数据显示，以太坊 (ETH) 费用为 2020 年 8 月以来最低

就产生的网络费用而言，2024 年 8 月是以太坊 (ETH) 自 2020 年 DeFi 夏季以来最糟糕的一个月。

Ethereum (ETH) fees have hit their lowest point since August 2020, according to data shared by an experienced cryptocurrency trader and analyst. This development comes as the narrative surrounding "Ultra Sound Money" appears to be fading away.

根据一位经验丰富的加密货币交易员和分析师分享的数据，以太坊（ETH）费用已降至 2020 年 8 月以来的最低点。这一发展正值围绕“超健全货币”的叙述似乎正在消失之际。

Ethereum (ETH) fees at lowest since August 2020

以太坊 (ETH) 费用为 2020 年 8 月以来最低

In a recent analysis, Hartvigsen highlighted that August 2024 is shaping up to be the worst month for Ethereum (ETH) in terms of network fees generated since the 2020 DeFi Summer.

Hartvigsen 在最近的分析中强调，就 2020 年 DeFi 夏季以来产生的网络费用而言，2024 年 8 月将成为以太坊 (ETH) 最糟糕的一个月。

As noted by the researcher, these historically low fees — down by over 20x from the peak — can be largely attributed to the migration of network activity to L2s and the introduction of blobs thanks to the ERC 4337 implementation.

正如研究人员所指出的，这些历史性的低费用（比峰值下降了 20 倍以上）很大程度上归因于网络活动向 L2 的迁移以及由于 ERC 4337 的实施而引入的 blob。

He further analyzed the flow of ETH fees from various perspectives (staker, non-staker, etc.) and observed that the exact fee flow to stakers is down by over 90% in 2024 alone.

他从不同角度（质押者、非质押者等）进一步分析了 ETH 费用流向，并观察到仅 2024 年，流向质押者的确切费用就下降了 90% 以上。

Consequently, the inflation rate for ETH now stands at 0.7% per year. This, coupled with the long-term stagnation of the Ethereum (ETH) price, may be concerning for the community and traders alike.

因此，ETH 目前的通胀率为每年 0.7%。再加上以太坊（ETH）价格的长期停滞，可能会让社区和交易者感到担忧。

At the same time, these drastic changes come with their own benefits, as pointed out by the analyst. To some extent, they were inevitable for Ethereum's L1:

与此同时，正如分析师指出的那样，这些巨大的变化也带来了自己的好处。在某种程度上，它们对于以太坊的 L1 来说是不可避免的：

The high $100 tx fees on mainnet were never sustainable and the network is now more usable (when perhaps disregarding the fragmentation of L2s)

主网上 100 美元的高额交易费用是不可持续的，而且网络现在更可用（也许忽略 L2 的碎片）

Even these inflation rates are way better than those of competitors. For instance, as reported by U.Today earlier, the Cardano (ADA) community welcomes 2.5% inflation in August 2024.

即使这些通胀率也比竞争对手要好得多。例如，据《今日美国》早些时候报道，卡尔达诺 (ADA) 社区欢迎 2024 年 8 月实现 2.5% 的通货膨胀。

Solana (SOL) and Avalanche (AVAX), two other major proof-of-stake (PoS) networks, operate with 14-15% inflation, while for Polkadot (DOT) this metric is around 10%.

另外两个主要的权益证明 (PoS) 网络 Solana (SOL) 和 Avalanche (AVAX) 的通胀率为 14-15%，而 Polkadot (DOT) 的这一指标约为 10%。

Ultra-sound money thesis is gone: ETH in search of new narratives?

超音速货币论已经消失：ETH 正在寻找新的叙事？

Overall, the analyst acknowledges that Ethereum is no longer an exception with a net deflationary supply and, like other infrastructure layers, needs another way to be valued.

总体而言，分析师承认，以太坊不再是净通货紧缩供应的例外，并且与其他基础设施层一样，需要另一种方式进行估值。

Meanwhile, the Ethereum (ETH) community outlines four bullish monetary narratives for ETH even in the current situation.

与此同时，即使在目前的情况下，以太坊（ETH）社区也概述了 ETH 的四种看涨货币观点。