是，2021年8月的伦敦硬叉引入了一种机制，该机制燃烧了一部分交易费用。当网络活动较高时，烧伤的ETH可以超过新发行的ETH，从而使资产通缩。

Relative changes in newly minted ETH vs. burned ETH post-Merge. Source: Watch the Burn

新近铸造的ETH与烧后的ETH合并的相对变化。资料来源：观看烧伤

Layer-2 networks reduce Ethereum activity

第2层网络减少以太坊活动

As part of its scaling strategy, Ethereum has shifted a significant amount of activity to layer-2 networks, which are designed to handle transactions off the mainchain and reduce congestion and fee spikes.

作为扩展策略的一部分，以太坊已将大量活动转移到了2层网络，这些活动旨在处理主链的交易并减少拥堵和费用尖峰。

However, this strategy has also raised concerns about a potential fragmentation in the Ethereum ecosystem, as these layer-2 networks still face interoperability issues.

但是，由于这些第2层网络仍然面临互操作性问题，因此该策略也引起了人们对以太坊生态系统中潜在分裂的担忧。

In the meantime, competitor networks have been gaining ground in the cryptocurrency industry. Tron is growing as a preferred network for stablecoin transactions, while Solana has emerged as a rising DeFi hub, especially within the memecoin market.

同时，竞争对手网络在加密货币行业已经取得了发展。特隆（Tron）成为稳定交易的首选网络，而索拉纳（Solana）已成为一个上升的偏移枢纽，尤其是在纪念市场中。

Both Tron and Solana have edged out Ethereum in total fees generated over the past three months, according to Token Terminal data.

根据Token终端数据，Tron和Solana在过去三个月中都将以太坊的总费用降低了。

Total fees generated on Ethereum, Tron and Solana over Q4 2023 – Feb. 8, 2024. Source: Token Terminal

以太坊，TRON和SOLANA在第二季度2023年至2024年2月8日生成的总费用。资料来源：令牌终端

Beyond onchain factors, internal conflicts within the Ethereum Foundation have also cast uncertainty over the network.

除了Onchain因素之外，以太坊基金会内的内部冲突也对网络产生了不确定性。

In January, Ethereum co-founder Vitalik Buterin took sole authority of the foundation’s leadership amid criticism of executive director Aya Miyaguchi and concerns over researchers’ paid advisory roles at EigenLayer, a project that aims to build a new Ethereum rollup.

一月份，以太坊联合创始人Vitalik Buterin在对执行董事Aya Miyaguchi的批评中占据了基金会的领导地位，并担心研究人员在Eigenlayer的付费咨询角色，该项目旨在建立新的Ethereum crolup。

But Ethereum bulls seem to be accumulating the asset despite the internal conflicts and onchain trends, with accumulation addresses adding 330,705 ETH ($833 million) on Feb. 7 — the largest single-day inflow ever recorded, according to CryptoQuant.

但是，尽管内部冲突和骨趋势存在内部冲突，但以太坊公牛似乎仍在积累资产，累积地址在2月7日增加了330,705 ETH（8.33亿美元），这是有史以来最大的单日流入量。