自合并以来，以太坊（ETH）正在浏览其最动荡的水域 - 领导力动荡，技术失败和市场崩溃同时融合。

是的，我们知道。周末开球并不是一个非常高兴的星期六。比特币一直在为您的所有噩梦（如果您要入睡）的戏剧性幻灯片。

Yes, we know. Not a very happy Saturday to kick-off the weekend. Bitcoin has been giving y’all nightmares (if at all you are getting any sleep) with its dramatic slides.

是的，我们知道。周末开球并不是一个非常高兴的星期六。比特币一直在为您的所有噩梦（如果您要入睡）的戏剧性幻灯片。

We thought of taking a break today and talk about its younger sibling - Ethereum.

我们想到今天休息一下，谈论其年轻的兄弟姐妹 - 以太坊。

The second largest cryptocurrency, and a dramatic parallel journey. Today’s deep-dive will feel like watching three different disaster movies playing simultaneously on the same screen.

第二大加密货币和戏剧性的平行旅程。当今的深度潜水就像看三部不同的灾难电影在同一屏幕上同时播放。

First, there is Ethereum Foundation's (EF) leader stepping aside amid community backlash; then the developers frantically troubleshooting a failed upgrade; and finally $340 million in leveraged positions teetering on the edge of liquidation – all while ETH's price has nosedived ′50% in three months.

首先，有以太坊基金会（EF）的领导人在社区反弹的情况下抛在一边。然后，开发人员疯狂地故障排除失败的升级；最终，在清算边缘摇摆不定的3.4亿美元的杠杆位置，而ETH的价格都在三个月内降低了'50％。

In today's Wormhole, we examine whether this represents a fundamental shift in Ethereum's trajectory or simply another challenge for the resilient network to overcome.

在当今的虫洞中，我们检查这是否代表了以太坊轨迹的基本转变，还是仅仅是弹性网络要克服的另一个挑战。

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加密交易可能很复杂。交易时最大化奖励？甚至更棘手。

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Bitget Africa通过强大的工具，深厚的流动性和独家奖励使其变得容易，因此您可以自信地进行交易。

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超低费用的500多个加密货币

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复制贸易顶级投资者并像专业人士一样赚钱

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享受深厚的流动性和高级交易工具

Secure, user-friendly, and designed for all traders

安全，用户友好，并为所有交易者设计

Whether you're a beginner or a seasoned trader, Bitget Africa gives you the edge you need.

无论您是初学者还是经验丰富的交易者，Bitget Africa都会为您带来所需的优势。

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最好的部分？在几分钟之内开始 - 没有复杂的设置，只是无缝的交易。

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立即开始交易并解锁您的潜力。

Ethereum is navigating its most turbulent waters since The Merge — a leadership upheaval, technical failures, and market meltdown converging simultaneously.

自合并以来，以太坊正在驾驶其最动荡的水域 - 领导力动荡，技术失败和市场崩溃同时融合。

After a nearly 50% decline in three months, visibly rendering several crypto traders’ dreams in vivid detail, Ethereum has lost almost half of its market cap. Earlier this week, the second-largest cryptocurrency briefly fell below $2,100, a level not seen since December 2023.

在三个月内下降了近50％之后，明显地使几个加密货币交易者的梦想生动地使以太坊损失了几乎一半的市值。本周早些时候，第二大加密货币短暂低于2,100美元，这是自2023年12月以来未见的水平。

Unlike other cryptocurrencies, however, ETH’s struggles have been driven by internal fractures that have become impossible to ignore. Aya Miyaguchi, the Executive Director of Ethereum Foundation (EF), is transitioning to the newly created role of President amid criticism from the community over her leadership style and handling of the Foundation.

但是，与其他加密货币不同，ETH的斗争是由无法忽视的内部裂缝所驱动的。以太坊基金会（EF）执行董事Aya Miyaguchi正在过渡到社区对她的领导风格和对基金会的处理的批评，在总统的新作用中过渡。

Meanwhile, developers are scrambling to rectify the Pectra upgrade failure on the Holesky testnet, and several whales have been observed offloading their ETH holdings after a nearly four-month accumulation that saw them increase their collective tokens from 1,000 to 5,828.

