交易费的以太坊（ETH）收入下降了95％

按市值通过市值，世界上第二大区块链正在努力从交易费用中急剧下降。

Ethereum (ETH), the second-largest blockchain in the world, has seen a dramatic drop in its transaction fee revenue—a 95% decline. This shift highlights the changing landscape within the blockchain ecosystem and raises concerns about the platform's long-term sustainability.

以太坊（ETH）是世界第二大区块链，其交易费收入急剧下降，下降了95％。这种转变凸显了区块链生态系统中不断变化的景观，并引起了对平台长期可持续性的担忧。

Once a powerhouse during the explosive growth of decentralized finance (DeFi) and non-fungible tokens (NFTs), Ethereum is now grappling with the consequences of changing trends in these areas. As 2025 progresses, it appears that Ethereum's previous revenue model is faltering, impacting both its price and overall network activity.

以太坊曾经在分散融资（DEFI）和不可杀菌令牌（NFTS）的爆炸性增长中成为强大的增长，以太坊现在正在努力应对这些领域变化趋势的后果。随着2025年的进展，以太坊以前的收入模型似乎正在步履蹒跚，从而影响其价格和整体网络活动。

A 95% Transaction Fee Revenue Drop

95％的交易费收入下降

During the final quarter of 2021, Ethereum's transaction fee revenue saw a record surge. The blockchain generated an astounding $4.3 billion in transaction fees, showcasing an astronomical 1,777% increase year-over-year. This surge was largely driven by the explosive growth of DeFi applications, DEX (decentralized exchange) volumes, and the booming NFT market.

在2021年的最后一个季度，以太坊的交易费收入创下了创纪录的速度。该区块链产生了惊人的43亿美元交易费用，显示了天文学的同比增长1,777％。这种激增在很大程度上是由Defi应用，DEX（分散交换）量和蓬勃发展的NFT市场的爆炸性增长所驱动的。

However, fast forward to Q1 2025, and Ethereum's revenue projections have sharply fallen. According to CCCoin, the blockchain is expected to bring in only around $217 million in transaction fees. This marks a significant drop from its 2021 highs, signaling a broad reduction in network activity.

但是，快进第1季度2025年，以太坊的收入预测急剧下降。根据Cccoin的说法，该区块链预计仅收取约2.17亿美元的交易费用。这标志着其2021年的高点显着下降，这表明网络活动的大量降低。

Layer 2 Solutions Contribute to Declining Revenue

第2层解决方案有助于减少收入

One of the primary reasons for Ethereum's transaction fee revenue drop lies in the rapid adoption of Layer 2 (L2) scaling solutions. These solutions, designed to alleviate the burden on Ethereum's mainnet by processing transactions off-chain and settling them back onto the Ethereum blockchain, have gained immense popularity.

以太坊交易费收入下降的主要原因之一在于迅速采用第2层（L2）规模解决方案。这些解决方案旨在通过在链上处理交易并将其安置在以太坊区块链上，以减轻以太坊的主网负担，并获得了巨大的知名度。

While they are instrumental in reducing transaction costs and improving scalability, L2 platforms also generate far fewer fees for the Ethereum mainnet itself.

尽管它们在降低交易成本和提高可扩展性方面发挥了作用，但L2平台为以太坊主网本身的费用也少得多。

"Layer 2-related fees, which were high in 2023 and early 2024, have since declined due to cost savings introduced by EIP-4844, which also saw a reduction in gas used for L2 transactions and reduced transaction volumes on-chain, ” noted a CoinShares report. This shift indicates that while Ethereum continues to grow in terms of user adoption, the economic model based on transaction fees is no longer as lucrative.

一份Coinshares报告指出：“由于EIP-4844引入的成本节省，该费用在2023年和2024年初很高，该费用下降了，这也使L2交易的气体降低了，并减少了链上的交易量。”这种转变表明，尽管以太坊在用户采用方面继续增长，但基于交易费用的经济模型不再像利润丰厚。

Decline in NFT Activity Further Impacts Transaction Volume

NFT活动的下降进一步影响交易量

Another factor contributing to Ethereum's transaction fee revenue decline is the drastic reduction in NFT (non-fungible token) activity. Q4 2021 witnessed the height of the NFT boom, with platforms like OpenSea reporting billions of dollars in monthly trading volume.

