以太坊（ETH）投资案例“已死”，因为第2层网络从基础层中漏了值

文章：以太坊（ETH）曾经被视为加密投资领域的强国，现在正面临着行业专家的持怀疑态度。

Crypto industry experts are expressing growing skepticism over Ethereum (ETH) as an investment, attributing the declining appeal to layer-2 (L2) networks siphoning value from the base layer and a lack of pushback from the community against excessive token creation.

Crypto industry experts are expressing growing skepticism over Ethereum (ETH) as an investment, attributing the declining appeal to layer-2 (L2) networks siphoning value from the base layer and a lack of pushback from the community against excessive token creation.

As a result, many investors now question whether ETH still holds long-term investment potential.

结果，许多投资者现在质疑ETH是否仍然具有长期投资潜力。

Experts Call Ethereum’s Investment Case ‘Dead’

专家称以太坊的投资案件为“死亡”

Castle Island Ventures partner Nic Carter took to X (formerly Twitter) on March 28 to highlight his concerns over Ethereum’s diminishing value proposition.

Castle Island Ventures合作伙伴Nic Carter于3月28日前往X（以前是Twitter），强调了他对以太坊的价值主张降低的担忧。

According to Carter, L2 networks are draining liquidity and transaction fees from the base layer, while the unchecked creation of new tokens is further eroding its value.

根据卡特（Carter）的说法，L2网络正在从基础层中排出流动性和交易费用，而未经检查的新令牌的创建进一步削弱了其价值。

“The #1 cause of this is greedy Eth L2s siphoning value from the L1 and the social consensus that excess token creation was A-OK,” Carter wrote.

卡特写道：“这是第一起原因是L1的贪婪Eth L2S虹吸价值，而社会共识是过多的代币创造是A-OK。”

In a striking statement, Carter declared that Ethereum had “died by its own hand,” claiming that the network was effectively buried under an avalanche of its own tokens.

卡特在一份惊人的声明中宣布，以太坊“用自己的手来死亡”，声称该网络被有效地埋在其自身令牌的雪崩之下。

His comments came in response to Lekker Capital founder Quinn Thompson, who called Ethereum “completely dead” as an investment.

他的评论是对Lekker Capital创始人奎因·汤普森（Quinn Thompson）的回应，他称以太坊“完全死亡”为一项投资。

“It’s almost incredible how quickly people have soured on ETH. I suppose lack of pushback vs. L2s siphoning value and a tokenization spree will do that,” Carter added.

卡特补充说：“人们对ETH的速度几乎令人难以置信。我想缺乏反击与L2S的虹吸价值和令牌化狂潮会做到这一点。”

On-chain metrics also support a bearish outlook on Ether.

链上指标还支持对以太的看跌前景。

According to CoinMarketCap, Ether was trading at $1,894 at the time of publication, down 5.34% over the previous week.

根据CoinMarketCap的数据，Ether在出版时的交易价格为1,894美元，比上周下降了5.34％。

The ETH/BTC ratio, which measures Ether’s strength against Bitcoin, dropped to 0.0220 — its lowest level in nearly five years, according to TradingView data.

根据TradingView的数据，衡量Ether对比特币的强度的ETH/BTC比率下降到0.0220，这是近五年来的最低水平。

The sharp decline highlights how Ethereum is underperforming relative to Bitcoin, raising questions about its competitiveness as a long-term investment.

急剧下降凸显了以太坊相对于比特币的表现如何不足，从而提出了有关其作为长期投资的竞争力的问题。

Layer-2 Networks Absorbing Value

2层网络吸收价值

Ethereum’s current struggles are largely linked to the proliferation of layer-2 networks. L2 solutions such as Arbitrum, Optimism, and Base were initially designed to improve Ethereum’s scalability and reduce transaction fees.

以太坊的当前斗争在很大程度上与2层网络的扩散有关。最初设计了诸如仲裁，乐观和基础之类的L2解决方案，以提高以太坊的可伸缩性并减少交易费用。

However, these networks are now absorbing a significant portion of the activity, leaving the base layer with dwindling fee revenues.

但是，这些网络现在正在吸收活动的很大一部分，使基础层的收入减少。

As Cointelegraph Magazine reported in September 2024, Ethereum’s fee revenue collapsed by 99% over the previous six months. This drop is largely attributed to L2 networks processing most transactions while contributing little to the base layer’s revenue.

正如Cointelegraph杂志在2024年9月报道的那样，以太坊的费用收入在过去的六个月中崩溃了99％。该下降很大程度上归因于L2网络处理大多数交易，而对基础层的收入几乎没有贡献。

Crypto venture capitalist Adam Cochran of Cinneamhain Ventures has suggested that Based Rollups could offer a solution. According to Cochran, Based Rollups could directly impact Ethereum’s monetization by reshaping incentive structures, potentially restoring value to the base chain.

Cinneamhain Ventures的Crypto Venture资本家Adam Cochran提出，基于汇总可以提供解决方案。根据科克兰的说法，基于基于的汇总可以通过重塑激励结构来直接影响以太坊的货币化，并可能恢复基本链的价值。

Revised Price Predictions Reflect Bearish Sentiment

修订的价格预测反映了看跌的情绪

The bearish outlook on Ethereum is also reflected in price forecasts. Standard Chartered Bank recently revised its year-end 2025 ETH price target downward from $10,000 to $4,000, marking a 60% reduction.

对以太坊的看跌前景也反映在价格预测中。标准特许银行最近修订了其年底2025 ETH目标目标从10,000美元下降到4,000美元，标志着60％的降低。

The downgrade reflects the bank’s pessimism over Ethereum’s ability to regain its former investment appeal.

降级反映了银行对以太坊重新获得其以前投资上诉的能力的悲观。

This shift is a sharp contrast to the optimism seen in late 2024, when many crypto analysts predicted ETH could reach $10,000.

这种转变与2024年底的乐观态度形成鲜明对比，当时许多加密分析师预测ETH可能会达到10,000美元。

In December 2024, Ethereum briefly crossed $4,000 as Bitcoin soared past $100,000 for the first time. However, the broader market downturn has since dampened those expectations.

2024年12月，以太坊短暂地超过了4,000美元，因为比特币首次飙升了100,000美元。但是，此后，更广泛的市场低迷抑制了这些期望。

Bullish Voices Still Remain

看涨的声音仍然存在

Despite the pessimism, some traders remain bullish on Ethereum. Pseudonymous crypto traders Doctor Profit and Merlijn The Trader continue to view ETH as a strong buying opportunity.

尽管感到悲观，但一些商人仍然对以太坊的看涨。化名加密货币交易者医生利润和梅里吉（Merlijn）继续将ETH视为强大的购买机会。

They argue that the current downturn is temporary and that Ethereum’s fundamentals, including its widespread adoption and ongoing development, remain strong.

他们认为，目前的低迷是暂时的，以太坊的基本面，包括其广泛采用和持续的发展，仍然很强大。

These traders believe that ETH could still be one of the best-performing assets in the massively diverse cryptocurrency market, especially if future upgrades or solutions like Based Rollups successfully restore value to the base layer.

这些交易者认为，ETH仍然可以成为大量多样化的加密货币市场中表现最好的资产之一，尤其是如果将来升级或基于汇总（基于汇总）成功地将价值恢复为基础层时。