以太坊（ETH）仍然是分散融资（DEFI）和智能合约申请的领导者

以太坊（ETH）仍然是分散财务（FAFI）和智能合同应用的领导者，但它处于十字路口。

Mainstream narratives have painted a dark picture of Ethereum’s developer exodus and network activity.

主流叙事描绘了以太坊开发人员出埃及记和网络活动的黑图。

However, critics question the relevance of the largest altcoin in the shifting crypto industry, putting the altcoin’s future under intense scrutiny.

但是，批评家质疑最大的山寨币在转变的加密货币行业的相关性，使山寨币的未来受到了严格的审查。

But, as pessimism reaches its peak, Ethereum’s most diehard supporters see an opportunity.

但是，随着悲观主义达到顶峰，以太坊最顽固的支持者看到了机会。

“This is a bottom signal. Mainstream media almost always get the timing wrong,” a user on X remarked.

X上的用户说：“这是一个底部信号。主流媒体几乎总是会弄错时间。” X上的用户说。

According to the user, Ethereum Layer-2 (L2) solutions continue to dominate chain activity, while real-world asset (RWA) growth on Ethereum looks “exponential.”

根据用户的说法，以太坊2（L2）解决方案继续主导链活动，而现实世界中的以太坊的增长看起来“指数”。

“No one is talking about L2 chain activity which is still massively in favor of ETH.”

“没有人在谈论L2链活动，它仍然非常支持ETH。”

Other users also reacted to the Bloomberg article, which renewed bullishness.

其他用户也对彭博社文章做出了反应，该文章更新了看涨。

“Was starting to feel bearish but this post has me all bulled up again,” one added in a post.

一个人在一篇文章中补充说：“开始感到看跌，但这篇文章让我又被欺负了。”

These responses, among others, speak to Ethereum’s strong community, which has tended to shine in the face of adversity and innovation.

这些回应包括以太坊的强大社区，这在面对逆境和创新时倾向于发光。

There is no political spectacle for Ethereum, unlike Bitcoin, with growth hinging on scalability and real-world use.

与比特币不同，以太坊没有政治奇观，增长依赖于可扩展性和现实世界的使用。

Recently, Buterin outlined a roadmap to Ethereum’s L2 ecosystem, calling for funding of open-source development to guarantee continued progress.

最近，巴特林概述了以太坊L2生态系统的路线图，呼吁为开源开发提供资金，以确保持续的进展。

His vision is already coming to fruition as projects like Celo successfully transition to Ethereum layer-2 solutions. As BeInCrypto reported, Celo completed the migration after 20 months of testing, which aimed to improve scalability and transaction efficiency.

随着诸如Celo之类的项目成功过渡到以太坊2层解决方案，他的愿景已经实现。正如Beincrypto报道的那样，Celo在测试20个月后完成了迁移，旨在提高可扩展性和交易效率。

Adoption of Ethereum’s L2 scaling solutions, such as Arbitrum, Optimism, and Polygon, has also increased.

采用以太坊的L2缩放解决方案，例如仲裁，乐观和多边形，也有所增加。

This aligns with Buterin’s perspective that sustainable blockchain growth comes from strengthened infrastructures, not hype-driven narratives.

这与Buterin的观点相吻合，即可持续区块链增长来自加强基础设施，而不是炒作驱动的叙述。

These moves indicate that while speculation on Ethereum may be declining, long-term technological adoption could pick up the slack.

这些举动表明，尽管对以太坊的猜测可能正在下降，但长期采用的采用可能会弥补这一措施。

Can the Pectra Upgrade Flip the Narrative?

Pectra可以升级叙事吗？

Likewise, Ethereum managed to overcome challenges through significant upgrades. Against that backdrop, its soon-to-be-released Pectra Upgrade could be revolutionary.

同样，以太坊通过重大升级克服了挑战。在这种背景下，其即将发布的Pectra升级可能是革命性的。

Though delays have frustrated some in the community, the upgrade is anticipated to offer improved security, transaction efficiency, and developer-friendly tools.

尽管延迟使社区中的一些人感到沮丧，但预计升级将提供提高的安全性，交易效率和对开发人员友好的工具。

Ethereum’s continued commitment to innovation and ongoing testnet trials may be the perfect catalyst for reclaiming its DeFi throne. The network’s dominance in decentralized finance (DeFi) and NFT (non-fungible tokens) ecosystems proves particularly resilient.

以太坊对创新和正在进行的TestNet试验的持续承诺可能是收回其Defi The Rone的完美催化剂。该网络在分散的金融（DEFI）和NFT（无杀菌令牌）生态系统中的主导地位被证明是特别有弹性的。

Indeed, meme coins and speculative trading have shifted to faster chains such as Solana.

实际上，模因硬币和投机性交易已转变为诸如Solana之类的链条。

That said, when it comes to high-value applications, Ethereum is still at the heart of it all — from decentralized exchanges (DEXs) to institutional-grade financial products.

也就是说，在高价值应用程序方面，以太坊仍然是所有这一切的核心 - 从分散交流（DEX）到机构级金融产品。

The question now, however, is whether Ethereum’s focus on real-world adoption can preserve and outlast Bitcoin’s dominance in the halls of political and financial attention.

但是，现在的问题是，以太坊对现实领养的关注是否可以保留并超过比特币在政治和财务关注大厅中的主导地位。

With the Pectra upgrade on the horizon and a community loyal to the chain’s dominance in the ecosystem, Ethereum may soon show again that its greatest strength lies not in the hype but in resilience and innovation.

随着Pectra升级的升级和一个忠于该链在生态系统的统治地位的社区，以太坊可能很快就会再次表明其最大的优势在于炒作，而是在弹性和创新上。

Despite community optimism, Ethereum’s price is down by 2.22% in the last 24 hours. BeInCrypto data shows ETH was trading for $1,842 as of this writing.

尽管社区乐观，以太坊的价格在过去24小时内下跌了2.22％。 Beincrypto数据显示，截至撰写本文时，ETH的交易价格为1,842美元。