促成以太坊交易费收入下降的另一个因素是NFT（无牙）活动的急剧下降。第四季度2021见证了NFT繁荣的高度，像Opensea这样的平台报告了数十亿美元的每月交易量。

But the NFT market has since cooled considerably. As interest in NFTs wanes, Ethereum, which hosts the majority of NFT transactions, has seen a corresponding decline in its revenue stream.

但是此后，NFT市场已经大大冷却了。随着对NFTS减弱的兴趣，拥有大多数NFT交易的以太坊已经看到其收入流相应下降。

The initial hype and excitement around NFTs, fueled by speculative trading and celebrity endorsements, have largely fizzled out. Moreover, many NFT projects have failed to sustain long-term value, leading to disillusionment among collectors and traders.

在投机性贸易和名人代言的推动下，NFT的最初炒作和兴奋在很大程度上消失了。此外，许多NFT项目未能维持长期价值，从而导致收藏家和商人幻灭。

As the dust settles on the NFT frenzy, it appears that the market is transitioning towards more sustainable models, focusing on utility and community engagement rather than hype-driven speculation. This shift might be slow, but it is leading to a decrease in trading volume and, consequently, less transaction fee revenue for Ethereum.

随着尘埃落定在NFT狂热时，似乎市场正在向更可持续的模型过渡，重点是公用事业和社区参与，而不是炒作驱动的猜测。这种转变可能很慢，但导致交易量减少，因此以太坊的交易费收入减少。

Ethereum's Price Struggles in 2025

以太坊的价格在2025年挣扎

The struggles of Ethereum are not limited to transaction fee revenue alone. The price of ETH has also been hit hard. After peaking at an all-time high (ATH) of $4,878 in November 2021, Ethereum's price has since fallen by more than 58%. This steep decline puts into perspective the magnitude of the downturn.

以太坊的斗争不仅限于交易费收入。 ETH的价格也受到了重大打击。在2021年11月的历史高峰（ATH）达到顶峰（ATH）之后，以太坊的价格下跌了58％以上。这种陡峭的下降使人们的经济衰退的幅度融为一体。

To put this in historical context, according to Benzinga, Q1 2025 marked Ethereum's worst quarterly performance since 2018, with ETH plunging by 40%. In contrast, Bitcoin (BTC) managed to rebound during the election euphoria, suggesting that Ethereum's struggles might be steeper than those faced by the world's top cryptocurrency.

根据本辛加（Benzinga）的说法，在历史背景下，第1季度2025年是以太坊自2018年以来最糟糕的季度表现，ETH跌幅下降了40％。相比之下，比特币（BTC）在大选期间设法反弹，这表明以太坊的挣扎可能比世界上最高加密货币所面临的斗争更陡峭。

This sharp drop highlights the ongoing challenges facing the cryptocurrency market and Ethereum's inability to keep up with the recovery seen by other assets. Several factors might be contributing to Ethereum's price struggles.

这种尖锐的下降凸显了加密货币市场所面临的持续挑战，以及以太坊无法跟上其他资产所看到的恢复。可能有几个因素导致以太坊的价格挣扎。

Firstly, the broader cryptocurrency market has seen significant setbacks in 2025, with most digital assets experiencing losses following the bullish run of late 2021. This downturn can be attributed to macroeconomic issues, regulatory concerns, and the winding down of the bull market that began in 2019.

首先，更广泛的加密货币市场在2025年遇到了重大挫折，大多数数字资产在2021年末的看涨行为之后遭受损失。这种衰退可以归因于宏观经济问题，监管问题以及2019年开始的牛市的陷入困境。

Secondly, Ethereum's transaction volume and network activity have decreased compared to the highs reached during the DeFi summer of 2021 and the NFT boom of 2021–2022. As mentioned earlier, the rapid adoption of Layer 2 scaling solutions

其次，与2021年Defi夏季达到的高点相比，以太坊的交易量和网络活动减少，而NFT繁荣为2021 - 2022年。如前所述，第2层扩展解决方案的快速采用