同时，开发人员正在争先恐后地纠正Holesky Testnet上的Pectra升级失败，并且在近四个月的积累中，已经观察到几只鲸鱼将其ETH持有量从1,000增加到5,828。

Finally, the price downturn has brought several leveraged positions into liquidation territory, threatening a chaotic scenario.

最终，价格下跌将几个杠杆置于清算区域的位置带来了混乱的情况。

With so much happening at once, it feels like three different crypto calamities are playing out simultaneously on the same screen. But is this the beginning of the end for the smart contract pioneer, or just another Tuesday in yet another uneventful year for Ethereum?

一次发生了如此多的事情，感觉就像在同一屏幕上同时同时发挥了三种不同的加密灾难。但是，这是智能合同先驱的终点，还是在以太坊又是另一个星期二的另一个星期二？

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在我们的年度计划中获得17％的折扣，并访问我们的每周高级功能（Hashedin，蠕虫，兔子洞和Mempool），以及仅订户的帖子。

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The Ethereum community was met with a surprising announcement this Tuesday as Executive Director Aya Miyaguchi announced she would be “stepping up” to the newly created role of President.

以太坊社区在本周二遇到了令人惊讶的宣布，因为执行董事Aya Miyaguchi宣布她将“加强”担任总统新职位的角色。

“These past few weeks have illuminated something profound about Ethereum. This new opportunity will allow me to continue supporting EF’s institutional relationships, and to expand the degree to which we can share the vision and culture of the Foundation more broadly,” Miyaguchi said in a statement.

“过去的几周已经阐明了以太坊的深刻作用。这个新的机会将使我能够继续支持EF的机构关系，并扩大我们可以更广泛地分享基金会的愿景和文化的程度。” Miyaguchi在一份声明中说。

She added that the transition had been in planning stages for over a year and was part of a natural progression within the Foundation.

她补充说，过渡已经在规划阶段已经一年多了，并且是基金会内自然发展的一部分。

However, reading between the lines suggests otherwise.

但是，两条线之间的读数建议。

Calls for Miyaguchi’s removal grew increasingly vocal in January after she appeared to reject a culture of competition and winning in a WIRED interview, especially as Ethereum was losing ground to rival blockchains. Critics argued her leadership lacked the competitive edge needed in today’s crypto landscape.

在宫城似乎拒绝竞争文化并在有线采访中获胜之后，尤其是当以太坊（Ethereum）失去竞争对手的区块链时，要求宫城的撤职呼吁在一月份越来越大声疾呼。批评家认为，她的领导人缺乏当今加密货币景观所需的竞争优势。

The backlash grew heated, with some community members engaging in harassment towards Miyaguchi and her family, leading to co-founder Vitalik Buterin having to intervene.

这种反弹变得越来越激烈，一些社区成员对宫城及其家人进行了骚扰，导致联合创始人Vitalik Buterin不得不介入。

Buterin announced that Miyaguchi had also been subjected to death threats, and he was forced to step in and assert that any leadership changes remained his decision alone.

布特林宣布，宫城也受到了死亡威胁，他被迫介入并断言任何领导层的变化仍然是他的决定。

He added that he was working on revamping the Foundation’s structure to be more responsive to feedback and ensure a smoother transition.

他补充说，他正在努力改造基金会的结构，以对反馈的反应更快，并确保过渡更加顺畅。

But by that point, many community members had already rallied behind former EF researcher Danny Ryan, who led the successful transition to proof-of-state, as the ideal replacement.

但是到那时，许多社区成员已经落后于前EF研究员丹尼·瑞安（Danny Ryan），后者将成功过渡到州证明是理想的替代者。

This leadership turmoil comes at a vulnerable moment for Ethereum, with its price performance lagging behind competitors and development milestones facing delays.

这种领导动荡是以太坊的脆弱时刻，其价格绩效落后于竞争对手和发展里程碑，面临延误。

The Foundation’s structure itself has drawn criticism for its lack of transparency. Buterin promised a revamped leadership structure soon, but details remain scarce, creating a governance vacuum precisely when decisive

基金会的结构本身因缺乏透明度而引起了批评。 Buterin承诺很快就会进行改造的领导结构，但细节仍然很少